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How can I transfer money from credit card to a bank account?

Can you transfer money from your credit card to a bank account card?

  • Im in a situation where I have to pay for someone who is close to me, and he has no money at the moment, is their any way I can transfer credit card money to his bank account? The ...show more

  • Answer:

    Many credit cards provide checks as well. They are usually called convenience checks. You can ask you credit card company to send you some. You can then write one of these checks to your friend. These checks are considered cash advances so generally begin to accrue interest as soon as cashed and have higher interest rates. In addition, most cards will have a cash advance limit lower than your total credit limit. Anyway if you are doing this be aware that the cost for doing this is quite high.

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The best way I know of to do this would be to go somewhere that will let you draw money against your credit card. I believe money loan places, casinos, etc do stuff like this. Put the money in your bank account then make an online transfer to him. If your bank does not have this feature you will have to take the money to the bank he is with and deposit it. Be aware taking cash out against a credit card is usually pretty pricey.

Justin

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