How to Withdraw Money from a Credit Card and Deposit It to a Bank

There are several ways to get cash from your credit card. Explore the options and see which way is the most convenient. Once you have the cash, you can deposit it right into your checking or savings account. Before you get cash from your credit card, make sure you are aware of the fees involved. These types of transactions are cash advances and they can be costly.

Instructions

1

Review the ways to get cash from your credit card. If you want cash from your credit card, you can call your credit card company and have the money transferred right into your bank account. You can also use one of the convenience checks that banks sometimes issue to credit card holders.

2

Get in contact with the bank that issued you a credit card. After checking your credit limit on the card, let them know you want to do a balance transfer right into your bank account. The credit card company will need your routing number and bank account number. They will transfer the money right into your bank account. The money should be available for you to use in approximately three to five business days.

There could be a balance transfer fee, which can vary from bank to bank. Balance transfer fees are usually about 3 percent, according to bankrate.com, but some banks are charging 4 or 5 percent. Sometimes you can negotiate a balance transfer fee. Find out if your credit card company has a zero percent rate for balance transfers. This is a promotional rate or introductory which may last from six to 12 months. The credit card will have a standard rate in place after the introductory rate expires.

3

Wait three to five days and then check your bank account to see if the funds have been transferred. Once the money is in your account, you will have access to the funds. If the money was transferred from your credit card to your checking account, you can now use your own personal checks for payments and purchases.

4

Review your credit card statement. Your credit card statement is another way for you to confirm the amount of the balance transfer. Your statement will have the amount of your transaction fee and your introductory rate as well. Many credit card companies offer introductory rates, according to FTC.gov.