How do I transfer money from my credit card to my account?
There are many types of credit card: it can be used in a stone’s foot as well as an online store and can have all sorts of benefits such as purchase and product security and travel insurance. However, many do not always know that it is also possible to transfer money to their own account using a credit card.
Transferring money from your credit card to your account is easy, but not too often, since transferring money from your credit card to your account often costs extra in addition to the credit costs of your credit card. In this article, we’ll give you a step-by-step guide on how to transfer money from your credit card to your account and expose the costs of such a wire transfer.
Most all credit cards allow you to transfer money to your account, so if you already have money in your account, you can check out our selection of credit cards in Finland:
Instructions for transferring money from your credit card to your account
For many people, the easiest way to transfer money from your credit card to your account is through the online bank of a traditional bank or through the card service of a financial company. In practice, it usually takes a few clicks and money is credited to your account as soon as possible. If your credit card and current account are in the same bank, the money will usually be transferred immediately. In the case of a transfer between different financial institutions or banks, it may take up to a couple of banking days.
How do I transfer money from my credit card to my bank account?
- Login to your credit card online service
- Select the Cards section
- There is usually an option in the menu that refers to transferring money to an account such as “payments” or “credit card transfer”.
- Select amount to transfer and approve transfer
* This is a general guide. Every online banking and service is different. For the best instructions, contact your credit card provider.
Cost of money transfer
However, transferring money from your credit card to your account is not free. In addition to the credit card rate, there is a separate charge for each transfer. Usually it is a fixed fee (eg € 10), a percentage of the amount to be withdrawn (eg 2-3%) or both (eg € 2 + 2% of the amount to be withdrawn).
However, in most cases, the credit card interest rate will not run until after the first bill. That is, if the credit on the card is repaid in full on the next invoice, there is no need to pay interest on the amount of money transferred. However, don’t forget the basic credit card policy: If you already have credit on your card that was not paid on your previous credit card bill, your new credit will immediately start accruing interest.
Transferring money from a credit card is a convenient
Transferring money from a credit card is a convenient way to manage expenses that can’t be paid directly with a credit card. If you often have to transfer money from your credit card to your account to cover your daily expenses or bills, you know that your own finances are not on a sustainable footing and you need to make changes to your money behavior. Budgeting is an easy way to figure out your own cash flow and spending.
When used responsibly, a credit card can offer its owner financial flexibility, savings and benefits not available elsewhere. Own bank credit card is not always the best, so check out the full range of credit cards in Finland and find the one that suits you best: