For most of people who need money in urgent situations, Credit card is the Savior, but this credit card doesn’t let you send money to bank account, even though you can withdraw money from credit card the interest charges are very high from about 39% to 42% + transaction charges.

Transfer Money From Credit Card to Bank Account

There are lots of Apps where you can able to send money from credit card to bank account but charges are very high.

For example, Paytm charges 3% + GST to send money from credit card to bank savings account(from Nov 2018 Paytm charges 4%)

Mobikwik charges 3% + GST, Freecharge and others are as well on higher side.

Now there is an App called PayZapp from HDFC Bank.

Where PayZapp charges 2% for transactions, which means if you want to send Rs 5000 from Credit card they charge Just Rs 100 + GST (18Rs).

Why PayZapp is the best?

Go to Play Store https://play.google.com/store/apps/details?id=com.enstage.wibmo.hdfc and Download

or App Store https://itunes.apple.com/in/app/payzapp-recharge-pay-bill/id1030991787?mt=8 and download PayZapp App

Sign up as a Customer, and set a PIN.

Bonus: Sign up using code earn75now code and get Rs. 75 cashback to PayZapp wallet.

Verify your KYC Details.

Now add money from credit card, it will be loaded to the wallet. Say Rs 5000

Now choose the Transfer to Bank option, Enter your Bank Details, enter amount.

So for Rs 5000 amount they charge Rs 118 as fee, which is quite less then its peers.

Read this:

When you load Rs 5000 from credit card you get points or rewards.

For Example, mine is Citi Bank Indian Oil Credit card, so if I load Rs 5000 I get 33 points.

Now 33 points is equal to Rs 33 of free petrol in Indian oil bunks.

So Rs 118 – Rs 33 = Rs 85 .

At the end when you are loading Rs 5000 and sending to bank total cost you are paying Rs 85 which means just 1.65% extra you are paying.

So find a similar credit card where your 1 reward point will be equal to 1 Re.

Now if you load money from HDFC credit card you will get 5x rewards, means 5 * 33 = 165 points, so if you have a Moneyback card in hdfc then 165/3 = 55

means money back gives 1 rupee for every 3 points/rewards.

So when you load with HDFC credit card you pay final amount of only Rs 63, for Rs 5000 wallet load.

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Above method also works for how to transfer money from credit card to bank account.

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