WalletHub, Financial Company
@WalletHub
No, you cannot do a balance transfer to a checking account from your credit card. A credit card balance is a debt that you owe, while a checking account balance is an asset that you own. Also, a credit card balance transfer is when you use a credit card to pay off an existing debt, from another credit card or loan, in order to get a reduced interest rate.
There is such a thing as a balance transfer check, but those are given out by credit card companies to perform balance transfers. They can’t be deposited into checking accounts. Typically, you can’t transfer money from a credit card to a checking account without doing a cash advance.
What to Know Before Transferring Funds from a Credit Card
Tapping into your credit line to get cash and transferring the funds into a checking account is considered a cash advance. For instance, you can write a credit card convenience check to yourself and deposit it in your checking account.
If you make a cash advance, the transaction will incur a high fee. These types of transactions also accrue interest at a high rate – usually higher than the card’s regular APR. Plus, cash advances have no grace period, so interest starts accruing right away. For more information, you can check out WalletHub’s guides on balance transfers and cash advances.
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Sam Sui, Member
@samuelsui408
Discover cards allow this but they charge a transfer fee
People also ask
Can I transfer a credit card balance to a bank account?
You can’t transfer a credit card balance to a bank account because the balance on your credit card is a debt. If you want to transfer your credit card balance to another credit card, however, you can do that with a balance transfer. You can also transfer available credit from a credit card to a bank account by doing a cash advance.
A cash advance is when you get cash from a credit card, usually at an...
read full answer by WalletHub, Financial CompanyIs it a good idea to do a balance transfer?
Doing a balance transfer is a very good idea if you need multiple months to pay off high-interest debt and you are able to qualify for a 0% balance transfer credit card. Most balance transfer cards require a 700+ credit score (at least good credit) for approval.
What you should know before making a balance transfer:
- You generally need good credit or better to get a 0% balance transfer credit card.
- Most balance...
What are balance transfer checks and how do they work?
Balance transfer checks are checks that draw funds from a credit card’s credit line, rather than from a checking account. Credit card balance transfer checks can be used to pay part or all of the balance on another credit card or loan when the lender will not accept payment with a credit card directly. When you use a balance transfer check, the credit card’s standard balance transfer fee and balance transfer APRs usually apply.
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read full answer by WalletHub, Financial CompanyDid we answer your question?
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This is wrong. Citicard allows this also.
Wrong. Discover allows this