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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 ATM or in-person at a bank branch. Be warned that cash advances are expensive – you’ll nearly always pay a cash advance fee on the amount you take out, and a high cash advance APR will take effect as soon as you withdraw the cash.
Other than a cash advance, there are a handful of options for transferring money from a credit card to a bank account, such as PayPal transfers, Venmo, or other money transfer services. But they all have their own risks and fees. Some of the alternative methods also involve enlisting another person’s help, which is a risk in itself. And even if you jump through the hoops, your credit card issuer may still flag the transaction as a cash advance. It’s best to only use a cash advance if you need an emergency cash loan.
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Tommy S Davidson, WalletHub Analyst
@tdvdson94
It's impossible to transfer a credit card balance to a bank account, but you can use the bank account to repay a credit card balance. That's because a bank account only holds money you actually have, whereas a credit card is what you owe money on.
If you have credit on your credit card (usually if you paid more than your balance, or got refunds), just leave it there and it will be used the next time you use your credit card.
People also ask
Do balance transfers hurt your credit?
Yes, balance transfers do hurt your credit when you open a new credit card account to do the transfer. Applying for a balance transfer credit card will generate a hard inquiry on your credit report, causing a slight dip in your credit score.
If you transfer a balance to an existing credit card account, however, there is no hard inquiry and no credit score damage. A balance transfer could still result in high credit utilization, though, and allow you...
read full answer by WalletHub, Financial CompanyCan I do a balance transfer to a checking account from my credit card?
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,...
read full answer by WalletHub, Financial CompanyHow can I transfer money from my credit card to a bank account?
You can transfer money from your credit card to a bank account with a cash advance, a convenience check, apps such as Venmo, or money transfer services like Western Union. But keep in mind that transferring money from a credit card to a bank account is an expensive transaction and should be avoided.
How to Transfer Money from a Credit Card Directly to a Bank Account
- Contact customer service or check your...
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