You can transfer money from your credit card to your bank account, but beware – credit cards are not designed to be used this way so it’ll cost you big. You’ll pay a small cash advance withdrawal fee and a high interest rate that kicks in immediately. If you need funds fast, consider other alternatives first.
Since cash advances are expensive, consider these other options first if you need funds in a hurry.
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Finder data suggests that men aged 25-34 are most likely to be researching this topic.
| Response | Male (%) | Female (%) |
|---|---|---|
| 65+ | 2.05% | 2.12% |
| 55-64 | 5.29% | 2.96% |
| 45-54 | 6.63% | 6.77% |
| 35-44 | 12.84% | 7.83% |
| 25-34 | 20.40% | 11.43% |
| 18-24 | 12.77% | 8.89% |
Cash advances are expensive, and you’ll start being charged interest immediately. If cash isn’t required and you have the option to pay with credit, then paying for the expense directly on your credit card is going to be cheaper then getting a cash advance. Credit card cash advances should only really be used for emergencies where cash is required – and after you’ve exhausted other less expensive alternatives. Before you take out a cash advance, consider these 3 important points:
Remember that with any of these methods, you may have to pay fees and/or special interest rates. Here are 4 ways to transfer funds from your credit card into a bank account:
You can withdraw the cash you need from your credit card by using an ATM. To do so, first insert your credit card into an ATM, enter your credit card PIN and you’ll be given the option to withdraw cash from your credit card. Once you have that cash, you can then use the ATM to immediately deposit the money into your bank account. Many banks allow deposits through ATMs, but if your bank does not allow ATM deposits, you can make your deposit at a branch.
Remember that what you’re withdrawing and transferring from your credit card is still credit – meaning it will be considered a cash advance. See everything you need to know before getting a cash advance on your credit card here.
This option is quite similar to withdrawing cash at an ATM, but instead, you would go to your bank branch and withdraw cash directly from a teller. To get the money in your bank account, you can then deposit the cash immediately at the teller. Withdrawing cash from a credit card at an ATM is also considered a cash advance, so you’ll be charged any applicable cash advance fees or special interest rates.
Most banks offer convenient online banking. Instead of visiting a teller or ATM, you can easily transfer funds from your credit card to your bank account via an online transfer between these accounts as long as they are issued from the same institution. Just make sure you are registered for online banking. If you’ve downloaded your bank’s mobile app, you can also transfer money from your credit card directly to your bank account through the app. In fact, you can handle most of your financial transactions using only your phone or tablet.
Your credit card provider may occasionally issue you complimentary credit card convenience cheques. When you write one, it’s as if you’ve swiped your credit card. The amount you put on the cheque will be drawn from your credit card — you have to pay it back eventually. You can write a credit card cheque for the amount you want to transfer to your bank account then deposit the cheque at your branch or by using your bank’s mobile app just as you would with a regular cheque.
Carefully read your provider’s fine print before using one of these cheques. Be aware that you normally start paying interest from the date you use it. If you’re lucky, you’ll get a promotional interest rate on it. Otherwise, the cheque will be treated as a cash advance.
There’s no way to directly email transfer (or e-transfer) money from a personal credit card to a bank account in someone else’s name or at a different bank. If you do want to e-transfer money from a credit card, you’ll first have to transfer the money into your personal bank account using one of the 4 methods described above. Once the money is in your chequing account, you can use Interac e-Transfer or some other email transfer service to e-transfer the money from your account as usual.
Cash advances don’t directly impact your credit score. But if you don’t pay off your credit card balance within your statement period, then your higher credit card balance will increase your credit utilization ratio, which could negatively impact your credit score.
If you’re going to withdraw or transfer cash using your credit card, it’s best to use a card that comes with a low cash advance APR. Compare credit cards with low cash advance rates in the table below.
You can transfer money from a credit card to a bank account — but it might cost you more. Consider the costs you might incur with a cash advance, which likely comes with a higher interest rate and transaction fees. If you have time, consider the alternatives to a cash advance. You’ll find many reputable services that can help you if you’re in a financial pinch.
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