Transferring money from a credit card to a bank account can be a useful method of finding a quick solution to pay bills that are due if you are unable to acquire cash to pay a variety bills, direct debits and unforeseen costs. You can transfer money to your account using a credit card or convenience checks, or pay your bill directly using convenience checks.
- Skill level:
- Moderately Easy
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Things you need
- Credit card
- Convenience check
- Bank account
- Valid ID
Request a convenience check from your credit card provider. Often they will include them with your card. They tend to look almost identical to personal checks and should arrive within a week.
Ensure that the amount of cash you request does not go over your credit limit. Include the cost of the fee required to use a check; otherwise the check will not clear. Fees for use of each check can vary wildly. Read the fine print to find out how much you will pay for this transaction. Remember that you will be paying interest on this, and the interest on that amount may be higher than your card's interest rate. Fees can reach £64.
Fill in the check accordingly and bring it to your bank, asking them to deposit the funds into the account you indicate.
Transferring Into a Payable Account
Visit your bank, stating that you would like to transfer the desired amount from your card into your account. Only some cards will allow this feature.
Ensure that the amount you wish to transfer does not go over your credit limit; otherwise the transaction will not clear. Add fees to your total request before making the transaction.
Provide the necessary identification and a valid signature when requested.
Transferring Funds Into Your Account
Tips and warnings
- Many retailers will allow a small cash payout with purchase. If you only need £26 or so, this is the easiest way to turn plastic into paper. Simply take the cash to the bank and deposit it. This will save you the fees associated with convenience checks.
- The cost of this service tends to be rather high; be careful that you do not exceed your limit so that your check does not bounce. You may be charged for the service regardless.
- Thoroughly destroy any convenience checks you don't use. Otherwise, protect them as you would cash or your own checkbook. These checks are highly vulnerable to fraud if they fall into the wrong hands. Also, they are not protected by banks as your credit card transactions are. If someone steals your checks, you may be responsible for the entire loss.
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