Top Credit Card to Bank Account Transfer Services with Low Fees in India

Those days are gone when we used to borrow money from a friend or family member so easily. Due to global inflation, trust, and self-centered lifestyles, people hesitate to lend money. Nowadays, people prefer to take online loans with high fees using Chinese loan apps, which can lead to debt traps due to high-interest rates. To avoid such a situation and get money without any loan or borrowing from someone, you can use your credit card to bank transfer service.

1. Transfer money from your credit card to your bank account: In this type of transfer service, companies charge a fee for balance transfers, and the interest rate on balance transfers is applicable as per your credit card type. So, this option can be expensive if your credit card company has higher interest rates. But this option is way better during emergencies.
2. Use a cash advance from your credit card. This is another option, but Cash advances have a higher interest rate and a higher fee than balance transfers, so they are more expensive than transferring money from your credit card to your bank account.

How to use Credit Card to Bank Account Transfer Service in India?

If you want to Transfer money from Credit Card to Bank Account in India:

1. Create an account with any of the below service providers and provide your credit card and bank account information.
2. Initiate a transfer by entering the amount and bank account details. The transfer will be processed, and the money will be deposited into your bank account using IMPS, NEFT, or RTGS.
3. Remember your credit card max limit & platform max transfer limit are considered during every single transaction.

Transferring money from your credit card to your bank account is not recommended because it can be expensive and lead to debt traps. Credit cards typically have high-interest rates, so you will be charged interest on the amount you transfer until you pay it back. Use it only during an emergency. We recommend paying your credit card bills on time to avoid bad credit scores.

Converting your credit card bill into EMI is also a new option available in the market, but remember, what looks easy is always a complicated thing. They have high-interest rates, too. So, always be careful while considering to convert into EMI.

Top 3 Credit Card-to-Bank Account Transfer Services with Low Transfer Fees in India

Most of the following service providers offer online rent payments using credit cards, which perform a similar job of transferring money from a credit card to any bank account. It's mostly used by tenants, students, and property owners to pay their bills. So you have to fill in those details as required. Due to RBI regulations, they can't name their credit card to a bank money transfer service. All below platforms have different processing charges.

1. Noborker

Nobroker is one of the best and most reputed services for paying rent online. Using this service, you can easily transfer money from your credit card to your bank account instantly. NoBroker Pay eliminates the need to write and deliver checks or pay in cash, making it a convenient and secure way to pay online. NoBroker Pay also offers strong security while doing online transactions.

MAX TRANSFER	PROCESSING FEE in %	PAN CARD NUMBER REQUIRED?	DOCUMENT UPLOAD REQUIRED?
3,00,000 INR	For <2lakh = 1.1%+ GST(Min 100)   For >2lakh = 1.5%+ GST	YES	NO

Step to use Nobroker to transfer money from your credit card to your bank account:

1. Visit Noborker website for rent payment.
2. Login using your mobile/email.
3. Include your bank account details and PAN card details.
4. Include your credit card & complete the transaction.
5. You will receive money in the given account within minutes.
6. In this way, you can use your credit card to encash cash in your personal bank account.

Nobroker Pay

2. Housing Pay

Housing is one of the popular real estate portals in India, which also offers rent payment services using a credit card. To use Housing.com's rent pay service to transfer money from your credit card to your bank account, you will need to create your account on their website.

MAX TRANSFER	PROCESSING FEE in %	PAN CARD NUMBER REQUIRED?	DOCUMENT UPLOAD REQUIRED?
5,00,000 INR	1.61%	NO	NO

1. Once you create an account, you can initiate a payment by entering the amount of money you want to pay and your bank account details. The price will then be processed using your credit card details, and the funds will be deposited into your bank account within a few minutes.
   
2. Housing.com's pay service uses the latest security features to protect financial information. So it's secure & reliable.
3. This service doesn't ask for any documents or PAN card during checkout. 

Housing Pay

3. Cred Pay

CRED Pay is a payment service from the popular CRED mobile app. It has multiple payment options to pay your bills online. You can use the Cred app to transfer money into a bank account using a credit card. For that, you need to install their mobile app and follow the below-mentioned steps:

MAX TRANSFER	PROCESSING FEE in %	PAN CARD NUMBER REQUIRED?	DOCUMENT UPLOAD REQUIRED?
3,00,000 INR	1.8%	YES > 50,000 INR	YES

1. Open the app, log in with your credentials
2. Navigate to 'bill & recharge'-> 'Rent Pay'
   
3. Enter your respective account details
4. Enter your PAN card number if the amount is >50,000
5. You also need to upload a rent document for verification of this transaction.
6. Once you have done everything, you can use your credit card to deposit money into your bank account.

Cred pay is a challenging solution like earlier service providers. It's expensive too. We recommend using this only when the above 2 will not work for you & you have no option in the market. 

CRED Pay

Here are some tips while choosing Transfer money from Credit Card to any Bank Account:

• Compare fees: Different services charge different prices for balance transfers, so it is important to compare them before choosing one. Some services may offer free transfers for limited amounts of money, while others may charge a fee for all transfers.
• Consider transfer times: Some services may offer faster transfer times than others. If you need the money quickly, be sure to choose a service that provides fast transfers.
• Read reviews: Before choosing a service, be sure to read reviews from other users. This can help you to learn about the pros and cons of different services and to choose one that is reputable.

Conclusion:

Transferring money from your credit card balance to your bank account is easy using the above method but also risky if you are not able to pay back on time. So it's a double sided sword. Use it carefully to avoid the debt trap. Recursive use of this also impacts your credit score in negative way. Let me know your comments if you find some better service with low fees and less complications. We are happy to include it into our above list. Dont forget to subscribe.