Money transfers are frequent these days. Almost for every daily transaction of various requirements, we depend on money transfers. There are several ways of transferring money, and the utility is undoubtedly great. Sometimes, it may so happen that you have enough credit limits awarded to your credit card, but there is insufficient balance available in your bank account. You might wonder if you can transfer the required amount from your credit card to your bank account or not to pay the mortgage debt. Well, the answer is positive, and there are ways to send money to your bank account from your credit card. With the help of the steps associated with the money transfer, you can quickly transfer money from credit card to bank account.
Check if you have a money transfer credit card
There is one thing that you first need to know is the underlying difference between a balance transfer credit card and money transfer credit card. The latter variety will allow you to transfer the money from credit card to your bank account whereas the earlier one does not have the access. With the balance transfer credit card, you can easily pay off your debts using other credit cards minus any interest. But to transfer your money to the bank account, you need to have the money transfer credit card at first.
In many cases, it has been seen that paying a debt via transferring the amount from credit card to your bank account seems to be more profitable than paying it through an overdraft facility which involves a higher amount of interest. When you transfer money from your credit card to the bank account, a charge is surely adjusted, but the interest rate remains 0% which when compared with the cost of paying the debts, appears to be lower.
When it comes to paying mortgages, the best way is always to make the payment through your bank account, and there must be sufficient amount available in the account so that the payment can be effectively made. You can either issue a cheque or can transfer the required amount online to the concerned department to pay off your debts. Though there are multiple ways to pay mortgage debts, the best would be to use your bank account, and the same would need adequate balance to be debited. Hence, having a money transfer credit card with the facility to transfer money to bank account is of much help in times of emergency. You must remember that there is no way you can pay your mortgage debts directly using your credit cards. Therefore, money transfer to the bank account is a prerequisite.
Check for Cash Advance Charges
You can also think of withdrawing money from the credit card and depositing it to your account, but in this case, you will be charged higher. Even though the ATM would reflect that use is free, but the moment you withdraw a sum using your credit card, a fee will be charged and the amount of money you will withdraw will be levied an interest rate which is substantial and will be accumulated on a regular basis. Hence, cash advances using credit cards might be taxing for your pocket and is best left avoided.
When money transfer credit cards are used for transferring money to the bank account, it carries a processing fee on a monthly basis which remains active till the time your borrowed sum gets paid off. This makes the transaction easier and less costly than the other options available.
Paying your mortgage debts are no longer difficult, and even if you have an amount less than what is required to pay off the debt, use your credit card to transfer the money and then use it to pay the debt.