We have all had gone through emergency situations where we needed money fast, either to pay the bills or to make impulsive purchases. You might think credit cards are the best solution for said situations. But this may not always be the case. There are some situations where you cannot use credit cards, like for mortgages, car loans, credit cards without an approved balance transfer, etc. Many budgeting experts say that you should not use credit to pay for credit, but there can be some situations where it can save you money. You can transfer money from your credit card to your bank account to pay a loan, mortgage, etc.
So, how can you use your credit card to transfer your money? Or, how can you transfer money from your credit card to your bank account? Here is the answer to both of these questions:
All you need to do is to think outside the box to explore more methods for a credit card to bank account transfer. We did this for you and have come up with this effective method:
Pay Yourself
Simply, pay yourself. Yes, you can pay yourself through your credit card and the money is transferred from your credit card to your bank account.
There are some services that you can use to transfer money from your credit card to your bank account. If you want to avoid interest rates and fees, all you need to do is just pay yourself through your credit card via Square Account.
Square Account Service
Square Account is a service that enables users to receive credit or debit card payments by using their smart device. You have to sign up for the square service first. Square Account sign up is a fast process. After the signup, you are given a free card reader for your Android or iOS smart device via mail. You can receive a limited number of payments in a day by typing them in manually. By using Square Account to pay yourself, instead of a wire transfer, you can save a lot of money. This method usually takes three or four days.
Charges of Square Account Service
Square Account only charges a one-time fee of 2.75% the purchase. You do not have to pay the increased interest rate, and you can still have time to pay the credit off before it gains any interest. Therefore, you will have to adjust your payment to the 2.75% that will be charged. Do the math to make sure your transaction goes smoothly. So, if you need $50, you should divide it by 0.9725 to find the amount you need to charge yourself.
50 / 0.9725 = 51.4138
This can be rounded off to $51.42. Now you can add this extra $1.42 to the actual amount you want to transfer to your bank account.
Apart from Square Account service, you can also buy this card reader through many retailers like Target.
Please read the?Square Terms of Service?before using this method.
Things You Must Have to Use Square Account Service
You should have the following to make a credit card to bank account transfer using this Square Account transfer method:
- Internet connection
- iOS or Android smart device
- Bank Account (obviously)
- A credit card with Credit (again obvious)
- A Square Account
- Optional: A Square reader
Procedure for Using the Square Account
Here are the steps you need to follow to transfer money from your credit card to bank account using Square Account:
Sign up to Square Account
If you already have a Square Account, go to the next step. If you do not have a Square Account then first sign-up for one. You can download the Square App from the App Store. If you want to register for Square on your MAC or PC, you can do that as well.
Register the bank account to the Square Account
After signing up for a Square Account, you need to make sure that the bank account to which you are going to transfer your money from the credit card is registered to your Square Account.
Plug in your Square card reader
Enter the credit card information
You can enter your credit card information manually or you can swipe the card instead.
Make the payment and confirm
Make the payment and confirm the payment. You can also send the receipt to yourself.
Conclusion
So, that's how you can make a credit card to bank account transfer. I hope the question "How to transfer money from my credit card to bank account?" has now been answered. Use the Square Account and transfer the desired amount from your credit card to your bank account and make your life easier. Now no loan or mortgage payment will be delayed due to inadequate funds in your account.