Step by Step Explanation of How to Transfer Money from Credit Card to a Bank Account: For those who needs to pay an unexpected doctor’s bill or having a pretty tight budget for the month, a surprising news for you. You can now transfer money from your credit card into your checking account and can also avoid large interest rates or fees for your mortgages, car loans or any other loans. Even though budgeting experts will not suggest using the credit card for any payment, there are some situations where these cards save your money. Here are few steps that helps you know How to Use Credit Card to Deposit Money to your Bank Account.
Pre – Requirement before you Start Transferring the Amount from your Credit Card:
In order to transfer an amount from your credit card to your account, you just have to pay yourself a square account. This square is a service that accepts credit or debit card payments using a smart device from any employee or business man.
You can sign up to the square account very easily through your mobile app or through your desktop application. This application is available when start searching in Google. Once the sign up process is done, then you can get a free card reader for your Android device through your mail. You can also purchase the card reader from any popular retailers. But make sure to read the terms and conditions before taking a square account.
Once the account is created, you may need following things to Transfer Money from your Credit Card to your Bank:
A smart device along with an internet connection
Credit card which is active along with available credit
Your ability to wait till the next business day for the cash (Even though the cash may actually deposited on the same day) A square reader is an optional
Step by Step Process to Transfer the Money from Credit Card to Your Bank Account:
Before you start transferring the money from your credit card, you need to know the requirements as stated above. Starting with step 1, you have to sign – up for a square account. For this you can either download the square app on your mobile or on you PC.
https://squareup.com/signup/zw#user_signup (Square App Sign up Page)
Make sure that the bank account registered with the square account is the one that you need to transfer the money to.
Plug in the square card reader if it is available and swipe your credit card. You can also enter the credit card information manually. But entering the providing the credit card information manually takes three to four days to get your money deposited.
Submit the payment and confirm it. You can also opt the receipt for yourself if needed. Wait for the money till it arrives.
Transferring money using a square account is always better because it’s only a onetime fee and you will be just charged 2.75% of the purchase. You will also have a grace period to pay the credit off before the interest rate starts.
I think this information may help you a lot. But make sure to read the square terms before accepting and trying it out. Wish you a good luck and enjoy the benefits of transfer.