Transferring Money from Credit Card to Bank Account Online

In the present age of digital transformation which moves at break neck speed we see the growth of mobile apps for money transfer. Out of the many financial tech players in India MobiKwik which does stand out for it easy to use interface and large set of features. One of which is the service that you may Transferring Money from Credit Card to Bank Account Online right through the app. This feature is a great help in a crisis or when it comes to issues of liquidity which it solves almost instantaneously with a few tap.

Credit card to bank account transfers issue.

Many people use credit cards for convenience, benefits we offer like rewards, and the grace we give on pay off dates. But with that said not all purchase or transaction types are created equal some don’t play well with credit cards at all. For instance we see large payments like home rent, school fees, or that which is transferred to family and friends’ accounts which require that the money is in the account to begin with. In which case we see credit to debit card transfers as a very useful financial move.

Also as a result of the growth of digital wallets and financial players which include MobiKwik we see that users no longer have to go through the complicated traditional banking processes. Instead they are able to manage their credit card funds more so by transferring money online in minutes which in turn has made the MobiKwik app the preferential choice for such transactions.

How MobiKwik is in the online credit card transfer space.

MobiKwik has a smooth process of linking your credit card with the app, that in turn enables direct fund transfers to a related bank account. Once you add your credit card to the MobiWallet which is MobiKwik’s wallet, you can load money in to your wallet balance and then transfer it to a chosen bank account. This second stage transfer is done through MobiKwik’s wallet to bank feature which many report to be very easy and very reliable.

Unlike past methods that which often called for a visit to the bank, filling out papers there or a trip to the branch, MobiKwik does the whole thing via digital means. Also the app is into crypto of user info and reports multi factor authentication, in which we put our trust for secure transactions. Also in the dashboard users can watch over their transaction history, wallet limits and also the transfer fees which in turn gives out full report on what is going on.

Connecting Your Credit Card and Bank Account to MobiKwik.

Before you begin any transaction you will have to attach your credit card and bank account to the MobiKwik app. The registration is easy. Upon opening the app for the first time you will see the ‘Wallet’ or ‘Add Money’ option which guides you through the process of entering in your credit card info. MobiKwik has a large base of accepted major credit cards, after which point the card is saved secure for use in the future.

To add a bank account to your account in the app go to ‘Transfer Money’ or ‘Send to Bank’ section which is included also we see that app may ask for info like account no, IFSC code, and account holder’s name. After you save the info of your bank account it will appear in the list of available accounts to use for future transactions so that you do not have to enter the info again and again hence making the process faster and more efficient.

Fees, Charges, and Credit Transfer Limits.

While it is a convenient process what is important to note is that transferring money from a credit card to a bank account via MobiKwik is not free. The company usually puts a convenience fee or a processing charge which ranges in the 2% to 3.5% of the total transfer amount which may vary according to the amount and current policies. This fee is made very much visible to the user before the transaction is confirmed which in turn allows them to make an informed decision.

Also MobiKwik puts in place daily and monthly wallet top up and payment from bank account limits which may vary. What you see is based on your verification status and how you have been using the service. Once you have done full KYC (Know Your Customer) verification you may get higher transaction limits as compared to the basic users. We recommend that you check what the limits are before hand which is very useful info if you are planning to do large transfers.

Timing and Processing of Transfers

One of the best received features of MobiKwik is the speed at which they process. We see that most wallet to bank transfers which we do from a credit card go through almost immediately or within a few minutes. That said during peak traffic times or at the time of technical maintenance some delays may be experienced. In such which we also see MobiKwik has very good communication with the customer and keeps them in the loop.

Users also have real time transaction alerts via SMS and email as well as in app notifications. We see that these alerts confirm a transaction’s success which in turn serves as a digital receipt for the user to refer to at a later time. Also these alerts do which is to keep the user in the know and in control of their financial doings.

What to know about using MobiKwik for Credit Card Transfers.

Using MobiKwik as a platform to move money from a credit card to a bank account is a great solution in times of financial stress. For example self employed people or freelancers which have unstable cash flow may use this to get instant liquidity. Also students, travelers, or people that are in a medical emergency may see this feature as a financial rescue.

Another benefit is that of reward and cash out. Some cards which you may use for wallet charging or other financial transactions also give back in the form of points or cash back. By using your credit card through MobiKwik which also serves as a wallet platform, you may in fact benefit from the convenience of access as well as the rewards.

Read Also : Mobikwik Wallet Coupon Code

Cautions and Responsible Usage

While there is great flexibility in the feature it should be used with care. Many issuers of credit cards for practical purposes treat card to account transfers as cash advances which in turn may result in high interest rates and also additional fees if not repaid in a timely fashion. It is up to the user to put in place a repayment plan and to use this feature at their discretion.

It is also of the great importance to maintain a record of transaction history and do not use this for illegal or authorized payments as MobiKwik is very much within the parameters of the government and RBI rules.

Conclusion

Payment of money from a credit card to a bank account through the MobiKwik app has brought about a significant change in how people handle their financial requirements. With its simplicity, instant processing, and safety, MobiKwik presents a hassle-free option to regular banking practices. Nevertheless, just like any other credit-based payment, users have to keep themselves updated with regard to the attached fees and repayment terms. When utilized appropriately, MobiKwik becomes a useful ally in one’s financial arsenal, filling the disconnect between access to credit and realistic spending requirements.

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Readree: I am the owner of the blog readree.com. My love for technology began at a young age, and I have been exploring every nook and cranny of it for the past eight years. In that time, I have learned an immense amount about the internet world, technology, Smartphones, Computers, Funny Tricks, and how to use the internet to solve common problems faced by people in their day-to-day lives. Through this blog, I aim to share all that I have learned with my readers so that they can benefit from it too. Connect with me : Sabinbaniya2002@gmail.com