Direct transfers from credit card to bank account are not possible, but you have several ways to move the money
You cannot transfer a credit card balance directly into a bank account the way you might move money between two bank accounts. Credit card companies do not offer that function. However, you can get cash or move funds using a cash advance, a balance transfer check, a third-party payment app, or by making a purchase and then returning it. Each method has different costs, speed, and restrictions.
The method you choose depends on why you need the money and how much it will cost you. A cash advance charges interest immediately and often includes a fee. A balance transfer check works like a regular check but draws from your credit line. Payment apps like PayPal or Venmo let you send money to someone else's bank account, but that requires another person. A purchase-and-return is slow and only works if you have something to buy and return.
Key Takeaways
- Cash advances charge an upfront fee (usually 3 to 5 percent) plus interest that starts accruing immediately, with no grace period.
- Balance transfer checks work like regular checks but pull from your credit card's available credit and carry the same fees and interest as cash advances.
- Payment apps like PayPal, Venmo, and Square Cash let you send money to a bank account, but you pay a fee (usually 1 to 3 percent) and the recipient must have an account with that app.
- A purchase-and-return strategy involves buying something, depositing the refund to your bank account, but this takes weeks and only works if the merchant refunds to your original payment method.
- The cheapest option is usually a personal loan or a 0 percent balance transfer card, both of which take longer but cost far less than cash advances.
Cash advances: fastest but most expensive
A cash advance is the most direct way to get money from your credit card into your bank account. You visit an ATM, a bank branch, or a convenience store and withdraw cash using your credit card. The money appears in your account immediately if you deposit it at an ATM or bank branch the same day.
The cost is steep. Most credit card companies charge a cash advance fee of 3 to 5 percent of the amount withdrawn, with a minimum fee of $5 to $10. Interest starts accruing the moment you withdraw the money — there is no grace period like there is for regular purchases. The interest rate for cash advances is often higher than the rate for regular purchases, sometimes 2 to 3 percentage points above your standard APR. If your card charges 18 percent APR for purchases, the cash advance rate might be 21 percent.
Example: A $500 cash advance at a 4 percent fee costs $20 upfront. If you pay it back in one month at 21 percent APR, you owe roughly $8.75 in interest, for a total cost of $28.75. If you carry the balance for six months, the interest alone could exceed $50.
Balance transfer checks: same cost as cash advances, slower delivery
Some credit card companies send you balance transfer checks as part of your account. These look and work like regular checks, but they draw from your credit card's available credit instead of a bank account. You write a check to yourself, deposit it at your bank, and the funds appear in your account within one to three business days.
The fees and interest are identical to a cash advance. You pay an upfront fee of 3 to 5 percent, and interest accrues immediately at the cash advance rate. The only advantage is that you do not have to visit an ATM or bank branch in person — you can mail the check or deposit it remotely. The disadvantage is that it takes longer than a cash advance, and you have to wait for the check to clear.
If your credit card company has not sent you balance transfer checks, you can request them by calling the number on the back of your card. Not all companies offer them, and some only send them to customers with higher credit limits or longer account histories.
Payment apps: works if you have someone to send money to
Apps like PayPal, Venmo, Square Cash, and Google Pay let you link a credit card and send money to another person's bank account. The recipient receives the funds in their bank account, usually within one to three business days. You can then ask them to send the money back to your bank account, or you can use the app to transfer it yourself if you have multiple accounts linked.
The fee varies by app and method. PayPal charges 2.2 percent plus $0.30 per transaction when you send money using a credit card. Venmo charges 3 percent for credit card transfers (but no fee for debit card transfers). Square Cash charges 1.5 percent. Google Pay does not charge a fee if you link a debit card, but charges a percentage if you use a credit card.
This method only works if you have access to another person's account or if you have multiple accounts of your own. It is slower than a cash advance but cheaper than one if the app fee is lower than the cash advance fee. It also does not trigger interest charges the way a cash advance does — you pay only the one-time transfer fee.
Purchase and return: slowest option, only works with refunds to original payment method
If your credit card issuer refunds returns to the original payment method, you can buy something, return it, and have the refund deposited to your bank account. This works because the refund goes to your bank account, not back to your credit card.
The process is slow and unreliable. You have to find something to buy (usually at least $100 to make it worthwhile), return it within the return window (typically 14 to 30 days), and then wait for the refund to process. Refunds typically take 5 to 10 business days after the return is accepted. Many retailers now refund to the original payment method, which means the money goes back to your credit card, not your bank account — defeating the purpose.
This method has no fees and no interest charges, but it is impractical for most situations. It only makes sense if you were planning to buy something anyway and can afford to wait two to three weeks for the money to arrive.
Cheaper alternatives: personal loans and balance transfer cards
If you have time and can wait a few days, a personal loan or a 0 percent balance transfer card will cost you far less than a cash advance.
A personal loan from a bank, credit union, or online lender deposits money directly into your bank account. The interest rate depends on your credit score and the lender, but ranges from 6 to 36 percent APR. You repay the loan in fixed monthly installments over a set period, usually 2 to 7 years. The application takes 1 to 3 business days, and the money arrives in your account within 1 to 5 business days after approval. A personal loan costs less than a cash advance if the interest rate is lower and you need the money for more than a few months.
A 0 percent balance transfer card is a credit card that offers 0 percent APR on balance transfers for a limited time, usually 6 to 21 months. You transfer your existing credit card balance to the new card and pay no interest during the promotional period. You pay an upfront balance transfer fee of 3 to 5 percent, but after that, no interest accrues. This only works if you have time to apply for a new card (which takes 1 to 2 weeks) and if you can pay off the balance before the promotional period ends.
What happens if you need the money today
If you need cash immediately, a cash advance is your only option. It is expensive, but it is the fastest way to get money from a credit card into your bank account. Visit an ATM with your credit card, withdraw the amount you need, and deposit it at your bank the same day. The money will be in your account by the next business day.
Before you do, call your credit card company and ask about the cash advance fee and interest rate. Some cards charge lower fees for cash advances than others, and knowing the exact cost will help you decide whether it is worth it. If the fee is very high, consider whether you can wait a day or two for a personal loan or payment app transfer instead.
Frequently Asked Questions
Will a cash advance hurt my credit score?
A cash advance itself does not hurt your credit score, but it increases your credit utilization (the percentage of your available credit you are using). If your utilization jumps from 30 percent to 80 percent, your score may drop slightly. The impact is temporary — your score will recover once you pay down the balance.
Can I transfer money from a credit card to a savings account?
No, not directly. The same methods that work for a checking account work for a savings account: cash advances, balance transfer checks, payment apps, or personal loans. The money goes into whichever account you specify when you make the deposit or transfer.
What is the difference between a cash advance and a balance transfer?
A cash advance is money you withdraw as cash from an ATM or bank. A balance transfer is moving debt from one credit card to another. They have the same fees and interest rates, but a balance transfer does not put money in your bank account — it just moves debt between cards.
Is there a limit to how much I can cash advance?
Yes. Your credit card company sets a cash advance limit, which is usually lower than your overall credit limit. It might be 20 to 50 percent of your total credit limit. Call the number on the back of your card to find out your cash advance limit.
Do payment apps charge a fee if I use a debit card instead of a credit card?
Most payment apps charge no fee or a lower fee for debit card transfers than for credit card transfers. Venmo charges no fee for debit card transfers but 3 percent for credit card transfers. PayPal charges $0.30 plus 2.2 percent for credit cards but no fee for bank transfers. Check your app's fee schedule to compare.