#Credit #card #to #bank
Credit card to bank
Credit card to bank
By Viet Q. Nguyen
How to Transfer Money Into a Bank Account From a Credit Card
We have all had an emergency when we needed money fast, whether to pay for bills that have come due or to purchase things our family needs.
In some situations, you can’t use credit cards as a form of payment. Some of these situations include:
- Car loans
- Other credit cards (without an approved balance transfer)
- Do-Si-Dos from the local Girl Scout troop
I know budgeting experts will tell you not to use credit to pay for credit, but there are some situations where it will save you money.
Pay Yourself With Your Credit Card to Transfer Money to Your Checking Account
To transfer money from your credit card into your checking account and avoid large interest rates and fees, you just need to pay yourself using a Square Account.
Square is a service that gives people or businesses the ability to accept credit or debit card payments using their smart device. Signing up for a Square account is fast and when the sign-up process is done, you will get a free card reader for your iOS or Android device in the mail (although you can accept a limited number of transactions a day by typing them in manually.) You can also purchase a card reader at many popular retailers like Target. By paying yourself through Square, instead of taking out a cash advance or paying for a wire transfer, you can save a lot of money.
Disclaimer: Why You May Not Want to Use My Method
Please read the Square Terms of Service before attempting this money hack.
It’s possible that you may still be able to use my method by and be in line with Square’s terms of service by providing an approved goods or service and using Square to accept the payment from yourself. However, you should still read the terms of service to be sure.
What You Will Need
You will need the following to transfer money from your credit card to your bank account using my Square transfer money hack:
- A smart device (iOS or Android) with an Internet connection
- A Square account
- A bank account
- An active credit card with available credit
- Ability to wait up to the next business day for the cash (though it may actually deposit on the same day)
- Optional: A Square reader if you can wait more than a day for the cash to deposit
Before attempting to transfer money from your credit card to your bank account, you should first read the “What you will need . . .” section above.
If you already have a Square Account, skip to Step Two.
Sign-up for a Square account. Download the Square App from the Apple or Android App Store. You can also register for Square on your PC or Mac.
Ensure the bank account registered to the Square account is the one you need to transfer money to.
Plug in your Square card reader if available.
Swipe your credit card or enter the information manually.
Note: If you type in the credit card information manually, it will take more than 24 hours for the money to deposit into your account. It usually takes three or four days.
Submit the payment and confirm. You can opt to send a receipt to yourself from yourself, but I don’t think it’s needed.
Wait for your money to arrive.
Why Is Transferring Money Using a Square Account Better?
With your Square account, you will only be charged a one-time fee of 2.75% the purchase. You will avoid paying an increased interest rate, unlike a cash advance, and you will still have your grace period to pay the credit off before it gains any interest.
Tip: Only use this if you have to. Do the math and see if it is financially better to use this money hack than by other means. It will most likely be a better option.
How to Calculate How Much Money to Charge Yourself
As mentioned, Square is going to charge 2.75% out of the total sent from the payee (which is you in this case). You will need to adjust the amount you send to account for the 2.75% that will be taken out. So if I needed $40 I would take 40 and divide it by .9725 to find the amount I need to charge myself.
40 / .9725 = 41.1311 (Go ahead and take this up to $41.14).
Thus, I would add $1.14 to the original amount needed of $40.
I would need to pay myself $41.14 through Square to receive the $40 I need.
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