Credit card To bank transfer Without charges

[bbiswas]

Now, What is the best working method for CC to bank transfer without any Charges?

 

[Karthik:]

Now, What is the best working method for CC to bank transfer without any Charges?

It's illegal and not the purpose for which credit cards are issued. You cannot transfer money from CC to bank account. CCs can be used only for purchases. The trick is to make purchases which otherwise you would do in cash. Effectively you can keep your money till due date.

 

[dhshankar]

Nope, it is not illegal to transfer money from credit card to bank.. Please see below from RBI, this is allowed (subjected to some conditions)

 

[dhshankar]

If anyone using self transfer using rent payment method , then it has tax implications - as they need to declare it as additional income while filling ITR

 

[Karthik:]

Nope, it is not illegal to transfer money from credit card to bank.. Please see below from RBI, this is allowed (subjected to some conditions)

View attachment 3836

Still we are bound by card issuer's T&C. This practice is abuse of CC. Using CC every month for same amount at same payment site/POS invites suspicion, thereby leads to cancellation of CC.

 

[bbiswas]

It's illegal and not the purpose for which credit cards are issued. You cannot transfer money from CC to bank account. CCs can be used only for purchases. The trick is to make purchases which otherwise you would do in cash. Effectively you can keep your money till due date.

oh-ho really?

 

[bbiswas]

Nope, it is not illegal to transfer money from credit card to bank.. Please see below from RBI, this is allowed (subjected to some conditions)

View attachment 3836

definitely

 

[bbiswas]

It's illegal and not the purpose for which credit cards are issued. You cannot transfer money from CC to bank account. CCs can be used only for purchases. The trick is to make purchases which otherwise you would do in cash. Effectively you can keep your money till dIf you

If you know any method then, please share it.

 

[Karthik:]

If you know any method then, please share it, otherwise....

FYI, your are in an open forum. I have every right to give my views. It's upto you anyway. You can't shut me.

 

[SiddharthR]

Add in NPS Tier-II and then withdraw. This will incur minimum charges of 0.9%

Now, What is the best working method for CC to bank transfer without any Charges?

 

[dhshankar]

Still we are bound by card issuer's T&C. This practice is abuse of CC. Using CC every month for same amount at same payment site/POS invites suspicion, thereby leads to cancellation of CC.

I've slightly different take here. I don't think bank will suspend the card if there is same amount txn at payment site/POS. But, Bank will considers this as a suspicious activity and alert the user via calls/sms asking for confirmation. But, this suspicion is not really turned to card block/cancellation

However, if the personal credit card being used for business related txns, then it is subjected to cancellation as this violates individual credit card terms&conditions.

 

[Karthik:]

Add in NPS Tier-II and then withdraw. This will incur minimum charges of 0.89%

We can no longer make contributions to NPS tier II account using credit cards.

 

[SiddharthR]

We can no longer make contributions to NPS tier II account using credit cards.

From when did it get effective?

 

[Karthik:]

From when did it get effective?

With immediate effect as per PFRDA circular issued on 3rd Aug 2022.

 

[bbiswas]

Add in NPS Tier-II and then withdraw. This will incur minimum charges of 0.9%

I know this, without charging any trick?

 

[Sreerag]

I think it's against TnC of the card. U can do whatever u want, but try to stay away...

 

[kochiro]

I think 4k using cc in paytm wallet using zomato is safe and good enough amount to spend on offline groceries and other small spends.

 

[Sreerag]

Load to Amazon wallet, use UPI to transfer to another account

 

[bbiswas]

Load to Amazon wallet, use UPI to transfer to another account

Add money to Amazon wallet using CC is Stopped

 

[TheMentalist]

Add money to Amazon wallet using CC is Stopped

You can load via Uber, there is a thread about this already.
Another method is to add to Airtel wallet - search on this forum for details on this