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How to Transfer Money From a Credit Card to a Bank Account

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Discover how to avoid fees and interest while transferring money from your credit card to your bank account.

Discover how to avoid fees and interest while transferring money from your credit card to your bank account.

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:

  • Mortgages
  • 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.

So how can you use your credit card to deposit money into your bank account?

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, which is convenient, 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

My money hack violates Square's terms of service. Your Square account could be suspended and the payments canceled. It also may violate terms of use for the credit card you are using.

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 good 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 (duh, right?)
  • 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

Step-by-Step Explanation

Before attempting to transfer money from your credit card to your bank account, you should first read the "What you will need . . ." section above.

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If you already have a Square Account, skip to Step Two.