Paying off credit card debt may not be the most enjoyable pastime, but it’s worth prioritizing. This may mean pulling back on entertainment purchases or unnecessary expenses while you pay it down. Even switching out your daily coffee order for a homemade brew can save you over $50 a month. That money can not only go toward paying your bill, but won’t be added to the debt on your next statement.

• On our websiteLog in to Online Banking and navigate to your credit card Account details page, then select the Statements & Documents tab.
• Ideal for situations in which you need some money in your account but don’t have any data left or are in an area without wifi, offline transfers can help get you out of a tight spot.
• It always makes sense to do the math for your personal situation before making a decision.
• On your mobile deviceLog in to the Mobile Banking app and select your credit card account.

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Banks don’t allow you to pay your credit card balance directly using another credit card. Typically payments via check, electronic bank transfer or money order are the only acceptable methods of payment. Also known as bank cards or check cards, debit cards allow you to withdraw money from your checking or savings accounts. This means the money you take out is yours, instead of on lend from a credit institution, and has no repayment plan. This will either be a flat fee or a charged percentage of the amount you’re taking out, up to 5%. If you’re taking out large amounts or having to do it frequently, the costs will add up.

Personal loans are typically issued as a lump-sum payment so you can pay off the credit card issuer with the funds and then make monthly fixed payments to the lender. This can help your overall debt-to-available credit ratio and have a positive impact on your credit score. Keep in mind however that if your credit isn’t great, you likely won’t qualify for a great rate on a personal loan. You'll want to be cautious of balance transfer fees, though, which can sometimes be up to five percent of the amount transferred. It's also critical to check the interest rate you'll be charged after the promotional period ends and to look into how a balance transfer may impact your credit score.

Foreign transaction fee

As a result, your card issuer may charge you a returned payment fee, usually up to $40. Making a minimum payment will not prevent your card from charging interest—the only way to avoid interest on a credit card is to pay the entire balance down every billing cycle. For example, continuing the example from earlier, paying a $300 balance transfer fee independent rather than over $1,000 in interest charges could save you more than $700. Just make sure you stick to a disciplined repayment plan so you zero out your balance before the intro period ends, otherwise you’ll be charged interest on any remaining balance at the regular APR. Paying off one credit balance using another card isn’t generally possible.

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Reasons to not transfer money from credit card to bank account

There are, however, two main strategies you can use to pay off a credit card that don’t involve paying more than your minimum required monthly payment. Both balance transfers and cash advances can be two quick ways to try and reduce your outstanding debt on an existing credit card. Moving a high-interest credit card balance to a lower-interest card can reduce your interest payments and help you pay your debt off quicker. Some credit card companies, including Discover, may even offer promotional rates for a limited time, such as 0% interest on balance transfers. Private label credit cards (Wells Fargo Retail Services accounts) issued by Wells Fargo Bank, N.A. May not be eligible for all products and services listed here.

While just making the minimum payment may sound appealing, it’ll keep you in debt longer. It always makes sense to do the math for your personal situation before making a decision. Balance transfer fees typically range from 3% to 5% of the amount being transferred. If you transfer $10,000 to a card with a 0% APR offer but has a 3% balance transfer fee, you’ll add another $300 onto your debt.

How to transfer money from credit card to bank account

For starters, they often come with lower, ongoing interest rates than credit cards. Try our personal loan calculator to see how much you could save. This is a balance transfer, and it’s the only time you can use one credit card to pay off another.

Issued private label credit cards are typically merchant or industry branded credit cards that consumers apply for through a merchant or service provider. If you are unsure who your credit card issuer is, please consult your cardholder terms or your billing statement. No, you cannot use a credit card to pay other credit card bills. However, credit cards often have options like cash advance or balance transfer that give you access to "cash" funds. If you are short on money to pay your bills, you can use these funds to pay off your balance.