Converting Credit card to Cash

S

solo_wing

Adept
Dec 27, 2008
615
1,278
357
Hi Guys,
need an advice.
Is there any way we can use credit card and get funds in bank account at decent rate and ofcourse safe too.
Wanted to know for a relative they need quite some immediate funds for short term purpose for seasonal business have been using Paytm too previously but charges are very high . I think they were trying to do 35k in front of me when i saw convenience fees about Rs 1500 something , they have a merchant account with paytm.

So wondering if there is any reasonable and safe way.
 
rsaeon

rsaeon

Patron
Jul 8, 2019
668
3,178
358
I use an app like https://snapay.in/ to send payments to myself when I need to transfer funds out of credit/paylater/postpaid accounts to cash in hand.

They have transaction limits that gradually go up as you use the app and KYC is manual, taking a few hours.
 
  • Like
Reactions: Elessar and solo_wing
S

solo_wing

Adept
Dec 27, 2008
615
1,278
357
enthusiast29 said:
better to get personal loan than this.

CC is not for withdrawing cash.
Click to expand...
I was referring to something like this.
Not exactly withdrawing cash through cc from atm.
More like what @rsaeon said ...use cc to send payment to oneself and then transfer.

Paytm was charging 1500 something for 35k.
rsaeon said:
I use an app like https://snapay.in/ to send payments to myself when I need to transfer funds out of credit/paylater/postpaid accounts to cash in hand.

They have transaction limits that gradually go up as you use the app and KYC is manual, taking a few hours.
Click to expand...
What are the charges?
 
H

hapusingh

Disciple
Jul 29, 2018
11
10
7
Use freecharge and do rent payment, 1% charge but takes 24 hours for first transfer. You can also use CRED, instant transfer.
 
  • Like
Reactions: rsaeon
rsaeon

rsaeon

Patron
Jul 8, 2019
668
3,178
358
solo_wing said:
What are the charges?
Click to expand...

For 35k, it's Rs 875:

Screenshot_2023_04_05_10_52_27_176_edit_com_akinfopark_snapay.jpg
 
  • Like
Reactions: solo_wing
rsaeon

rsaeon

Patron
Jul 8, 2019
668
3,178
358
Paytm also has a pay rent by credit card option, the restriction is that you can't send to your own account that's linked with Paytm, but it works with unlinked accounts. Charges are Rs 630 for 35k.
 
  • Like
Reactions: solo_wing
S

solo_wing

Adept
Dec 27, 2008
615
1,278
357
rsaeon said:
Paytm also has a pay rent by credit card option, the restriction is that you can't send to your own account that's linked with Paytm, but it works with unlinked accounts. Charges are Rs 630 for 35k.
Click to expand...
thanks.
hapusingh said:
Use freecharge and do rent payment, 1% charge but takes 24 hours for first transfer. You can also use CRED, instant transfer.
Click to expand...
have you used freecharge? just want to make sure these are safe to use.
 
S

solo_wing

Adept
Dec 27, 2008
615
1,278
357
nRiTeCh said:
Withdrawing cash via CC affects ones CIBIL and its not a good practice.
Such relatives/friends get dependent as they sense easy money and avoiding them is something a painful thing..
Click to expand...
Arey it's not like that.
They have helped me too when I needed in one of those bad days....

I get your point though..I agree it is important to be alert also in today's world.

Anyways just trying to understand a cheaper option for them to convert cc into some quick fund for very short term use .

I think you are confusing it with just using cc as atm card.
 
kalph09

kalph09

Adept
Dec 10, 2020
341
964
232
Bangalore
You can check No Broker app. Through rent payments you could convert CC to cash. Unfortunately, I don't remember what the transfer charges were. It was definitely way lower than withdrawing cash using CC.
 
  • Like
Reactions: solo_wing
T

t3chg33k

Skilled
Jun 3, 2008
1,469
1,988
402
I have used the tuition fee option on Cred in the past. I think it was an extra 150 bucks for a 10000 transfer. Credit happens instantly. In my case, I earned more back from the card than the Cred charge, so a win in that regard as well.
 
Top Bottom