Converting Credit card to Cash

S

solo_wing

Adept
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.
 
enthusiast29 said:
better to get personal loan than this.

CC is not for withdrawing cash.
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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.
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What are the charges?
 
solo_wing said:
What are the charges?
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For 35k, it's Rs 875:

Screenshot_2023_04_05_10_52_27_176_edit_com_akinfopark_snapay.jpg
 
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.
 
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.
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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.
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have you used freecharge? just want to make sure these are safe to use.
 
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..
 
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..
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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.
 
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.
 
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.
 
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