If you’ve been trying to send money from a credit card, you should know that it’s a lot easier than you think. All you have to do is follow these simple steps:
Select the mode of payment
According to the SoFi website, there are “usually three methods to choose from in order to send money by credit card.” This is where it’s good to know what types of transaction methods are available at your bank so you can decide how you want to proceed with this process.
You will find that most banks offer four different ways in which they can transfer money from your credit card:
- Selecting “bank account” will allow you to link just one specific account with your debit/credit card, while choosing “wallet” will give you several different payment options that can be used by tapping into an existing balance or adding cash into a virtual wallet.
- Choosing “netbanking” means that funds are directly transferred from one online portal (such as SBI) and deposited into another (like HDFC Bank). This method works well if both companies offer similar features but are not necessarily connected through traditional banking services such as ATMs or branches (i.e., some banks may not have any physical locations at all).
Enter the payee details
Now, you will have to enter the payee details.
You need to enter the name of the payee, his/her account number, his/her IFSC code (bank’s unique identification number), and also select an account type from a drop-down menu.
Once all these fields are filled out, tap on “Next” button at the bottom of your screen.
Enter the amount to be transferred
Once you’re on the payment page, enter the amount to be transferred. You should also check if there is a minimum amount and maximum amount that needs to be entered. If there are any currency conversion rates associated with your bank account, they will appear here as well.
If there are any fees associated with your transfer, they will also be displayed in this section of the form.
Choose your card type
One of the most popular ways to transfer funds is through internet banking. You can also choose any of the following modes:
- Credit card to credit card transfer
- Debit card to debit card transfer
- Netbanking (bank-to-bank) transfer
Enter your card number, expiry date and CVV
To transfer funds, you will need to enter the card number, expiry date and CVV (the 3-digit code on the back of your card).
The expiry date is the last date on which your card can be used. Here are some examples of this information:
Verify the OTP sent to your registered mobile number.
Now, it’s time to verify the OTP. The OTP is a 3-digit number that you are sent on your registered mobile number. You will have to enter this code in order to complete your transaction and make sure that it is indeed a legitimate request coming from your bank. The bank will also send an SMS with details of the amount being transferred along with other important information such as IFSC code, name of beneficiary and purpose of transfer etc., which you need to check before executing the transaction.
After successfully completing the payment, you will receive a confirmation message. This also means that your money has been transferred to the account of the payee after deducting a service fee.