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Costco Anywhere Visa Card By Citi: Best For Gas Stations
The Costco Anywhere Visa Card by Citi doesn’t charge an annual fee, yet you’ll earn 4 percent back on the first $7,000 you spend on eligible gas purchases each year , 3 percent back on restaurants and eligible travel purchases, 2 percent back at Costco and on Costco.com and 1 percent back on other purchases. You do need to be a paid Costco member to qualify.
Why this card is ideal for gift cards: This card lets you earn 4 percent back on gift cards purchased at gas stations, up to annual limits. Costco.com and Costco stores also offer a broad selection of gift cards you could earn 2 percent back on, including gift cards offered at a discounted rate.
Why Send Money From Your Credit Card
Wiring money from your credit card to your own bank account is known as a cash advance. Some people may choose to do this if you are looking to borrow a small sum of cash, to pay off an overdraft, or if you need to make a payment but dont have the funds immediately available in your account.
Alternatively, you may also choose to wire money from your credit card to someone elses account when making a payment. This may be an option if you are looking to wire money internationally to family, to make a payment or a deposit, for example, but dont have the immediate fund available in your bank account. Others may prefer to use a credit card to pay for a money transfer rather than using your bank account.
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How To Send Money Straight To A Debit Or Credit Cardand Why Youll Want To
At TransferGo, were all about making life easier for you. Which is why were pretty excited about our new feature. Weve partnered up with Visa and MasterCard to make sending and receiving money even easier. Heres everything you need to know about how you can send money straight to a debit or credit card .
Best Credit Cards For Purchasing Gift Cards
The best credit cards to use for gift cards are ones that let you rack up as much in rewards as you possibly can. With that being said, you should choose a credit card for gift cards carefully and based on the type of rewards you hope to earn.
Here are some of the top credit cards for gift card purchases, along with where they work best:
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Which Credit Card Should You Use On Venmo
Using a credit card on Venmo to pay family and friends is rarely, if ever, worth it because of the 3% transaction fee. However, using your credit card on Venmo can help you reach the minimum spending requirement for a signup bonus on a new credit card, which could outweigh the 3% fee. Even so, there probably are lower-cost ways to reach your minimum spend.
If youre shopping at a retailer that accepts Venmo, adding your best rewards credit card to your Venmo account could help you make the most of your .
Keep in mind that tiered rewards are based on merchant categories. For example, your rewards program might dictate that to earn higher rewards on dining purchases, the transaction must come through with a merchant category code tied to restaurants or eating places. The merchant category on Venmo purchases may not come through with dining-related MCCs, meaning you may not earn the maximum amount of rewards. In that case, you might just want to use your physical credit card, but having it at the ready on Venmo could come in handy.
Make sure the card you add to your account has enough available creditfor the types of transactions youll make so youll avoid denied transactions or penalties for exceeding your credit limit.
How Much Does It Cost To Send Money Overseas Using Your Credit Card
Sending money overseas using your credit card may not be the cheapest option. There are lots of fees involved and you may not get the best exchange rates.
Remember, if you use a credit card to fund an overseas money transfer, you are borrowing money to make the transfer. So, you will have to pay a high interest rate and the fees will be added to your balance, which will increase the total interest amount. Some of the costs involved in sending money from credit cards include:
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Are There Any Alternatives To Money Transfer Cards
You can take cash out from a credit card but, as mentioned above, this can be a very expensive route.
Alternatively, you could get a loan, or you could use your overdraft. But you might find that transferring money from a credit card to your bank account is a cheaper option than taking out a loan. It is also likely to be cheaper than using your overdraft. It all depends on interest rates and your personal financial situation.
The good thing about transferring money from a credit card to your bank account is that you
wont have to secure your borrowing against your home when transferring cash from a credit card, which you might do with a loan. So it can be less risky.
Can You Buy Gift Cards With A Credit Card
There are many reasons people wind up buying gift cards with a credit card, including for the sake of convenience. If you’re buying groceries at the supermarket, then why not add a needed gift card to your cart?
Aside from random gift card purchases for birthdays or teacher gifts, some people also go out of their way to buy gift cards with a credit card, usually to earn rewards or save money on a specific purchase.
“Can I buy a gift card with a credit card?” is a common question among consumers, and you should know the answer is a resounding yes. With that being said, you should make sure you understand the pros and cons, along with the potential pitfalls, before you do so.
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How Can I Send Money Instantly
Many mobile apps and services allow you to send money instantly, but most charge a fee for instant transactions. That isnt the case with Zelle, however. You can use Zelle to send money directly from your bank account to any enrolled recipient in just minutes. If you want to go old school, you could do a wire transfer. While initiating a wire transfer is very fast, sometimes it can take a couple business days for the recipient to see the money especially with international transfers. There are, of course, also wire transfer fees associated with this payment method.
Read The Fine Print And Understand The Terms And Conditions
Before you go through with a balance transfer, a word of warning: Its crucial that you read the fine print and the terms and conditions.
For instance, if the balance transfer card of your choice has a balance transfer fee, calculate how much it will cost to make the transfer and how much you may save on interest to see if it makes sense for your situation. Its important to stay on top of the specifics to make sure youre making the best use of an offer.
And its a good idea to check whether the bank sets limitations on the following:
- Its important to note that are based on the issuers assessment of your credit and other factors. Depending on your situation, you may not be approved for a limit that will cover the balance you want to transfer. Some issuers also only permit a maximum balance transfer.
- Any restrictions with certain cards For example, if you want to transfer a balance to the Citi® Double Cash Card, you cant transfer balances from any Citibank cards you already have.
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What Is A Money Transfer Credit Card
A money transfer credit card enables you to move cash from your credit card to your bank account, either to clear a debt or sort out your overdraft. You usually pay a fee to move the money, but once it is in your account you may not have to pay an interest on the sum for 12 to 18 months. You will still have to pay it back eventually, though, so treat the money transfer as a loan and think carefully about how you will pay it off before you go ahead.
The Hidden Costs Of Using Credit Cards To Send Money
Choose a credit card to send money and you might also end up paying additional fees to your card issuer. Thats because the combination of some peer-to-peer apps with certain cards are coded as cash advances, rather than purchases.
For many cards, that cash advance code triggers a higher interest rate that kicks in the moment you make the transaction, as well as a separate cash advance fee thats often $10 or 5% of the transaction whichever is higher.
So the combination of peer-to-peer service fees, credit card cash advance fees and that higher interest rate could make sending a few hundred dollars a bit more costly than youd planned.
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Target Redcard: Best For Gift Card Discounts
The Target Redcard is available exclusively for purchases made at Target, which means it is rather limited. However, this card doesn’t have an annual fee, and you’ll get perks like 5 percent off everything you buy at Target and Target.com, free shipping on most items and exclusive offers and savings.
Why this card is ideal for gift cards: The Target Redcard also lets you save 5 percent off specialty gift cards for travel, restaurants, subscription services and more.
Five Popular Apps To Transfer Money From Credit Card To Your Bank Account
Credit card usage is increasing at an alarming rate today. Digital payments have become popular, especially after the demonetization exercises carried out in November 2016. People have realized the benefits of using credit and debit cards. Today, you have a spurt in online banking transactions like never before. Indians are innovative people. They have devised ways to transfer money from their credit cards to their bank accounts without incurring cash advance fees and interest. Some of the popular e-wallet apps have helped them in this endeavor. We shall now look at five such popular apps that people use to transfer money from their credit card to their bank account.
When you discuss e-wallets, one of the first names that come to mind is PayTM. Initially, people used PayTM for recharging their mobiles and for shopping activities. Your PayTM account comes with an e-wallet that you can fuel with money from your bank accounts using . There are also provisions to withdraw the amounts present in the PayTM wallet to your bank account. Note that you cannot withdraw the PayTM cashback amounts, but it is possible to withdraw other credits to your bank account.
The procedure is a simple one.
2. Airtel Money
The working of the Airtel Money app is similar to that of the PayTM app. You can recharge your Airtel Wallet with funds from your credit card. Transferring this amount from the e-wallet to your bank account or other e-wallets like PayTM is easy.
3. Udio Wallet
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How To Transfer Money Between A Credit Card And Debit Card
Transferring money between a credit card and a debit card is very similar to transferring to a bank account. To transfer funds to a debit card, all you need is the name on the card, card number and expiry date.
Depending on the provider, you may be asked for additional information such as a bank account number and sort code.
Offline Transfer Of Money
There are also a few offline methods to transfer money from credit card to bank account as explained below-
- You can use cheques to transfer money from your credit card to your own bank account. All you need to do is choose the option of Cheque to Self, enter the required details and deposit the cheque to your nearest bank branch. The amount will be transferred to your bank account in a few working days
- You may use your ATM card to make the transfer. Use the ATM cash advance facility to withdraw cash from the ATM. Next, you need to deposit this amount to your bank account
- Alternatively, you can choose to transfer money to your bank account using NEFT and RTGS. To do so, you may visit a bank and request for a transaction form. Fill the required details and submit the form to the concerned banking officials
How To Transfer A Credit Card Balance In 3 Simple Steps
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How Does A Cash Advance Work
A cash advance is when you use your credit card to borrow cash. Its an incredibly expensive method of borrowing money, thanks to high interest rates that start being charged as soon as you withdraw the money theres no grace period like there is for purchases.
Sometimes the cash advance rate on your credit card is the same as the purchase APR, but it may be higher.
On top of the high interest rates, you may also be charged a cash advance fee for using the service. This could be a flat fee, a percentage of the amount you withdrew, or a combination of the two.
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Heres How To Get Cash From A Credit Card:
- Earn and redeem rewards: There are lots of cash back credit cards. Typically, theyll give you at least 1% cash back on all purchases, and sometimes higher rates on specific categories of purchases.
- Do a cash advance: You can make an ATM withdrawal with your credit card to turn some of your available credit into cash. You just need to get a PIN from the cards issuer. You can withdraw up to the cash advance limit listed on your statement. But cash advances are expensive you can expect a hefty fee and a high APR that starts costing you right away. Theres no grace period. You can also get cash from a bank branch by presenting your credit card and a government-issued photo ID to the bank teller, or with a cash advance check sent to you either automatically by the issuer or by your own request.Store credit cards generally do not allow cash advances.
- At the register: Some credit cards dont work like this, but Discover has a feature called Cash at Checkout, which allows you to get cash from the register when you check out at about 70 different chains nationwide with any Discover card. The Cash at Checkout feature is limited to $120 every 24 hours, with no monthly limit. The cash you take out will be treated as a purchase, and wont be subject to any transaction or ATM fees. Another option is the Walmart® Store Card which allows you to withdraw up to $20 each time you make a purchase at a Walmart store location. This is also treated as a purchase, not a cash advance.
How To Handle A Fraud Alert
If your card is flagged for potential fraud and shut down, dont panic.
The first thing to do is to reach out to the card issuers customer support line. Explain the situation to them and tell them that you simply made a mistake when paying your credit card bill. Be sure to answer any questions that they have accurately and in full. If the lender is really worried about fraud, theyll want to confirm that theyre really speaking to you and not someone who has stolen your identity.
Once youve gone over the situation with the companys support staff, theyll be able to reactive your account.
In the worst case, if your account is shut down completely, its still worth calling. The card issuer might be able to reopen the account. If they cannot, start shopping around for new credit cards. Overpaying your card wont have impacted your credit, and you might have the chance to earn a valuable .
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Things To Think About Before Transferring Funds From A Credit Card
Transferring funds from a credit card to your bank account is something to think carefully about. Is it the best option for you? Do you have other options? Will you be able to pay it back? Are you getting the best deal? Theres a lot to consider.
Here are some important things to think about before you take the plunge.
Fees: Check the fees carefully to see how much youll pay to do a transfer. As its usually a percentage of the transfer, it will be higher the more you transfer. Read more about how credit card charges work here.
Interest rates: Check the interest rates. If youre choosing a 0% interest money transfer deal, look at how long the 0% period. Also check what the rates will be after that time as theyre likely to rise a lot.
Temptation to spend: Will you be more tempted to spend money unnecessarily once its transferred into your current account?
Other options: Do some calculations to work out if its cheaper to transfer funds from your credit card, or to choose another route. For example, another option could be to use your overdraft. Or you could get a loan, if it works out cheaper over time. Its always best to do your research.
First transfer timeline: Some money transfer credit cards require you to do a transfer within 60 days. If you dont, you could lose out on your 0% period.