 TITLE: How Do I Transfer Money from My Credit Card to a Bank Account? CONTENT: Is It a Good Idea to Transfer Money From a Credit Card?\n-------------------------------------------------------\nThe short answer is no, it's not a good idea to transfer money from a credit card to your bank account. It's always a better option to use income or savings when possible to avoid going into debt. If it's an unavoidable emergency and you must take on debt, consider other options that carry lower interest first. This could mean a low interest personal loan, home equity line of credit or a new credit card with a 0% interest introductory offer. Or you could even try to borrow the money from a friend or family member.\nThey might not be as bad as payday loans, but cash advances should never be the first option you consider for fast cash. For one, the interest rate on a cash advance is typically very high, so if it will take you some time to repay it, you'll pay a pretty penny in fees for this privilege. The interest rate on a cash advance is typically higher than the purchase APR on a credit card. But with a credit card purchase, you'll at least have a grace period of no interest for a few weeks, so a purchase will carry no interest if it is paid off fast enough. Cash advances have no grace period, so the interest starts accruing as soon as you take the cash out.\nThen there are the fees. Most credit cards carry a cash advance fee, which will be either a small flat fee or percentage of the advance amount, with the majority of card issuers charging a 5% fee for every cash advance. If you're taking out large amounts, that can add up fast.\nOnly take out a cash advance if you absolutely need the money in an emergency and don't have more cost-effective options. It's not wise to rely on them whenever you need money. You should also aim to only take out a cash advance if you can pay it back very quickly and minimize the amount of interest you pay. If your financial institution has online bill pay, this makes it easy for you to quickly start repaying what you've borrowed. END