Don’t have money in the bank account but need cash urgently to pay a bill to a merchant that doesn’t have a swipe machine? Mobile apps allow you to send money from the CC to the bank instantly. There are over a dozen Android and iOS applications that allow you to do so but MobiKwik is the only wallet I am aware of that lets you transfer money from the credit card a/c to the current/savings a/c without a full KYC. If you try to use Paytm for this task, money will be sent to the wallet instead of the bank account. To transfer this amount to the a/c, you will have to complete KYC. Here’s the process of accomplishing the task of sending money from CC to the savings or current a/c with the MobiKwik app:
Choose the “wallet to bank transfer” option. Now, from the list of accounts shown on the screen, select the account to which you want to send money. After doing so, Mobikwik will prompt you to enter the amount. It will also display the UPI handle and name of the payee. You can enter any sum you wish. When you type an amount, the application will calculate and display the convenience fee which is 3.9% of the number entered by the user. For example, if you want to transfer 100 Rs, the convenience fee charged by the app will be 3.9. For 7000 Rs, MobiKwik will charge a fee of 276.71.
After entering the amount and tapping on the return key, the application will display an add and a button. You must tap on the button, choose the payment mode which can be a credit or a debit card. If you’ve saved one while using MobiKwik, you must select the DC/CC from the list of cards shown by the application. Once you do so, you will be asked to enter the card expiry date and the CVV. The CC/DC issuer will send you and OTP when you tap on the “return” key. You must type the same in the textbox displayed and the screen and tap the submit button. Money will be transferred instantly to your a/c. You can see the past payments in the history section of the app.
From the above paragraphs, it is clear that transferring money from credit card to bank account with the MobiKwik application is easy. It takes hardly a few seconds to complete this task. The only worrying thing is the high “convenience fee”. There’s no way you can avoid it.
Rupay credit cards are a good alternative to applications such as MobiKwik that charge up to 4% convenience fee. If you have one of them, you can simply link the Rupay CC with the wallet such as Paytm, Freecharge, etc and use it for UPI payments. These cards won’t incur any additional charge. Furthermore, you will also earn reward points for using the same. These CCs also offer special discounts. For example, ICICI Rupay CC offer a flat 25% discount on booking two movie tickets.
