What is a credit card transfer?
A credit card transfer is a service that allows you to transfer funds from your credit card account to any bank account. In practice, this means using the granted credit limit without the need to make payments with the card. A credit card transfer can be made via online banking or a mobile app, and in some cases also by phone or at a bank branch.
When is it worth using a credit card transfer?
A credit card transfer can be a good solution when you urgently need additional funds but do not want to apply for a cash loan. This service allows for quick access to money that can be used for any purpose, such as paying bills, shopping, or covering unexpected expenses. However, it is important to remember that a credit card transfer involves additional costs and should be treated as a temporary solution rather than a permanent source of financing.
How to make a credit card transfer?
The process of making a credit card transfer is similar to a standard bank transfer. Typically, you just need to log in to online banking or a mobile app, select the “Credit Card Transfer” option, and specify the recipient’s account number and transfer amount. In some banks, transaction confirmation via SMS code or another authentication method may be required.
How long does an online transfer from account to account take?
What information is needed to make a credit card transfer?
To complete a credit card transfer, you need to provide the following details:
- the recipient’s account number;
- the recipient’s name;
- the transfer title;
- the transfer amount.
It is important to ensure that all information is entered correctly to avoid errors and delays in transaction processing.
How much does a credit card transfer cost?
The costs associated with a credit card transfer vary depending on the bank and the type of credit card held. Usually, a commission ranging from 1% to 8% of the transfer amount is charged, with a minimum fee (e.g., 5 PLN or 10 PLN). However, some banks offer the first credit card transfers without commission or at a reduced fee.
Example fees for credit card transfers at selected banks
Below are the commission rates for credit card transfers at selected banks:
- Alior Bank – 5% of the transfer amount, min. 10 PLN;
- Bank Millennium – 3.99% of the transfer amount, min. 9.99 PLN;
- Citi Handlowy – 10% of the transfer amount, min. 20 PLN;
- Credit Agricole – 4% of the transfer amount, min. 11.90 PLN;
- mBank – 7% of the transfer amount, min. 6 PLN;
- PKO BP – 4% of the transfer amount, min. 15 PLN;
- Santander Bank Polska – 4% of the transfer amount, min. 10 PLN.
It is worth noting that some banks offer lower fees for selected types of credit cards, such as premium cards or those offered under special promotions.
Types of credit card transfers
Credit card transfers can be made in various ways, similar to transfers from a personal account. The most common options include:
- transfer to your own account within the same bank;
- transfer to another person, company, or organization;
- transfer to the Social Insurance Institution (ZUS) or the tax office.
Who is a beneficiary – understanding this concept in business and finance
It is important to remember that credit card accounts are usually not linked to BLIK or PayPal services, so to use these payment methods, you must first transfer the funds to a personal account.
Credit card transfer and interest-free period
Depending on the bank’s policy, a credit card transfer may be treated as either a cashless or cash transaction. In the first case, the cardholder can benefit from an interest-free period, allowing debt repayment to be deferred for up to 54 days without incurring interest. However, if the bank considers the transfer a cash transaction, the interest-free period will not apply, and interest will start accruing from the day the transfer is made.
Credit card transfer – is it worth it?
A credit card transfer is a service that can be useful when you urgently need additional funds. However, before using this option, it is essential to thoroughly review the costs and terms of the service in a given bank. It is also important to remember that a credit card transfer should be treated as a temporary solution rather than a permanent source of financing due to the high fees and commissions associated with it.
An alternative to credit card transfers may be other forms of borrowing money, such as a cash loan, an overdraft on a personal account, or a loan from family or friends. It is always worth carefully analyzing the available options and choosing the one that best suits your needs and financial capabilities.
