How do you transfer money to a credit card?

Can you transfer money to a credit card?

In principle, it is entirely possible to transfer money to a credit card from your own checking account. Of course, this option always depends on what kind of credit card or card model and whether this option is also accepted by the issuer for this credit card. If in doubt, you should take a closer look at this beforehand.

In and of itself, there is no significant difference to conventional SEPA transfers. Because most credit cards have a so-called reference account with its own IBAN account number. As with conventional transfers, you also specify this as the recipient bank in the transfer form.

As a rule, a transfer from a checking account to the reference account of a credit card takes just as long as a transfer to other checking accounts. Transfer orders can take a maximum of 2-3 banking days until they are credited to the recipient bank. However, it is often the case that the credit is already available on the credit card on the next banking day.

In principle, it is therefore possible for you to transfer money from your checking account to someone else You can transfer by credit card if you have the recipient IBAN required for the SEPA transfer have received.

Why might it make sense to transfer money to a credit card?

There are definitely one or two notable reasons why it can be worthwhile to transfer money to a credit card. The most common reasons are briefly presented below:

With many credit cards you also have the option of withdrawing cash from the credit card. Some credit card providers charge an extra fee for cash-only withdrawals. However, if there is credit on the credit card, it may well be that there is no extra fee for this, as the debit is made to existing credit.

Depending on how the credit card balance is settled via the deposited checking account, either individually debit or in total at the end of the month, you may also have to pay interest on debits on the credit card. It can also be helpful here if there is an existing credit balance on the card from which the charges are primarily made when using the credit card. However, interest can also arise if you have exhausted your credit card credit limit. Credit card providers can then charge increased fees and interest for providing credit outside the credit card's limits. Here, of course, it makes sense to have credit on your credit card so that you don't incur such unnecessary costs.

There are certainly one or two good reasons for using credit cards. Nowadays it is hardly possible to pay for a hotel room or flight when booking without a credit card, especially if you want to travel. Many online services also only accept payment by credit card, especially for orders that involve payment via the Internet.

Ultimately, everyone has to decide for themselves whether they need a credit card. In any case, you should compare different providers when issuing a new credit card. In any case, it is no longer necessary for you to have a credit card at the bank where you also have your current checking account.

So make the effort and compare a few providers, as the differences in fees for providing and billing the card can sometimes be enormous.