How can I transfer money from a Capital One credit card to a bank account?

JustAGuyWithQuestions

I was meant to put a deposit down on something today but when it came to it, I realised there was no option for me to do this. I only had my credit card on hand. I couldn't use my debit card as I don't have enough funds. I had been on the Capital One app but there seems to be no option to directly transfer money to a bank account. At this rate, I will have to call Capital One tomorrow to see if they can help me manually do this. Surely there's an easy way of doing this? Any help appreciated. If anyone is wondering, the deposit is £100 and it's for a room in a share. 

MovingForwards

Money transfer card to move money from the CC to bank account.
Alternatively, take the money out at an ATM, not recommended as it doesn't look good to financial institutions, incurs a cost for cash withdrawal and a higher APR.

JustAGuyWithQuestions

MovingForwards said:

Money transfer card to move money from the CC to bank account.
Alternatively, take the money out at an ATM, not recommended as it doesn't look good to financial institutions, incurs a cost for cash withdrawal and a higher APR.

I don't think it's a money transfer card. I did attempt to withdraw the money via ATM (I was hesitant about this due to the fees) but I quickly realised I didn't even know the pin (I haven't had to withdraw money from a credit card before). 

molerat

The only way direct from card to bank account is to do a money transfer which may or may not be available to you.  The cheapest way for £100 will likely be withdraw at a cashpoint and pay it into your bank account.  Will they not accept payment by credit card ?

The_Fat_Controller

If it is a normal card then I don't think you can transfer money to a bank account.

As above, you can make a cash withdrawal at an ATM which will incur whatever fees and interest Capital One charge.

JustAGuyWithQuestions

molerat said:

The only way direct from card to bank account is to do a money transfer which may or may not be available to you.  The cheapest way for £100 will likely be withdraw at a cashpoint and pay it into your bank account.  Will they not accept payment by credit card ?

Okay. Wouldn't it make more sense if I were to withdraw the money to then give it directly to the landlord though? 

molerat

JustAGuyWithQuestions said:

molerat said:

The only way direct from card to bank account is to do a money transfer which may or may not be available to you.  The cheapest way for £100 will likely be withdraw at a cashpoint and pay it into your bank account.  Will they not accept payment by credit card ?

Okay. Wouldn't it make more sense if I were to withdraw the money to then give it directly to the landlord though? 

If it is cash you need then yes, you asked about getting money from your credit card to your bank account. But be aware, as mentioned above, there will be a cash transaction fee and interest incurred immediately.

You can withdraw cash on your credit card using your PIN at any cash machine displaying the Mastercard® or Visa symbol. Just remember that every time you make a cash withdrawal we'll charge you a fee. This will either be 3% of the amount you withdraw or £3, depending on which is the bigger amount. You'll also be charged interest at your cash rate from the day the withdrawal appears on your account.

Ebe_Scrooge

JustAGuyWithQuestions said:

I couldn't use my debit card as I don't have enough funds.

Aside from the previous advice relating to the mechanics of withdrawing cash, in the absence of a Money Transfer offer ...if you don't have the funds available now, is it a wise move to be making transactions on a credit card?  I apologise for sounding sanctimonious if the lack of funds is just a temporary situation - but you don't want to put yourself in a position where you're constantly relying on a credit card simply to pay everyday living expenses.  If you do make a cash withdrawal, you'll be charged a fee and interest.  Going forwards, if you're using your card but not clearing it each month, you'll be racking up interest charges each month.  Just something to bear in mind.

MallyGirl

Withdrawing cash on a credit card will be reflected in your credit history as a negative - best avoided

Ebe_Scrooge

MallyGirl said:

Withdrawing cash on a credit card will be reflected in your credit history as a negative - best avoided

True - though if it's a one-off occurrence then it's not the end of the world, and will have a negligible impact on an otherwise well-managed history.  My bigger concern would be why the OP is needing to use a credit card to fund a relatively small amount, and will they be able to afford the ongoing rental costs without having to rely on credit (as well as repaying the £100 they withdrew).