Credit Card To Bank Account Money Transfer | Transfer Money From Credit Card To Bank Account

Summary

This video tutorial demonstrates how to transfer money from a credit card to a bank account without incurring charges, using the Housing app. The presenter guides viewers through the process, highlighting the app's features like 'pay on credit' and the use of an invite code to save on fees. However, the video also transparently reviews the limitations and potential fees for subsequent transactions, emphasizing the importance of genuine information over misleading promises.

Takeaways

• 💳 The video demonstrates how to transfer money from a credit card to a bank account without charges using the Housing app.
• 🛠️ Third-party applications like Google Pay, PhonePe, and Mobikwik typically charge a fee for such transfers, ranging from 1% to 3%.
• 📲 The Housing app, primarily for real estate transactions, also offers a feature to transfer credit card funds to a bank account.
• 🔑 An invite code (CCTB13) is required to avoid charges on the first transaction, potentially saving the user money.
• 💼 The process involves selecting a payment reason (like tuition fees), entering bank account details, and using the invite code to get a discount.
• 🔢 The first transaction using the invite code results in a cashback, which is credited to the user's app wallet.
• ⏱️ Cashback from the first transaction can be used for subsequent payments, potentially reducing or eliminating fees.
• 🚫 After the initial transaction, the app starts charging fees for further credit card to bank transfers, typically around 1% to 2%.
• 📈 The video provides a step-by-step guide, including screenshots and calculations, to illustrate the process and associated costs.
• 🔍 The presenter emphasizes the importance of understanding the limitations and fees associated with the app after the first free transaction.
• 👍 The video encourages viewers to like, subscribe, and comment if they find the honest review helpful and motivating for further content.

Q & A

What is the main topic of the video?

The main topic of the video is demonstrating the process of transferring money from a credit card to a bank account using a specific app without incurring any charges.

What are the third-party applications mentioned in the video for transferring credit card limits to a bank account?

The video mentions Google Pay, PhonePe, and Mobikwik as examples of third-party applications that can be used for transferring credit card limits to a bank account.

What percentage charges do these third-party apps typically impose for such transfers?

These apps may charge anywhere from 1% to 3% for transferring credit card limits to a bank account.

What is the name of the app demonstrated in the video for transferring money without charges?

The app demonstrated in the video is called 'Housing: Buy, Rent, Sell & Pay.'

What is the primary purpose of the Housing app according to the video?

The primary purpose of the Housing app is to facilitate property transactions such as buying, renting, and selling properties without a broker.

How does the video assure viewers about the genuineness of the process?

The video assures viewers by providing a live demonstration, discussing limitations, and emphasizing that the reviewer will not compromise on giving an honest review for the sake of views.

What is the invite code mentioned in the video for the Housing app?

The invite code mentioned in the video for the Housing app is CCTB13.

What is the process to enter the beneficiary account number in the Housing app as described in the video?

The process involves entering the beneficiary account number, re-entering the account number for confirmation, entering the IFSC code, and the beneficiary's name.

What is the cashback mechanism described in the video after making a payment through the Housing app?

After making a payment, the user receives a cashback amount which is added to the wallet of the Housing app. This cashback can be used to offset future payments.

What is the fee structure for transactions after the first one as per the video?

After the first transaction, the video suggests that users will have to pay some fees for subsequent transactions, which could be 1% or 2%.

How does the video demonstrate the calculation of fees that would have been charged without the invite code?

The video uses a calculator to demonstrate that without the invite code, a 1.6% fee would have been charged on the transaction amount.

What is the video's stance on providing honest reviews and feedback from viewers?

The video emphasizes the importance of providing genuine reviews and encourages viewers to like, subscribe, and leave positive comments to show appreciation and provide suggestions for improvement.