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How to Send Money With a Credit Card

Published June 1, 2023
4 min read

Key points about: money transfers with a credit card

  1. It’s possible to send money with a credit card using an app, money transfer service, or cash advance.

  2. Most money transfer apps charge a transfer fee that is a percentage of the amount transferred.

  3. Some banks treat payments linked to a credit card as cash advances, which can result in additional fees and the immediate accrual of interest.

Looking for a convenient way to send money to a family member on their birthday, or split the dinner bill with friends? Did you know it’s possible to send money with your credit card? There are several simple methods you can use to transfer cash with a credit card, each offering different fees and features.

Ways to transfer money online with a credit card

There are a variety of apps and online services that allow you to send money online using a linked credit card. Some popular money sharing apps include Cash App, PayPal, and Venmo.

  • Cash App: With a Cash App account, you can use your phone to send and receive money, make purchases, and even invest. While Cash App doesn’t charge any fees for standard transfers linked to your bank account, a transfer from your credit card will cost you a 3% fee, as of April 10, 2023.
  • PayPal: PayPal is another popular and convenient payment app that allows you to send, receive, and request money from anyone who has an account with PayPal. Sending money to a family member or friend in the U.S. is free when you use your PayPal cash balance or linked bank account. Transferring from a linked credit card will cost you on two fronts. First, there is a fixed fee of $0.30 per transaction. Second, there is a percentage fee of 2.9% of the transfer amount, as of April 10, 2023.
  • Venmo: Venmo is a digital wallet that allows you to send and receive money. Venmo is a little more playful than some of the other apps, as it allows you to send emoji-filled notes with each transfer. Venmo doesn’t charge any fees for money sent from your cash balance or linked bank account. Any payments funded by your credit card will cost you a 3% fee, as of April 10, 2023.
  • Money transfer service: Western Union and MoneyGram are wire transfer services that allow you to send money digitally to more than 200 countries and territories around the world.

With each of these services, you can expect to pay a transfer fee which will vary depending on how much money you send, how quickly you want to send it, and where you want to send it (domestically or internationally). Both transfer services allow you to estimate how much your fees will cost before you start a money transfer.

Send money with a cash advance

If you need immediate access to money but don’t have savings to tap into, you can also use your credit card for a cash advance.

While a cash advance is one of the more convenient ways to get fast access to cash, it can also be expensive.

Did you know?

Some credit cards, like Discover, may allow for cash advances into eligible checking accounts, from an ATM, or directly from eligible banks and credit unions.

Are there fees or interest to send money with a credit card?

Yes, when sending money with a credit card, you can expect to pay fees and, in some cases, a higher interest rate. 

Some banks treat credit card money transfers sent through apps and money transfer services as cash advances. So, on top of any transfer fees charged by the app or service, you may also have to pay a cash advance fee. This is usually a percentage (which could be 3% or 5%) of the total amount of your transaction, or a flat fee (usually around $10). If you use an ATM to take out a cash advance, you might also have to pay additional ATM fees.

In many cases, a cash advance will require you to pay an interest rate higher than your interest rate on credit card purchases. You can review your latest credit card statement to find out the exact rate.

In addition, unlike regular credit card transactions, cash advances do not have a grace period. A grace period is the time between the end of your billing cycle and the date your payment is due–typically a period of 21 days. When you use your credit card for a cash advance, you generally start to accrue interest on the day of the transaction.

How much money can you send with a credit card?

On many credit cards, the withdrawal limit for a cash advance is lower than your overall credit limit. This amount can vary depending on the terms of your credit card issuer as well as your total available credit at the time. To determine your credit card cash advance limit, you can contact your credit card company directly using the number on the back of your card.

There are several ways to send money from your credit card, and there are pros and cons to consider for each. If you have no available savings but you really need to get money to a family member or friend, then using your credit card to transfer money can provide a fast and convenient option. However, each transaction comes with a cost. To avoid any unexpected fees or extra interest charges, research your options before you start sending money with your credit card.

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  • Legal Disclaimer: This site is for educational purposes and is not a substitute for professional advice. The material on this site is not intended to provide legal, investment, or financial advice and does not indicate the availability of any Discover product or service. It does not guarantee that Discover offers or endorses a product or service. For specific advice about your unique circumstances, you may wish to consult a qualified professional.