A credit card money transfer service is a service where you can transfer money from your bank account to any credit card account in a specific country. This is an important service because you will avoid banking charges, it is convenient since you can do all these things in the comfort of your own home or office, you can do the transaction at any time of day or night, the transaction is safe and secure, it is possible to schedule future dated payments, and the transaction is anonymous. However, success will only come to those who are able to make the right decisions.

Consider the disadvantages

You will only be able to make the right decisions about credit card money transfer if you are aware of the disadvantages and if you are able to find remedies for these disadvantages. The greatest disadvantage is that once you have made a payment, it cannot be revoked. This means there is a risk of the wrong person getting the money. This can be remedied by confirming the details before clicking on the send icon. Another disadvantage is that there is need for a computer and in internet connection - these are not always available in situations such as when you are travelling. There is a risk of internet fraud and getting conned. To remedy this, you should go for a bank and a credit card issuer with safe and secure systems.

Consider the fees

You should consider the fees charged, especially if you are a regular user of the credit card money transfer service. Although the figure may not be much as a percentage of the total amount sent, if you are sending money at a high frequency, the cost will be substantial. Cost is also significant if you are sending large amounts of money because even 1% of a billion dollars is ten million dollars. You should be weary of hidden costs - read the fine print carefully and if the lingo is too technical, consult your accountant.

Ask around

You should go for credit card money transfer services that are used by people you know. This way, reliability and credibility issues will not be raised and you will be aware of what you are getting into.

Marcus is dedicated to providing financial education that helps individuals create wealth for themselves and their families. Marcus is the author of the book, ‘Wealth Workout - the Simple Seven Step Formula for Financial Success’, and the contributor to various money, finance, stock market and property publications in UK. For more information on how to make more money and to get a wealth workout please click here wealth-workout.