Understanding how to check credit card balance is an integral part of your credit management practice. All credit cards come with a fixed limit, beyond which you cannot spend. Checking your balance would help you stay on track and avoid any failed payments due to insufficient balance.
Therefore, it’s important to keep up with your credit card for optimal financial growth and keep track of your outstanding balance and due amount. Here is a quick rundown to help you understand your spending patterns with a balance check and stay on track with your finances.
Understand Credit Card Balance
The credit card balance is the total amount you owe to the credit card issuer. It will include various fees and charges associated with a credit card. Not just your shopping amounts, your credit card will have fees and charges based on various transactions. It will include:
- Transactions and purchases
- Balance transfer amounts
- Fees charged, such as:
- Joining Fees
- Late payment charges
- Balance transfer fees
- Annual fees
- Cash advance fees
- Interest charges
- Returned payment charges
- Foreign exchange fees
This gives you a complete overview of your credit card usage and the total amount of borrowing. Reviewing these details allows you to check how many payments made in the last billing cycle were planned and how many impulsive purchases we made. Using this data, you can make a better budget in the coming month and use your card more effectively.
Since it also includes all the fees and charges you have to pay, you can analyse the data to decide which features of a credit card are affordable. Therefore, running a credit card balance check is a great option to take control of your finances and usage.
How to Check Credit Card Balance
There are various ways to check your credit card balance. You can use any of these options to do so and get on track quickly.
- Internet Banking: Simply log in to your credit card account to check your updated balance, due date and other details
- Mobile Application: Check your credit card details on the go with your issuer’s mobile application
- SMS: You can also opt for a mobile banking facility by sending an SMS to know your credit card balance
- Customer Care: Call your issuer customer care number and share your card details to learn about your credit card balance instantly
- Visit Nearby Bank/ ATM: You can also visit the nearby issuer bank or ATM to get your updated credit card balance
- Check Monthly Statement: One of the easiest ways to know your remaining balance is to generate your monthly statement or check your email for it
Knowing how to check credit card balance through different online and offline methods gives you convenience and comfort. For quick results, you can opt for online methods, but offline options are also available in case you can’t access the internet.
Importance of Checking Balance
By keeping your balance in check, you can enjoy many benefits. Some of these are:
- Tracking Your Spends
Tracking your spending is a great way to manage your finances better. If you are a beginner when it comes to these cards, then going overboard is highly possible. Keep checking your balance so you can learn to restrain yourself.
- Plan Repayment
It is important to keep track of how much you have borrowed from your credit card issuer. After all, you are borrowing money that may attract interest if you do not pay back by the due date. So, keeping that in check will help you use your credit card properly.
- Find Fraudulent Activities (if any)
The easiest way to find any suspicious or fraudulent activities is by checking your credit card balance frequently. It will also help you take quicker action and take the mandated steps immediately and without delay.
How to Get On Track?
If you have a high balance, you need to reduce it to continue using the card and avoid damage to your credit score. Developing these habits will help you to be better at using a credit card.
- Pay off the credit card balance fully and completely
- Create a budget and stick to it
- Develop better spending habits by identifying problem areas
- Maintain your credit utilisation ratio under 30%
- Use reward points to avoid spending more
- Try not to use a cash advance unless you really need to
- Make a habit of checking your balance frequently
- Opt for auto-debit to pay bills on time
- Avoid making only minimum payments
- Pay as soon as you have funds available
Most credit cards now allow you to check balances online or through an app. You can get a similar benefit with One Credit Card and its powerful app. You can keep a tab on every aspect of the credit card, including checking the balance at your preferred time. You can also set a spending limit for various categories and get notified when you are close to it.
This stylish metal card also gives you the chance to yearn 5X reward points on your top two spending categories. It will help you unlock many benefits including seasonal offers and dining offers. To get started, apply now.
