In recent years, the ability of people to use credit cards has revolutionized the economy. The balance on your credit card indicates how much you owe your financial institution (bank or NBFC). If you’re one of the many people looking for a credit card but aren’t sure how to check credit card balance, read on.
We have compiled a list of several options to help you keep track of your credit card balance. It’s not just crucial that you keep track of your balance, but it’s also relatively easy.
Methods of Monitoring Your Credit Card Balance
You can monitor your credit card balance in several ways. Here are some of them:
Detailed Monthly Statements
You will receive a statement from your credit card company once the payment cycle has ended each month. All credit card holders get monthly reports. If you prefer a paper copy rather than an electronic one, your bank will courier one to you. The balance on your credit card may appear on your monthly statement.
An excellent way to keep track of your transactions is to subscribe to SMS notifications. Certain banks will send you SMS notifications periodically so you can keep track of your transactions.
To check your credit card balance and make online purchases, you can make online purchases with your credit card through the internet banking services offered by your bank. You must log in with your username and password to view your credit card balance. Your credit card statement can be seen in the “My Account” section or on the dashboard. Even though your monthly credit card statement may not be ready yet, you may still see your current balance on your card.
Visit a Branch
Visiting one of their local offices can provide you with the most up-to-date information on your account status after double-checking their facts.
You can also use a mobile banking app to determine your credit card balance. Since the invention of phones, this practice has gained much popularity worldwide. The application process is now almost instantaneous and simplified. On the main page of your account, you will find a summary of your account details (credit card minimum due, current balance, available credit, etc.). All the features are available to Android and iOS users.
Contacting Customer Service
Consumers can contact the customer service department of their chosen bank at any time with a question or obtain their account balance. However, you need to enter a PIN.
Using an ATM, you can check your credit card balance. To do so, choose the appropriate option and enter your identification number (PIN). Once your PIN is entered, your credit card balance will appear.
Why Is It Crucial to Monitor One’s Credit Card Balance?
You need strict oversight and management if you use your credit card regularly. After all, you are just borrowing money from the issuer on an ongoing basis. The fees will add up quickly if you charge more than you can afford on your credit card.
It’s a good idea to monitor your credit balance periodically for several reasons, including avoiding exceeding your credit limit and incurring high fees and interest charges. Among them are:
- This information helps determine the exact outstanding balance.
- Maintain a timely schedule for paying credit card bills.
- By tracking your credit card balance and accounts, you can determine how much credit you have used and how much credit is still available.
- This information helps you plan financial resources since you know how much you can borrow at any time.
- It’s helpful to keep track of your credit balance in real-time when budgeting so you don’t have to deal with embarrassing rejections when shopping.
- It’s a good idea to check your credit card balance often to see if there are any hidden charges.
- Another perk of monitoring your balance is keeping track of all your purchases. Contact the company immediately if you see anything suspicious or unauthorized on your credit card. That way, you won’t have to pay for unauthorized purchases.
Using a credit card in India can save you a lot of money on purchases due to the many perks and services offered. Knowing how much credit you have available and how much you are owed on your credit card can help you organize your finances better. The methods mentioned in this article could protect you from unauthorized purchases and prevent you from paying interest on your credit cards.