How to Check Credit Card Balance? [All Methods]

With the rise of technology, the use of credit cards has also increased tremendously. There was a time when people were cautious and even afraid to use credit cards for fear of getting into debt, but they are more financially literate and confident of their finances these days.

Credit cards have come a long way in India. They may have begun as a means of offering credit, but have now expanded to include numerous benefits, like rewards, discounts, utility bill payments, and much more.

With such extensive usage of a credit card, it is paramount to keep a check on the balance to avoid default. There are many ways to do this, such as net banking, SMS alerts, customer service, etc. Before we examine how to check a credit card balance, let’s look at a few salient features of a credit card.

What is a credit card?

A credit card is a plastic or metal card used to make cashless payments. It is provided by a financial organisation such as a bank. It works on the premise of borrowed funds, allowing you to access money that you did not earn.

You can use it to purchase products now and pay for them later, but you must repay the money by the due date. If you are unable to do so, you will be subject to interest on the monthly sum. This sum is carried forward until the dues are paid in full. It's crucial to understand that the amount you can borrow using the card has a restriction. The credit limit is a limit set by the bank and is based on the customer meeting certain criteria, including earnings, age, risk profile, etc.

What is a credit card balance?

A credit card balance is an amount you owe your credit card company, and it is based on the amount that the card is used for.

Any transactions using your credit card directly impacts the payment due on your account. When you make the payment, the debt reduces, and any outstanding debt rolls over to the next month.

Credit card balances play a significant role in determining a person's credit score. Future creditors always examine your balance to assess if extending you more credit can be a possibility.

How to check credit card balance [All Methods]

There are numerous ways to check a credit card balance.

1. Net banking

Netbanking is one of the safest ways of checking credit card balances on the Internet. You must link your credit card to your net banking account. If you're an existing client, your credit card will be automatically linked to your account.

Once you've registered, go to the menu and select credit cards. You should be able to see options such as credit card balance, credit card available balance, credit card balance statement and credit card bill payment. You should be able to view how much credit you've used, the balance on your credit limit, the bill due date, as well as a very simple process to pay your credit card bill. With this feature, you can easily keep track of your spending and make payments.

2. Through an ATM

This is a good option for people who are not tech-savvy and have easy access to an ATM. You can simply insert your card into the ATM and choose the right option from the menu to view your account balance. But, remember that this feature is only available after a PIN is entered on the keypad. If you don't have a credit card PIN, look into other possibilities or ask the issuer for one.

3. Mobile app

With the advancement in technology, each credit card issuer has apps these days, which can be easily accessed through phones. Make sure you download the authentic app from the issuer. In most cases, the process is quick, simple and convenient. Almost all banks provide easy-to-use apps that run on various platforms, so you don’t need to worry about what device you own.

4. SMS alerts

SMS alerts are a great way to get regular updates on any transactions, and checking your credit card balance is no different. You can verify your credit card balance by SMS in real-time. It is also an excellent way to keep track of fraud and alert the bank immediately in case such activity is detected.

5. Customer call-centre

A registered customer can always ring the bank’s customer call centre and speak to a customer care executive to check the status of their credit card balance and available credit limit. Credit card customer service is obligated to provide credit card balance and statements to a consumer when requested.

6. Monthly statements

If you've requested a physical copy, you will get a statement in the mail, or you could receive digital copies in your email. This will require a password to access the document. Many people prefer this method of checking their credit card balance as there are no fees involved and they can stay updated on a monthly basis.

7. Visiting a branch

This is probably the last resort for most people, but it is still an option if you do not want to use technology or a cash machine to check your balance. If you're a first-time user, this could be very helpful in learning how to check credit card balances, whether through net banking, through the app on your phone or through an ATM.

Importance of knowing credit card balance

Let's look at the advantages of keeping track of your credit card balance.

1. It aids in determining how much money is owed

Checking your balance can assist you in determining the sum due at the end of the month, which will aid in prompt payment. You can also look for unbilled costs and report any unlawful activities to your bank. You'll be able to keep track of card information this way.

2. To find out how much money is available

Knowing how much money is available aids in budgeting. Keeping a check on the available balance, just as you would with a debit card, will avoid the embarrassment of having your card declined at a store or online when you need it most.

3. Monitoring and detecting fraudulent charges in general

It also makes it easier to keep track of transactions that occurred over a certain billing period. You can always contact the issuer and file a dispute if there are any unauthorised/fraudulent charges, protecting you from paying for payments that were not permitted.

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FAQs

Q. What does a credit balance refund imply?

Ans. A credit balance refund is an amount owed to you by your credit card company. This usually happens when you pay more than the credit card company owes you. The extra money you paid will be refunded and credited back to your credit card. A few banks will even give you a check for the amount you overpaid.

Q. What is the minimum amount due on my credit card?

Ans. Your credit card's minimum due amount is a percentage of your outstanding bill payments, plus any fees that are added to the balance. The larger your credit card debt, the higher your minimum payment will be.

Q. Can I overpay the credit card bill to increase my credit card limit?

Ans. If you overpay, the credit card company will owe you the balance.

Q. How long does a credit balance return generally take?

Ans. You should get a cheque within 10 business days. Remember that if you requested a refund via mail, the credit card company will send it to you within seven business days of receiving your letter.