Ensuring a specific balance on your credit card is crucial in maintaining a healthy credit score, indicating your creditworthiness to lenders. However, managing credit card expenses can sometimes take time, leading to the risk of surpassing your credit limit.
To effectively monitor your credit card usage and stay on top of your finances, there are some essential steps you can take. Keep reading to learn everything you need to know about credit card balances.
Ways to check your credit card balance
Here are several simple and convenient methods to check your credit card balance –
1. Internet banking
To access your bank’s online banking platform, use your login information. Once you are in, go to the credit card section to check your balance, recent transactions, and other important information.
2. Monthly credit card statement
Credit card issuers send you a monthly credit card statement via email or physical mail, depending on your preference. The statement contains a summary of your transactions, outstanding balance, minimum amount due, and due date. Review the statement regularly to keep track of your expenses and payments.
3. Mobile app
Most banks offer mobile apps that quickly access your credit card information. Download your bank’s app, log in using your credentials, and navigate to the credit card section to view your balance and recent transactions.
4. Customer care
You can call your bank’s customer care helpline if you prefer human assistance. Provide the necessary details to the customer care executive, and they will assist you in checking your credit card balance.
Numerous credit card issuers provide the facility to check your balance through SMS. All you need to do is send a text message containing the designated keyword to the given number, and you will receive an SMS containing your balance details.
To check your credit card balance, head to an ATM operated by the bank that issued your credit card. Insert your credit card, enter your PIN, and select the “Balance Inquiry” option to view your available credit.
Why should you check your credit card balance?
1. Helps in knowing the outstanding balance
Regularly checking your credit card balance informs you of how much you owe to the credit card company. This awareness lets you plan your finances and make timely payments to avoid interest charges.
Additionally, if you’re considering using your credit card for Equated Monthly Installments (EMI) transactions, using an EMI on credit card calculator can be beneficial to plan your expenses wisely.
2. Helps in knowing the available credit limit
By knowing your available credit limit, you can avoid exceeding it and incurring over-limit fees. This also helps you plan your expenses and EMI transactions within the available credit.
3. Checking any fraudulent transactions
Frequent balance checks allow you to detect unauthorized or fraudulent transactions on your credit card promptly. If you notice any discrepancies, report them to your credit card provider immediately.
To wrap up
Awareness of your credit card balance is fundamental to responsible financial management. So, take a few moments out of your busy schedule to check your credit card balance regularly and stay on top of your financial game.