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How to Check Credit Card Balance
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Regularly checking your credit card balance is necessary to avoid overspending on your credit card and disrupting your finances. It also helps you avoid any late payment fees and helps you maintain a good credit score. But what is a credit card balance, and how can you check it?
What is a Credit Card Balance?
Your credit card balance, also known as the statement balance, represents the remaining funds after subtracting your spending from your credit limit. As you make purchases, your available balance decreases, increasing when you pay off your credit card bills. You can easily check your balance by inquiring with your credit card provider. Keeping track of this balance is crucial, especially if you frequently use your card. It’s easy to overspend on big-ticket items, leading to debt if not managed properly. Regularly monitoring your available credit helps you pay off your dues on time.
The credit card balance includes the unbilled and outstanding amounts you owe to your bank or credit card issuer. If you miss a payment, you’ll be charged finance fees on the overdue amount, so timely payments are essential.
How to Check Credit Card Balance
Checking your credit card balance is extremely important to keep track of your expenses. Here are different ways in which you can check your credit card balance:
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Internet Banking
Through internet banking, you can check your credit card balance online. To access your credit card details online, you’ll need to register it with your net banking account. If you’re an existing customer, your credit card will automatically link to your account. Otherwise, you’ll have to link it manually.
After registering, you can navigate to the credit card section in the menu. Here, you’ll find options such as credit card balance, available balance, balance statement, and bill payment. These features allow you to track how much credit you’ve used, check your remaining credit limit, view the bill’s due date, and easily make payments. This tool helps cardholders manage their spending and ensures timely bill payments.
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Mobile Application
An easy way to check your credit card balance is through your bank’s mobile app. If you have internet banking activated, you can log in from any mobile device and view your balance with just a tap. The mobile app also offers other features, such as transferring money, requesting changes to your account information, and updating your personal details.
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Mobile SMS
If you’ve signed up for SMS transaction alerts, your bank will notify you of your credit card balance on your registered mobile number each time you make a purchase. Be sure to monitor these messages to stay informed about your outstanding balance.
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Bank Branch
You can also visit your bank’s nearest branch for a credit card balance inquiry. By providing some card-related information, bank representatives can give you all the details about your available balance. However, this method is time-consuming and less common in today’s technology-driven world.
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Customer Service
You can reach out to your bank’s customer support to inquire about your credit card’s minimum balance. The support executive will request an authentication PIN to verify your identity. For your convenience, customer support is available 24/7.
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ATM
Another way to check your available credit card balance is to visit an ATM. Simply insert your card and follow the on-screen instructions. You’ll then be prompted to enter your PIN for authentication.
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Monthly Credit Card Statement
Each month, banks and credit card issuers send out credit card statements to their customers. These statements, generated at the end of each billing cycle, are delivered via email or to your residential address if you’ve opted for a hard copy. Typically, these statements are password-protected, ensuring that only the cardholder can access them. The password is usually a combination of the cardholder’s card number, date of birth, or similar details.
Why is it Important to Check Your Credit Card Balance?
Now that you know how to check your credit card balance, you need to understand why it is important to check this balance regularly. Here are some reasons why:
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A
Understand the outstanding balance
Regularly checking your balance allows you to track your outstanding amount, ensuring timely payments.
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B
Know the available credit limit
When you know the available credit limit on your credit card, you can understand the existing limit you are left with to spend and avoid overspending.
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C
Check for fraudulent transactions
Checking your credit card balance also allows you to monitor transactions during a specific billing period. If you notice any unauthorised or fraudulent charges, you can contact the issuer to dispute them, protecting yourself from paying for charges that weren’t authorised.
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D
Avoid unnecessary charges
By checking your credit card balance on a regular basis, you can avoid unnecessary charges, such as making purchases you may not be able to repay. This helps form an effective financial management plan. You can plan your expenses according to your card balance and avoid overspending and getting into unwanted debt.
Difference Between Credit Card Balance and Credit Limit
What is the main difference between credit card balance and credit limit? Here are some points of differences you should know:
| Credit Card Balance | Credit Limit |
| The credit card balance is the total amount you need to repay the credit card issuer for using your card. This includes purchase payments, cash advance fees, interest rate charges, unpaid balances in your previous billing cycle, GST on EMIs, processing fees, and other charges. | While credit limit is the total limit you get on your credit card. This limit is your spending limit, which means you can only spend the said money that is set on your credit card. |
| You must pay the entire credit card balance each month to maintain your credit score. However, if you are facing a financial crunch, you can pay the minimum due balance to avoid getting your card blocked. | The credit limit is fixed when you get your credit card and depends on your credit score and income. Whenever you use your credit card, the limit is reduced. However, this limit is restored once you repay the existing balance. |
| If you pay only the minimum amount of your credit card balance, you will have an unpaid balance that gets carried forward to the next month. This balance comes with interest rate charges that usually range from 24% to 48% annually. | You can increase your credit limit if you have a great repayment record in the past. The bank may even increase your credit limit if you request to increase it and also show enough proof of income increase. |
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Frequently Asked Questions (FAQs)
What is the meaning of a credit balance refund?
A credit balance refund refers to the amount owed to you by your credit card company when you've overpaid or returned more than what you currently owe. In these situations, the credit card company refunds the excess amount, which typically results in a negative balance on your account. However, some banks or non-banking financial companies may also issue a cheque for the overpaid amount or transfer it back to your bank account.
How long does it usually take for a credit balance refund?
You can expect to receive a cheque within 10 business days. If you submit a refund request by mail, your credit card company is legally obligated to send it to you within seven business days of receiving your letter. Additionally, if you have a savings or current account with the same bank, the refund may be directly credited to your account.
What will happen if I overpay the credit card balance?
If you overpay your credit card balance, your account will show a negative balance, meaning the credit card company owes you money. You can use this overpaid amount to make future purchases.
Can I overpay the credit card bill for increasing my credit card limit?
When you overpay, your available credit limit increases beyond your established credit limit by the amount of the overpayment. However, this practice is not advisable. If you're looking to increase your credit limit, you can request it online or by contacting customer support, and the card issuer will look into your income and credit score again to access your request.
What is the credit card minimum balance?
A credit card minimum balance is determined as a percentage of your outstanding bill payments, including any additional fees charged to your balance. The higher your credit card bill, the greater your minimum payment due will be.
Will my credit card balance help in improving my CIBIL score?
Yes, your credit card balance can impact your CIBIL score. Maintaining a low credit utilisation ratio (ideally below 30%) helps improve your score. Consistently paying off your balance on time also positively influences your credit history, further enhancing your score. Read our guide on a RuPay Credit Card to help you understand credit cards better.
Authors
Priyanka Rao
Priyanka Rao is a content strategist for Jupiter.Money, and specializes in writing on topics related to finance, banking, budgeting, salary & wages, and other financial matters. She has a passion for creating engaging content that resonates with audiences across various digital platforms. In her free time, Priyanka enjoys traveling and reading, which allows her to gain new perspectives and inspiration for her work. With a keen eye for detail and a creative mindset, Priyanka is committed to creating content that connects well with her readers, enhancing their digital experiences.
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