Many people prefer the convenience of tapping or waving cards over carrying cash, making credit cards one of the preferred payment methods. These cards play a crucial role in managing payments and transactions as a part of daily life. If you're a credit card holder, understanding how to know your credit card balance is vital for your better financial management.
Checking your card balance is not just about tracking your spending. It also means understanding your remaining credit and the amount due. Staying updated about your credit card limit, spending capacity, and monthly payments is one of the best ways to use the card correctly and avoid getting stuck in debt.
Understanding the Credit Card Balance
The total amount you owe on your credit card is known as your balance. As you keep on using the card, the lower your card’s limit goes and you keep accumulating debt. The balance increases with the following:
Payments and purchases
Accumulating interest
Penalty fees and charges
Balance transfers
Foreign exchange transaction fees and other charges
You can monitor your spending and make wise judgments about future purchases by regularly checking the balance.
Know 5 Easy Ways to Check Your Credit Card Balance
Your credit card balance represents the total amount you owe to your bank. There are several ways to check this information. Here are 5 easy methods how to know your credit card balance as well as your available credit.
Via the Monthly Credit Card Statement
Credit card issuers send monthly statements via email or postal mail if you demand a hard copy. These statements provide key details like your:
Credit card balance
Total and minimum due amounts
Available credit
Transaction history
They are often password-protected for security. When you regularly review your monthly statement, they help you stay on top of your spending and manage your payments effectively.
Via Internet Banking
To check your credit card balance through internet banking, you simply log in to your bank online portal. Once logged in, you will find your credit card balance on the dashboard or under the 'Accounts' section. Your login credentials are usually provided with the welcome kit or you can register directly on the bank’s site.
Via Issuer’s Mobile Baking App
Mobile banking apps are one of the convenient ways to check your credit card balance. Once you have activated internet banking, you can simply log in to your account from your mobile and check your balance with a few clicks.
Using a mobile application enables you to perform a variety of tasks, such as:
Transferring money
Updating your personal details
Checking account balances
Paying bills or making purchases
Tracking transactions
Setting up notifications
Accessing customer support
Requesting changes to the information you've provided
Via Your Nearest ATM
You can also check your credit card balance by visiting your nearby ATM. You have to simply swipe your card and select the ‘Balance Enquiry’ option. You will get an option to enter your PIN. You need to enter the PIN for verification purposes.
In some cases, you may also need to provide a One-time Password (OTP). Once entered, the ATM will display your current balance and due amount.
Via the SMS Facility
If you've subscribed to the issuer's SMS alert service, you will receive notifications about your credit card balance and transactions directly on your registered mobile number. These alerts typically include details like:
The outstanding balance of the card
Recent activities carried out with the card
You can also request your current balance by sending a text to the number provided by your bank. You should receive the balance information within a few minutes.
Why You Should Check Your Credit Card Balance
Knowing your credit balance is crucial for both your credit score and financial history. This is because a high balance can affect your credit score negatively. Here are some other benefits of regularly checking your credit balance:
Checking it periodically ensures that you can make timely payments on your outstanding balance, avoiding late fees and maintaining sound financial standing
It allows you to manage your finances more efficiently by giving you real-time insights into your spending habits, helping you stay within budget and plan for future expenses
It can guide you in making informed purchasing decisions by giving you an up-to-date overview of your available funds and helping you avoid overspending
It helps you quickly identify any suspicious or fraudulent transactions, allowing you to take immediate action and protect your financial security
With multiple convenient methods available, such as mobile apps, net banking, SMS alerts, and ATMs, staying on top of your balance has never been easier. Nowadays, most issuers also offer a convenient mobile banking app for effortless management. One such smart and full-stacked app is the OneCard App, which provides seamless ways to track your spending and balance.
With this app, you can access real-time updates, manage transaction limits, and even control card features like domestic or international usage. You can not only control all aspects of your card usage, but also find the nearby deals and discounts using the GPS feature. Apply for the stylish metal One Credit Card today and experience the unparalleled benefits of this lifetime-free card!
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