How to check your credit card balance?

Signing up for a credit card and managing it is easier than ever today, thanks to mobile banking apps and internet banking. Credit cards can prove to be extremely beneficial forms of debt thanks to the rewards they offer and the flexible repayment options they provide. You must always avoid any overspending using your credit card as it can lead to credit card debt and additional penalty fees. The best way to avoid any overspending is to keep a track of your credit card balance.  

What is credit card balance?
 

Credit card balance is the amount that a customer owes to the bank or credit card issuer. It is the sum of all purchases made during the last billing cycle including any fees or outstanding balance from the previous bill cycle. You don’t have to wait till the end of the month to check your credit card balance. You can check your balance at any time. Monitoring your credit card balance regularly has several advantages, one of which is the ability to keep overspending in check. An added advantage is being able to track any suspicious or unauthorised transactions that might have been made using your credit card. If you budget on a monthly basis, you can improve your finances by managing your credit card spending wisely.

Finally, checking your credit card balance regularly can help you repay your credit card bills on time, which can help you avoid late payment fees or penalties. Regular credit card EMI payments can help you significantly improve your creditworthiness over time.  

Difference between credit card balance and credit limit
 

To understand credit card repayments better, you must know the meanings of two important terms – credit card balance and credit limit. A credit card’s credit limit is the total amount of credit that a borrower can access – this varies for each customer based on the card issuer and the creditworthiness on the customer. Credit card balance, on the other hand, is the amount that the customer has left to spend before they reach the credit limit. 

Ways to check credit card balance
 

There are multiple ways through which you can check your credit card balance –

1. Use your mobile banking app to check your credit card balance: Credit card companies and card-issuing banks offer mobile banking services to access credit cards conveniently. You can use your bank’s mobile banking app to check your credit card balance. If you are an IDFC FIRST Bank customer, you can use the IDFC FIRST Bank mobile banking app to check your credit card balance through a paperless, online procedure. Mobile banking apps can also help you know more about your billing cycle, past transactions, and credit card features. An important advantage of using a mobile banking app to check one’s credit card balance is the high level of security offered by apps. Banks and credit card companies offer security features like 2FA (two-factor authentication) and biometric login to help customers access their credit card balance.
   
   
2. Check your monthly credit card statements: Credit card statements, too, reflect your credit card balance. At the end of a billing period (please note that the billing period differs based on the card issuer), the bank or credit card company sends the customer a credit card statement. You can view these statements online through your mobile banking app or via internet banking or request a physical copy of these statements which you can receive via mail. The online versions of credit card statements are password-protected.  
   
   
3. Use your bank’s ‘SMS alerts’ feature to check your credit card balance:  You can also sign up for your bank’s ‘SMS alerts’ feature and receive text messages after every transaction informing you about your remaining credit card balance.
   
   
4. Visit an ATM to check your credit card balance: You can also visit a nearby ATM, select ‘credit card balance’ on the menu after entering your card in the ATM, and know your credit card balance. You must enter your card’s PIN to know your balance. If you don’t have a credit card PIN or haven’t set one up as yet, you must contact the bank’s customer service to do the same.  
   
   
5. Call the bank’s customer service team to check your credit card balance: If you wish to instantly know your credit card balance, you can always directly contact the bank’s customer service team and ask them. Remember that critical information related to your credit card can only be provided by customer service once you have confirmed details such as your name, credit card number, and other personal information.
   
   
6. Visit a bank branch: You can also directly visit a bank branch and ask an employee (after providing them your details) the details of your credit card balance.

Importance of knowing credit card balance
 

Here is why knowing your credit card balance is important –

• The ability of paying your credit card bills on time: As seen earlier, one of the ways of checking your credit card balance is to read your credit card statements. Doing so will also help you be aware of the due date for your credit card payments, which will help you pay your bills on time.
  
  
• Timely and accurate budgeting: Budgeting regularly is an important practice for any customer who wishes to improve their creditworthiness and grow their savings over time. Knowing your credit card balance can help you budget more accurately by accounting for every expense made in a particular month.
  
  
• The ability to control overspending using your credit card: Knowing your credit card balance can help you avoid overspending.
  
  
• The ability to improve your credit score: Timely credit card repayments help you improve your creditworthiness.
  
  
• You can conveniently detect unauthorised transactions using your credit card: You can easily detect any suspicious or unauthorised transactions by checking your credit card balance regularly.

Conclusion

Regularly checking your credit card balance is a simple but essential habit for managing finances effectively. It helps you keep track of spending, control overspending, and detect any unauthorised transactions. Knowing your balance also allows you to plan your budget more accurately and avoid late payment fees by settling dues on time. As an IDFC FIRST Bank credit card user, you can conveniently check your balances, download monthly statements, and pay your bills without delays with the interactive mobile app.