Customers routinely go over the credit limit and get their card declined. This scenario can be easily avoided by making credit card balance enquiry. Through an enquiry, customer will know how much credit limit they have used as well as the due date. Through some means, customers can also check on the last five transactions as well.
What is Credit Card Balance
To simply put it, credit card balance or statement balance is the money that one owes to the credit card issuer. It consists of unbilled amount as well as outstanding amount. Customers who want to avoid paying finance charges which will be levied on the due amount that is not cleared by the due date.
How to Check Credit Card Balance
Customers can use the below listed methods to make credit card balance enquiry.
Mobile Banking/App
Customers can access credit card balance through a mobile application. This method is easy and requires minimal registration. To use this service customers just have to download the official mobile banking app and register themselves. Credit balance statement and a lot more can then be viewed from the home screen of the app.
Net Banking
Banks these days provide net banking to their customers regardless of the account type. To use this service an internet connection is required. Users just have to visit the lender’s official website and register themselves for the service. Alternatively, users can also visit the bank’s branch to register for this facility. Once logged in customer can register their cards and then view the balance whenever they want in the credit card section.
Missed Call Service
Customers just have to call a particular number from the registered mobile number. The call will then disconnect and the caller will receive an SMS. The SMS will show the balance on the card. Through missed call service customers can also receive a mini statement and check the last 5 transactions.
SMS Service
To avail SMS service users will have to send a SMS with a code and card number (usually last 4 digits). The message is sent to a particular number. The SMS should be sent through a registered number only.
Cardholders can send an Email to the bank to make balance enquiry. The mail should be sent from a registered email id and should include Name (as written on the card), date of birth. If the bank wants any additional details they will get in touch with the customer.
ATMs
Customers can visit a nearby ATM to make a balance enquiry. For this, insert the credit card into the bank’s ATM machine and tap on view balance option. Then enter the PIN to view the credit card balance. Customer may be charged for this service.
Customer Care
Cardholder can also call the bank’s customer care centre to know the credit card balance.
FAQs
Do banks charge a fee when making a balance enquiry?
Some services are free, for example, missed call service, calls made on toll-free numbers, etc. Others aren’t free, like balance enquiry made after using up free transactions, SMS service and so on.
How is credit score related to credit card balance?
Credit score is affected by outstanding balance. Credit Bureaus check the credit utilization ratio. It is the ratio between credit limit and the amount borrowed against it. Customers who have a higher credit utilization ratio lower their credit score. We recommend customers do not go over 30% of their credit limit.
Can we check for our balance immediately after a payment is made?
No, because updating the balance after a payment is made takes about a day or two.
How long does the SMS banking and missed call facility take?
It takes about a few minutes. The SMS reply is usually instantaneous.
Can Net banking account or Mobile banking account be misused?
Banks have placed lots of safety measures to ensure that customer’s data is not misused. However, customers should NOT share their login IDs, passwords, or PIN with any one.