Credit card balance is the amount that you owe to your bank or NBFC. Keeping a check on your credit card balance is essential, particularly when you are about to make a large purchase. By keeping a regular track of your credit card balance, you do not need to wait until your next credit card statement arrives. Here we have mentioned the methods via which you can check your credit card balance.
Difference between Credit Card Balance & Credit Limit
Ways to Check Credit Card Balance
| Internet Banking | Mobile Application | |
| Customer Care | SMS |
1. Monthly Credit Card Statement
Every month after your credit card billing cycle is closed, your credit card provider will generate a monthly statement. In case you have requested a hard copy of the statement, it will be sent to you via post . Your credit card statement will have all the information regarding your credit card balance.
2. Via Internet Banking
You can check your credit card balance by logging into your bank’s net banking portal. The credentials are generally provided with the welcome kit when you sign up for a credit card. However some issuers also let you register for net banking on the bank portal.
Credit card balance is usually shown on the dashboard or under the ‘My Account’ section. If your statement has not been generated for the month, you can check the current outstanding amount under unbilled transactions.
| Tip: When you create the account for the first time, choose a username you can remember and a secure password that can’t be guessed. After logging in, you can not only see your current credit card balance, but also the recent transactions and other account information. |
3. Via Mobile App
Another way to check your credit card balance is by logging into your bank’s mobile app. All your account information including the outstanding balance, total and available credit limit etc. will be displayed on the home screen.
4. By Calling Customer Care
Call the Customer care number of your credit card provider. After authentication via PIN, all card related information can be obtained either over the IVR or by speaking to the representative.
5. Via SMS
If you have subscribed for transaction alerts via SMS, the bank will send your outstanding balance to your registered mobile number after each swipe. Card issuers may also send periodic notifications such as communicating the balance via SMS.
6. By Visiting ATM
You can also visit the nearest ATM to know your credit card balance. Swipe your card at the ATM and choose the card balance option. You will be required to provide a PIN number. After entering the PIN, the credit card balance will be displayed on the screen.
Here's an example!If you have a card with a credit limit of Rs.50,000 and a balance of Rs.25,000, the credit utilization ratio is 50%. You have used 50% of your account's available credit limit. However it is advised to always keep your credit utilization ratio below 30%.
Why is it important to check Credit Card Balance?
Maintaining a decent credit balance is important for your credit score as well as your financial history. A high credit balance can negatively affect your credit score, particularly when you are using a large percentage of your credit limit. Following are some of the benefits of keeping a regular check on your credit balance-
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Importance of knowing Credit Card Balance |
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Frequently Asked Questions (FAQs)
What is the minimum amount due in a credit card?
It is calculated as a percentage of outstanding bill payments along with any other fees charged to the balance. Higher the credit card bill, the higher is the minimum payment due.
What is a credit balance refund?
The credit balance refund is nothing but a balance that is owed to you by your credit card company. This occurs when you pay or return more than you currently owe on your credit card. In such cases, your credit card company refunds the extra money. The amount is usually refunded back into your credit card account resulting in a negative balance. However, some banks/NBFCs may also agree to write a cheque against the overpaid amount or refund it into your bank account.
What happens if I overpay my credit card balance?
If you overpay your credit card balance, the payment will result in a negative account balance, which means the credit card company will owe you money. The overpaid amount can be utilized to make future purchases.
How long does a credit balance refund take?
Generally, you will receive a cheque within 10 business days. If you request a refund request by mail, your credit card company is required, by law, to mail it to you within seven business days of receipt of your letter. Also, if you have a savings/current account with the same bank, the amount may directly be credited into your account.
Can I overpay my credit card to increase the limit?
When you overpay, your available limit exceeds the credit limit by the overpayment amount. However, it is not recommended. If you wish to increase your credit limit, you may request the same online or by calling the customer support.