Knowing your Credit Card balance and due amount is crucial to avoid late payment fees, maintain a good credit score and manage your finances effectively. However, with different Credit Card providers and varying methods, it can be confusing to figure out the best way to check your balance and due amount. In this blog, we will explore the various methods of checking your Credit Card balance and the due amount and help you choose the most suitable one for your needs.
How to check your Credit Card balance?
Online: You can check your Credit Card balance online by logging in to your Credit Card account on the issuer's website or mobile app. This option is convenient and available 24/7.
Mobile App: Many Credit Card issuers offer apps that allow you to view your balance, recent transactions and payment due dates. As an Axis Bank customer, you can quickly check your Credit Card balance using the Axis Bank mobile app. The app offers various services, including viewing your account balance, recent transactions and payment due dates. You can download the app from the app store and log in to your Credit Card account to access this information. In addition, you can also set up alerts for your Credit Card balance to stay on top of your spending and avoid overspending. The Axis Bank mobile app is a convenient and secure way to manage your Credit Card account, and it offers several features to help you control your finances.
SMS: You can check your Credit Card balance by sending an SMS to the number provided by your Credit Card issuer. You need to send a specific code to the given number to receive your balance information.
Phone: You can call the customer service number to check your balance. A customer service representative will assist you in providing your balance information.
Monthly Statement: Your Credit Card statement provides your balance, payment due date and other essential account information. This statement is typically sent to you by mail or email each month.
Also Read: How to check Credit Card statement?
What is a Credit Card balance?
A Credit Card balance is the amount of money that a cardholder owes to the bank or Credit Card issuer for the purchases made using the card. It includes the outstanding balance from the previous billing cycle, new purchases, cash advances, interest charges, fees and other applicable charges or credits. The balance is essentially the total amount that a cardholder needs to pay back to the Credit Card issuer. It's essential to keep track of your Credit Card balance to avoid overspending and accumulating debt and to make timely Credit Card bill payments to avoid late fees and negative impacts on your credit score.
Credit Card balance v/s credit limit
| Credit Card Balance
|
Credit Limit |
| It is the total amount you have to pay your bank for using your Credit Card. It includes payments for purchases, plus any interest rate charges, cash advance fees, processing fees, GST on EMI transactions, unpaid balance from previous billing cycle etc.
|
It is the total amount you can spend using your Credit Card during one billing cycle |
| Ideally, you must to repay it in full every month to maintain a good credit score. If you are facing a fund crunch, you have the option to pay the minimum due to avoid your card getting blocked |
It is fixed when you get your card and is based on your income and credit score. As and when you use your Credit Card the credit limit reduces and gets restored in the next billing cycle, provided you clear the total dues |
| If any amount is unpaid it gets carried forward to the next month and attracts interest rate charges. The rates may range from 24 to 48% per annum. |
The bank may increase your credit limit if your repayment track record is good or if you request for an increase and are able to show proof of an increase in your income |
Importance of knowing Credit Card balance
- Knowing your Credit Card balance is essential for effective financial management and avoiding unnecessary charges. Firstly, keeping track of your Credit Card balance allows you to stay within your credit limit and avoid overspending, which can lead to debt and financial stress.
- Additionally, knowing your balance helps you plan your expenses and avoid making purchases that you cannot afford to pay back.
- Secondly, regularly checking your Credit Card balance ensures that you are aware of any fraudulent or unauthorised transactions made on your card. This can help you report and resolve such issues promptly.
- Finally, timely payments of your Credit Card balance can improve your credit score, enabling you to access better credit products and services.
- Knowing your Credit Card balance helps you stay in control of your finances, reduce financial stress and build a strong credit history.
FAQs
How do I check my Credit Card balance? (H3)
You can check it in your physical monthly Credit Card statement, via your banking mobile app, internet banking, SMS, at the ATM or calling the call centre of your bank.
How can I check my Credit Card balance offline? (H3)
You can call your bank's call centre or check at the ATM by using your Credit Card at the ATM machine.
What is Credit Card balance refund?
If you make a purchase using your Credit Card and it gets cancelled, say you returned the product or there was some technical glitch and the transaction does not go through, then the money comes back to your Credit Card. It is captured in your Credit Card statement for that billing cycle.
What will happen if I overpay the Credit Card balance?
If you overpay the Credit Card balance the excess amount will get carried forward to the next billing cycle and can be utilised for your payments. This may happen if you get a refund in case of a purchase getting cancelled. Or you may have mistakenly paid a higher amount than your total outstanding balance.
Also Read: Outstanding amount in Credit Card: Meaning, differences & impact
Conclusion
To sum up, there are several ways to check your Credit Card balance, and you can choose the one that works best for you based on convenience, accessibility and personal preferences. Repaying your Credit Card balance on time and in full every month will ensure that the entire credit limit is available for you in each billing cycle. It is also important to maintain impeccable repayment track record.
Disclaimer: This article is for information purpose only. The views expressed in this article are personal and do not necessarily constitute the views of Axis Bank Ltd. and its employees. Axis Bank Ltd. and/or the author shall not be responsible for any direct / indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information. Please consult your financial advisor before making any financial decision.
