Effective money management starts with keeping track of your Credit Card balance. You may be preparing to buy
something big or ensure your spending is within your financial capabilities. Knowing how to check your Credit Card
balance is very important. Luckily, technology has made this process very easy and convenient. There are many ways
to check your balance quickly-from online banking to mobile apps. Let's talk about them in detail.
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 to check my Credit Card balance?
You can assess your Credit Card balance online by logging into your net banking account through your bank’s website
or app, calling customer service, sending an SMS, or reviewing your monthly statement.
How can I check my Credit Card balance offline?
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.
