Santa Claus comes around just once a year. In the meantime, there are Credit Cards.
  • How to know the Credit Card Balance

    There is no second thought about the fact that credit cards have been redefining the way we buy and spend for decades now. The features and benefits it offers is immense and continues to grow by each passing year. The huge popularity this product enjoys world over is mainly due to its mobility and “buy now, pay later” concept.

    Routine usage of credit card also calls for constant monitoring and discipline. After all, it's nothing but revolving credit you’re availing from the issuer to be repaid as per the schedule. One of the most common facets of monitoring the credit is knowing the balance. When we say balance, it refers to the current balance owed as well as remaining balance available on the card.

    Importance of Knowing Credit Card Balance

    If you’re frequent credit card user, it's paramount to know the balance at regular intervals. Let's explore the benefits of keeping track of the balance on the credit card.

    • Helps in knowing how much is outstanding

      Checking your balance will help in ascertaining the balance outstanding which in turn aids timely payment. You can also check unbilled charges and raise a flag with the bank if there are unauthorized transactions. This way, you can stay up to date with card information.

    • To know the available balance

      Knowing how much is available helps in deciding the spends. Just like you would do with a debit card, keeping an eye on the available balance will save you from the embarrassment of card being rejected at a shop or online, when you need the most.

    • General monitoring and flagging fraudulent charges

      It also helps to keep a track of transactions made during a specific billing period. If there are any unauthorized/fraudulent charges, you can always contact the issuer and raise a dispute in this regard, thus saving you from paying for charges which were not authorized.

    Now that we’ve understood the importance of monitoring the balance, the section below provides details of various ways/resources through which you can keep a tab.

    Different Ways to Check Credit Card Balance

    • At the ATM

      By inserting the card in any of the ATMs, you should be able to get details of the balance on the card by selecting the relevant option from the menu. This service is available upon authentication by means of a PIN on the keypad. If you do not have a credit card PIN, explore other options or request for one with the issuer.

    • Monthly Statements

      The issuer would send out statements after the closure of the billing period as and when they are generated. If you’ve subscribed for a hard copy, it would be sent by regular mail or courier service. Otherwise, they are instantly transmitted to the registered email id, giving immediate access. With most issuers, a password is needed to open the soft copy. This password is generally a combination of personal credentials such as the card number and date of birth.

      The smartest way to check your credit card statements is by email. If you’ve not registered for this service, do so at the earliest since there are no additional charges for the subscription.

    • Visiting a Branch

      Although a time consuming option, balance information can also be obtained from the nearest branch if visiting one is convenient. The representatives have access to the card information on their systems that can be instantly retrieved and communicated after verification.

    • By Calling Customer Service Center

      Balance information can also be obtained by contacting the customer service wing on the phone numbers provided. After authentication by means of a PIN, critical information pertaining to the card can be obtained either over the IVR or by speaking to the representative.

    • By Sending SMS

      If you’ve subscribed to SMS alerts, text messages are sent out by the systems as and when the transaction is made, providing you details of the charge as reference. The issuer may also send out periodic alerts such as communicating the balance via SMS which will help you in referring to card information whenever you want.

    • Internet Banking

      Perhaps, one of the most sought after ways to check card information including balance. You can check the balance on the go, across devices. All you need is an id and a password to login. The credentials are generally provided when you sign up for a credit card as it comes in the welcome kit. Otherwise, some issuers also let you register for net banking on their portal. The information provided is up to date and real time.

      With online banking, you can also request for changes to your account and update personal information.

    • On the Mobile App

      Another preferred way to check card balance is by using the app provided by the issuer on smartphones and other handheld devices. It's convenient, easy and instant. Nearly all banks maintain apps for mobile phone and tablets on platforms such as android and iOS.

    FAQS on Credit Card Balance Check

    1. What is the meaning of a credit balance refund?

      A credit balance refund is the balance amount that the credit card company owes you. This usually takes place occurs when you pay more than you owe the credit card issuer. The company will the refund the extra money that you have paid. This amount is refunded into your credit card account. A few banks can even write a cheque against your overpaid amount.

    2. What is the minimum amount due on my credit card?

      The minimum due amount on your credit card is a percentage of your outstanding bill payments with any fees that is charged to the balance. The higher the credit card bill, the more will be your minimum amount due.

    3. How long does it usually take for a credit balance refund?

      You will get a cheque within 10 business days. Keep in mind that if you have requested a refund by mail, the credit card issuer will mail it to you within seven business days of getting the letter.

    4. What will happen if I overpay the credit card balance?

      If you do overpay the credit card balance, you will have a negative account balance, and the credit card company owes you the extra amount paid.

    5. Can I overpay the credit card bill for increasing my credit card limit?

      If you do overpay the credit card balance, you will have a negative account balance, and the credit card company owes you the extra amount paid.

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