What is a Credit Card Balance and How to Check it?

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According to the Economic Times, the household debt on credit cards has jumped from 0.45% in 2013-14 to 1.05% in 2018-19. Even though this surge in credit card borrowings can be owed largely to demonetization in the country, several lucrative features and benefits offered by financial institutions is another contributing factor for it.

However, too much credit card debt can harm several aspects of an individual’s portfolio. That is why it is crucial for everyone to check credit card balance periodically to ensure that their credit usage remains within acceptable limits.

What is a credit card balance?

Your credit card balance refers to the debt you owe to your card issuer. It is the amount left unutilized after subtracting your available credit limit with the expenses made.

Irrespective of the credit card you are using, be it an international card, student credit card or store card, you should check your credit card balance at regular intervals.

Following are some reasons why you should check credit card balance regularly

  • To help you keep your spending in check

To maintain your credit score, it is best to limit your spending to 30% of the credit limit available. Checking your credit balance at regular intervals can help you to adhere to your credit limit.

  • To keep an eye on your transactions

Keeping yourself updated about your credit card balance is crucial because it will help you to detect any unbilled charges. You can alert your card issuer immediately if there is any discrepancy in the amount charged to you.

  • To know the balance available

Knowing how much balance is available to you can help you plan your spending accordingly. It also helps you to avoid situations like your card getting rejected during the process of payment.

How to check your credit card balance?

With financial institutions using the digital platform for every process, checking your card balance has become significantly easier than before.

Following are the ways through which you can check credit card balance:

  • Through credit card statement

Every month your credit card issuer sends your monthly statement by email or through the post. If you prefer a hard copy, opt to avail the statement through post. Read your credit card statement correctly to know the balance.

  • At an ATM

You can use an ATM to check your credit card balance. Further, if you avail the Bajaj Finserv RBL Bank SuperCard, you can also use withdraw cash from an ATM without paying any interest for up to 50 days. However, you need to satisfy some Bajaj Finserv credit card eligibility criteria to avail the option.

  • Online

The most convenient option for individuals to check their credit card balance, you can avail this option to check your credit card balance on the go. Just provide the password to log in to your online account, and you can access your card statement. You can also pay the credit card bill through net banking.

  • Through SMS

You can sign up with your card issuer to receive SMS notifications regarding the spending on your credit card. You can also inquire about your credit card balance by sending an SMS with the appropriate code to your financial institution’s service number.

Even though it is quite a time consuming, you can visit your card issuer’s nearest branch to be sure of your credit card balance. There, the institution can retrieve your card statement stored in their system.

These are some ways through which you can check credit card balance. However, if you find that your credit limit is not sufficient for your expenses, you can easily avail credit cards like the Bajaj Finserv RBL Bank SuperCard for a higher limit and more features.

Bajaj Finserv also brings pre-approved offers on credit cards that can make availing them straightforwardly. These offers are available on various financial products, including home loans, personal loans, business loans, etc. You can check your pre-approved offer by providing your name and phone number.

You can also use the SuperCard to avail an interest-free emergency personal loan for up to 90 days. However, you should check the Bajaj Finserv credit card eligibility criteria beforehand to ensure that you can avail the benefits of this credit card without hassle.

Amdee

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Amdee

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