It is essential to run a credit card balance check to avoid maxing out your card, accumulating debt, and compromising your credit score. Your credit card balance is the total outstanding amount on your credit card that you need to pack back to the credit card company. It includes the balance from the previous billing cycle, if any, cash advances, current purchases, EMI fees, and any other transactions.
Regular usage of credit cards calls for monitoring the balance to maintain financial discipline. Here’s why.
Detect Fraud and Flag Inaccurate Charges
Fraud can happen when someone misuses your credit card to make unauthorised purchases in your name or use your personal information elsewhere. This may be possible due to the theft of your credit card or the breach of your PIN.
Monitoring credit card balances can help detect such fraudulent activities as they can happen to anyone, even after reducing risk. You can immediately report these transactions for a faster investigation. Some issuers even offer protection against this, wherein if you inform them of fraud within the given time, you will not be liable to pay for such transactions.
Additionally, the issuer may sometimes mistakenly levy irrelevant charges on your card, which can increase your debt if not reported. Staying vigilant by regularly running a credit card balance check can help you keep an eye on any unusual transactions or discrepancies, small or big.
Track Utilisation and Stay Within the Limit
Your transaction may be declined if you initiate a transaction which exceeds the card's limit. If the issuer offers an overdraft facility, there will be a charge for it, which will increase your total outstanding balance.
Moreover, excess use of your credit card can increase your utilisation ratio, which can hurt your creditworthiness. Ideally, you should avoid using more than 30% of your credit card limit. Hence, run a credit card balance check at regular intervals to avoid exceeding your credit limit, and set alerts to prevent the same.
Prepare for Bill Payment
Missing the due date of your card can attract late fees, high interest charges, and a low credit score. You can even get into a debt trap, which can be detrimental to both your finances and credit eligibility.
Regularly checking the balance will help you plan for the payment; if not the total, then at least the minimum due. If you pay the minimum due on credit card, you can avoid late payment charges and a negative remark on your credit score.
Different Ways to Run a Credit Card Balance Check
To stay updated on outstanding dues, you must be familiar with a few simple methods of checking the balance on your credit card.
Check at an ATM
You can easily know your credit card balance and dues by entering your PIN on the machine and selecting the balance check option.
Visit the bank
Talk to a representative to get information on dues and credit card balances. Do not forget to carry your credit card and identity proof, as the representative will verify your identity before disclosing the details.
Log in to Account
Most issuers offer a mobile application through which you can easily know the balance on your credit. You can set alerts to avoid overspending and control your finances through its many features.
You can also log in to your account through the website and access information. Subscribe to the email service to get online credit card statements. You can also download the virtual statement for your convenience.
Call or Send an SMS
A customer service centre representative can also assist in providing details on balance. Call the number available on the website, app, or your credit card statement. You can send an SMS in the prescribed way to run a credit card balance check. The details for this will also be available on the website, app, or in your statement.
Maintaining healthy financial habits and a good credit score is good for building a rock-solid foundation for your financial well-being. You also need to have the right credit card, which helps you be more in control of how you use your credit. This is where the One Credit Card comes into play.
It comes with a powerful One Credit Card App that lets you run a credit card balance check easily. You can use the app to track your expenses, set limits, and more, enabling you to spend confidently. The app also gives you access to the latest offers near you, allowing you to get the most value from your payments.
With 5X reward points and no annual fees, this credit card makes spending rewarding and convenient. The rewards also have no expiry and there are no redemption charges, allowing you to get the best deal. Apply online for a hassle-free process to get the card.
