With more than 100 million active cards across India, credit cards have become extremely important financial instruments for us.
When you swipe a card, make a cash withdrawal or transfer a balance, the amount you owe increases. It is important to be aware of the potential downsides of credit card usage like overspending and excess debt. Therefore, you must know how to check your credit card balance.
In this guide, we’ll walk you through what a credit card balance really means, why it matters, and how you can check your credit card balance in India using multiple methods.
Suggested Reading: How to Check Credit Card Application Status?
Credit card balance, also known as outstanding balance, is the total amount of money you owe to the credit card issuer. It is the total sum of purchases, cash advances, balance transfers, interest charges and fees.
Your credit card balance increases when you make purchases and reduces when you make payments. Your credit card balance is calculated by summing up all the transactions made during the billing cycle, including:
Purchases
Cash advances
Balance transfers
Interest charges
Any applicable fees (late payment, annual fees, etc.)
For example, if you have a previous outstanding of ₹10,000, make purchases worth ₹5,000 and incur interest/fees of ₹500, then your new balance becomes ₹15,500 minus any payments you make. Your card-balance changes each billing cycle. The full formula:
Credit Card Balance = Previous Balance + New Charges + (Interest and Fees) − (Payments and Credits)
Your credit card balance changes each billing cycle depending on your expenditure. To avoid incurring interest on your outstanding balance it is advisable to pay it off in full before the due date.
If you are wondering - how can I check my credit card balance, there are several ways to do that successfully. These are as follows:
Everyone uses net banking or online banking because of its convenience. Here are the steps through which you can check your credit card account balance through Net banking -
STEP 1: Log in to your credit card issuer's online portal or mobile app.
STEP 2: Navigate to ‘Cards’ or ‘Credit Cards’ and check the account summary section to view your balance.
With the emergence of smartphone, banking tasks can be done directly on your bank’s official app. Here are the steps -
STEP 1: Use your bank or credit card issuer’s mobile app.
STEP 2: Tap on your credit card account on the dashboard.
STEP 3: In the account summary section, you will get your current balance, available credit and payment due.
Here are the steps to check your account summary on your monthly statements -
STEP 1: Review your monthly credit card statements, either on paper or digitally. Your bank will send these to your every month via email or regular mail.
STEP 2: The statement includes your balance, transactions, and payment due date.
Pro Tip: Download and keep a copy of your monthly statement for future records.
You also have the option of getting in touch with the customer service to find out your account balance. Here is how you can do it -
STEP 1: Call the customer service number on the back of your credit card.
STEP 2: Follow the prompts or speak with a representative to check your balance.
Here are the steps you need to follow to check your account balance through ATMs -
STEP 1: Use your credit card at an ATM and enter your PIN.
STEP 2: Click on ‘Balance Enquiry’ to know your balance.
Please Note: Some ATMs may charge a fee for this service.
Banks send you alerts and important information if you have registered for mobile banking. If you are already registered, you can check the keywords that your credit card provider must have informed you about. Send the specified keyword (e.g., "BAL") to the designated number to receive your balance via SMS.
This is the old-school, yet foolproof way of checking your balance. Just visit the nearest bank branch that issued your credit card. Speak with a teller or use an available ATM to check your balance.
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Now that you know how to check your credit card balance, here are things you need to know -
|
Term |
What it Means? |
Why it Matters? |
|---|---|---|
|
Statement Balance |
The total outstanding amount at end of your billing cycle. This is the amount shown on your monthly statement. |
Paying this in full helps avoid interest and resets your cycle. |
|
Current Balance |
This is the real-time amount you owe right now. You can check this at any point in your credit card cycle and it can change as you spend/pay. |
Useful to know your true liability before you pay. |
|
Available Credit Limit |
Your Total Credit Limit - Your Current Balance = Available Credit Limit For eg, if your limit is ₹1,00,000 and you owe ₹40,000, your available limit is ₹60,000. |
Affects your credit utilisation ratio, which in turn impacts your credit score. |
Below we have stated why it is extremely important for you to check your credit card balance.
When you are out of funds, a credit card gives you access to funds for making purchases. Thus, it’s easy to exceed your comfort zone and accumulate debt.
It will also incur additional fees on your credit card bill statements. Hence, it is absolutely essential for you to monitor your credit card balance frequently.
When you know how to check your credit card balance, you can ideally prevent accumulating unmanageable debt.
Most credit card bill defaults occur when you don’t meet your payment deadlines either by forgetting the due dates or by maxing out your card limit and being unable to have funds to make any payments. Thus, knowing your balance helps you stay ahead of your deadlines.
Maintaining a low balance relative to your credit limit helps improve your credit utilization ratio, positively impacting your credit score.
You can spot any unauthorized transactions promptly if you know your credit card balance or check it from time to time.
Also known as statement balance, your credit card balance denotes the total amount of money you owe to the credit card issuer. You should make the repayment at least once every billing cycle.
Your credit card balance is calculated by summing up all the transactions made during the billing cycle, including:
Purchases
Cash advances
Balance transfers
Interest charges
Any applicable fees (late payment, annual fees, etc.)
The formula can be summarized as:
Credit Card Balance = Previous Balance + New Charges + (Interest and Fees) − (Payments and Credits).
Want a Credit Card with High Limits & Rewards?
Knowing how to check your credit card balance is essential for financial management and avoiding debt. Managing a credit card responsibly involves keeping track of your outstanding balance, knowing how much you owe, and paying it back in time.
Whether you choose online banking, a mobile app, SMS alerts, an ATM or a branch visit, the key is regular monitoring and timely payment. Use the methods above to stay informed, avoid dicey debt, build your credit profile and maintain control over your credit card usage. Make sure your credit card works for you, not against you.
Did you know you can now apply for credit cards through Moneyview? To know more, visit our website or download the Moneyview app from the Play Store or the App Store.
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Disclaimer
The starting interest rate depends on factors such as credit history, financial obligations, specific lender's criteria and Terms and conditions. Moneyview is a digital lending platform; all loans are evaluated and disbursed by our lending partners, who are registered as Non-Banking Financial Companies or Banks with the Reserve Bank of India.
This article is for informational purposes only and does not constitute financial or legal advice. Always consult with your financial advisor for specific guidance.
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