Credit Cards are a blessing for shoppers who can indulge in the ‘Buy Now Pay Later’ luxury. However, owning too many Credit Cards can also make you fall into a debt trap. When it comes to making informed decisions, it is essential to keep a tab on your expenses, make regular payments, spend within the credit utilization ratio (CUR), and learn how to check your Credit Card balance.
Some of the best ways to maintain Credit Cards is to do the following:
- Make a full monthly payment to avoid paying additional interest on your expenses.
- Spend only on necessities and emergency expenses and not on luxuries.
- Never miss a payment deadline.
- Automate Credit Card payments to avoid late payment penalties.
- Keep a close watch on your Credit Card balances.
About Credit Card Balance
The Credit Card balance is the total amount you owe the Credit Card provider. The balance includes all your purchases in your monthly billing cycle, any fee or penalty applied, installment amount, or accrued interest on your usage.
You usually get up to 21 days to pay the Credit Card statement balance on the payment due date. Ideally, you must always pay in full before the due date to avoid interest charges. But, even if you pay the minimum amount by the due date, you won’t be charged with any penalty.
You must also remember that the statement balance differs from your current Credit Card balance. You need to pay the statement balance by the due date. The current balance includes new purchases you may have made after the billing date. These will be included in your next bill.
How to Check Credit Card Balance Using Your Phone?
Besides getting a physical and an online automated Credit Card bill each month, there are various ways to procure your Credit Card balance now and then. It is essential to keep a tab on the balance so that:
- You know the monthly outstanding amount you owe the Credit Card provider.
- You know the payment due date.
- You have a detailed report of purchases you made during a billing cycle.
- You can keep a check on fraudulent activities on your Credit Card.
Now, let us look at different ways that you can use to find out your Credit Card balances:
– Install your Credit Card app
The best way to check Credit Card details, purchases, and the outstanding amount is to install the Credit Card application from the Google Play Store or the iOS Apple store. You can vigilantly check for every action you take on your Credit Card.
Whether you make new spends or any penalty is charged, all details will be instantly updated on the mobile app. It is one of the best and most convenient ways to keep track of your outstanding Credit Card balances.
– Check for Automated SMS/Messages/Emails
You will get an instant SMS or WhatsApp message on your phone when your Credit Card bill is ready. The details of your outstanding balance and due date will be mentioned in the message.
– Call the Customer Support Team
If you don’t have the time to check your email or SMS, you can call the customer care team of your Credit Card provider. Simple IVR instructions are available, which will guide you through the outstanding balance inquiry. You also have the option to speak to a financial expert for any other concerns or discrepancies in your Credit Card bill or balance.
– Check Online Bills
Every month, as soon as your bill is generated, you will receive a hard copy and a soft copy. You can check your soft copy in your email, easily accessible on your smartphone. The online statement of the Credit Card will give you a detailed list of purchases, charges, interest amounts, due dates, and outstanding balances.
– Use Internet Banking
When a Credit Card is issued, you are provided with a username and password for Internet banking. It allows you to log into the financial institution’s official website and check your Credit Card statement and outstanding balances.
You simply have to enter your username and password, and all details are at your fingertips. This facility is accessible on your smartphone or any other device. Even if you forget your login details, you can easily reset them using an OTP and some verification details sent by the provider.
It is essential to be particular about your payment due date so you don’t miss out on any payment. If you see any discrepancy in the Credit Card statement, please contact the customer support team and resolve the concern immediately.
If you use your Credit Card wisely and follow the tips mentioned above to maintain it well, you can improve your credit rating and long-term financial health in the long run.
Also Read: Credit Card Statement Balance vs Credit Card Current Balance