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31 AUGUST, 2021
Credit cards have revolutionized the way we buy and spend money. They come with a host of features and benefits that you can avail based on your needs and preferences. Much of its popularity stems from the Buy Now, Pay Later option.
Using your credit card routinely necessitates constant monitoring, as it is a revolving credit that you will repay as per the schedule. One of the crucial aspects of monitoring your credit knows your credit card balance. It is the amount that you owe to the issuing bank.
When you are about to make a purchase transaction, running a credit card balance check is crucial. This way, you can keep track of your credit card balance and avoid waiting for your credit card statement.
Difference between credit card balance and credit card limit
People often confuse credit card balances with credit card limits. However, a credit card balance is the total amount of money you owe to your issuing bank. The balance amount increases when you make purchases, and it decreases when you make repayments.
A credit card limit is the predefined credit limit set by your issuing bank. It is the maximum amount that you can spend while using the credit card.
How to Check Your Credit Card Balance?
There are several ways through which you can keep track of your credit card balance. Here are the top ways to check your credit balance:
Your credit card issuer will send you the credit card statement every month after the billing cycle is closed. Credit card statements get generated every month. Although your credit card statement is sent to you via email, your bank will courier a hard copy if you want one. It contains information regarding your credit card balance.
The best part about credit cards in India is that you can make online purchases or check your credit card balance via the internet banking facility provided by your bank. To check your credit card balance, you will have to log in with your username and password. The credit card statement is usually displayed on the dashboard or under the ‘My Account’ section. If your credit card statement is not generated yet for the month, you can check the current outstanding amount.
Yes, it is true. You can check your credit card balance by visiting your nearby ATM. To run a credit card balance check, you will need to swipe your credit card at an ATM and choose the ‘Card Balance’ option. You will need to enter your PIN. After entering your PIN, your credit card balance will be displayed on the screen.
Benefit of Tracking Credit Card Balance
If you frequently use a credit card to make purchases, knowing your credit card balance at regular intervals is crucial. Here are the benefits of keeping track of your credit card balance:
The benefit of checking your credit card balance is knowing the outstanding balance you must make on time. Besides that, it enables you to check unbilled chargers and report authorised transactions to your bank. It is the best way to stay updated with your credit card information and avoid late repayments.
When you know how much you have spent or owe your issuing bank, you can choose to spend judiciously. When you watch your credit card balance, you can spare yourself the embarrassment of credit card rejection when making a purchase.
Another benefit of checking your credit card balance is that you can monitor all the transactions that happen through your credit card. If you find unauthorised or fraudulent charges on your credit card, you can immediately contact Kotak Mahindra and raise a dispute. Doing this would save you money from paying unauthorised charges.
Credit cards in India come with a host of features and benefits that you can avail of to save money while making purchases. While using your credit card, it is imperative to check your credit card balance to keep track of your balance to avoid interest charges.
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