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. 

Different ways 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: 

  • Credit card statement

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.

  • Internet banking 

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. 

  • Mobile App

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.

Benefits of knowing your 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:

  • It enables you to know the outstanding amount 

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. 

  • You can find out the available balance on your credit card

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. 

  • Monitor and report fraudulent charges

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.

In short

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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Disclaimer: This Article is for information purpose only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. Bank make no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Newsletter. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from Kotak. Kotak, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein.