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Credit Card issuers in India

Credit Card Balance Check

Credit cards have redefined the way we spend money and how we shop for some time now. From being taboo credit cards have grown to 30 million users in India. This immense growth can be attributed to banks, who offer great add-ons such as rewards and benefits. But the primary benefit that credit cards provide ease of use, and an ability to make purchase at a moment’s notice when the required funds are not available to you.

Credit Card Balance Enquiry

Most credit card bill defaults happen because of 2 reasons

  • Unable to meet payment deadlines: Most customers forget about their bill due date and will end up paying penalties for such a simple reason. If this happens on a regular basis though it will affect your credit score.
  • Financial Crunch: This is the case where the card holder does not have grip on spends and max out their card. When the credit card bill comes out they do not have the means to pay the bill.

Both these cases can be avoided if they check their credit card balance, credit card statement and due dates on a regular basis. Banks provides multiple ways for customers to check their credit card balance and credit card balance status.

Checking your credit card outstanding balance

1. Net banking:

This is one way to check credit card balance online. You need to register your credit card with net banking facility. If you are an existing customer your credit card will be directly mapped with your account else, you will need to do it manually.

Once registered you can click on credit cards in the menu which will have options like credit card balance, credit card available balance, credit card balance statement and credit card bill payment to consider the credit you have utilized, what is the balance on your credit limit and the due date for paying the bill and a very simple process to pay the credit card bill.

With this facility the card holder can monitor spends and pay the bill on time.

You can also do net banking on your mobile as the website is optimized for mobile view. You can use the same user name and password used in internet banking. The menus and payment methodologies are also similar. This facility is useful when any cardholder wants to do a credit card balance check on the go.

2. SMS alerts:

Banks provides customers with SMS alerts as when they use their card for payment. This facilitates the customer to check their credit card balance via SMS which happens in real time to make sure the transaction happened, the right amount has been entered and what is their credit card balance.

3. Customer service:

If a customer is not comfortable with net banking or mobile banking they can still enquire about their credit card balance and available credit limit using credit card balance check number. A customer can get a complete credit card balance and statement from the Credit Card customer care.

4. By ATM:

You can visit an ATM and check your credit card outstanding balance using your pin number as access code.

5. Visiting a branch

Although time consuming you can visit the nearest card issuers branch to meet with the team there to enquire about your credit card balance. This could be very useful in case you are a first-time user to get more information on how to check credit card balance or how to check credit card balance on mobile or how to do a credit card balance enquiry online.

6. Monthly statements

Banks also provides monthly credit card statements through SMS and email with details of credit card balance, outstanding credit card dues and the due date for payment.

7. Mobile App

Banks have their own proprietary banking apps to increase their engagement with their customers, these apps apart from helping you know where you stand on your credit card balance. Some apps or applications are commonly called come with useful plug-ins like spend analyzers to help the next generation of customers keep track of how they spend.

Credit card uses

Credit cards have many uses apart from the rewards you get from spending using your credit cards. The following is list of uses that credit cards can provide you

1. Sign on bonuses: Some of the credit cards provide sign on bonus or gifts as a thank you for signing with the bank. This is a great reward which will offset any joining fees paid already and get even more.

2. Rewards: Reward points are offered for any transaction that is made using your credit card. These reward points can be accumulated to obtain a great gift, or the points can be redeemed for cashback. Either way customer is the winner.

3. Frequent flyer miles: This is useful for people to travel by plan frequently. They get “miles” as reward for using your credit card to pay for airline ticket. With enough points you can avail discount on future tickets or you may be able to get tickets for free. Also with some credit cards you get access to airport lounges which could be a life saver in case of delayed flights.

4. Cashback: Some credit cards also provide cashback on certain spends like 5% cashback for shopping online, 5% cashback for using your credit card to pay utility bills. This is a great way to save money.

5. Keeping vendors in check: Credit cards help in keeping vendors in check. Customers have the option to cancel payment or even if already paid the ability to revert payment if they feel the product they bought is below par. This way the vendors who provide the products will stay honest and provide better quality goods.

6. Insurance: Many credit cards come with insurance like travel insurance which can be availed. Many card holders don’t even realize they are protected and don’t utilize these facilities. It is bet to read the terms and conditions before you get a credit card and know every feature available.

7. Universal acceptance: Unlike debit cards credit cards have universal acceptance. If you go to any foreign country, you can spend money by using your credit card and not go searching for a currency exchange center or ATM.

8. Instant Loan: Your credit limit is a source of loan which can be accessed immediately without requiring any approvals. This can be very useful in case of emergencies. There is also the option to convert your credit card bill to an EMI if you cannot pay back the bill immediately.

9. Credit score improvement: When you pay your credit card bill on a regular basis it will improve your credit score. As different credit or credit mix also forms a part of credit score, a credit card will help improve your score from that aspect as well.

Credit cards provide a card holder a plethora of benefits. On the other hand, if you do not pay your bill on time it could have adverse effects.

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16 Jul 2018

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