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Checking a credit card balance is a fairly simple process that is important to do regularly. You can check your balance by logging in online or on a mobile app, calling the number on the back of the card or by checking your paper statement.
It’s important to know your balance to avoid hitting credit limits and to prevent overspending. It’s also important to regularly check your balances to make sure your last payment has been posted on time so you don’t incur any surprising fees.
What Is a Credit Card Balance?
A credit card balance represents the amount of money the cardholder owes to the credit card issuer. The balance is the sum of all purchases made within the last billing cycle (plus any fees or remaining balance left over after the last payment). Note that there’s a difference between a current balance and a statement balance.
Most credit cards give cardholders at least 21 days to pay off any purchase without accruing interest—called a grace period. Although a grace period isn’t a requirement on a credit card, issuers are required to give you the bill at least 21 days before the due date. Cardholders can technically pay an entire statement balance by the payment due date but still owe money to the issuer if the most recent charges were made after the billing cycle closed.
Although you’re not required to pay off an entire balance every month, it’s important to at least pay the minimum payment by the due date to avoid potential late fees. Paying late will affect your credit score and carrying a balance on a credit card account from month to month will accrue interest and fees every day the balance is not paid off.
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How To Check a Credit Card Balance
1. Log Into Your Online Account or Mobile App
Logging in online or onto the card issuer’s mobile app is the quickest and easiest way to check a credit card balance. Nearly every bank or card issuer has an online portal that cardholders can access either on a computer or via phone. Simply create an account with your card issuer’s website and log in anytime to check the balance, make a payment, ask a question or access support.
A good rule of thumb when creating an online account with your institution is to set it up to use facial recognition and a form of two-factor authentication security, when possible. This way, if your computer or phone gets stolen, the thief won’t be able to access critical financial information if it’s protected by more than just a password. Try not to travel with computers and phones in the same bag to avoid losing more than one device at once.
2. Call the Card Issuer
You can call the number on the back of a credit card to access any information from the card issuer directly. Usually, the automated menu is enough to get the basic information about your balance. The voice prompt may ask for personal identifiers like an account number i.e. credit card number, the last four digits of your Social Security number or telephone number. In addition to hearing your current balance, you can also hear what your remaining credit limit is.
You can also opt to speak with a representative if you’re having a more serious issue, such as a lost or stolen credit card.
3. Check Paper Statements
Unless you opt for paperless billing while creating a new account, you’ll likely receive paper statements in the mail from the card issuer. Paper statements are typically sent out near the end of a billing cycle before the next payment is due. This allows for enough time to review the charges, check the balance and make a payment.
You can choose to pay your bill by mail via check or money order, but it’s generally considered more secure to make a payment online by connecting a checking or savings account to your credit card account.
If you have several banking accounts and want to check them all in one place, financial tracking tools such as Mint and Honeydue can consolidate your current balances, due dates and recent transaction data all in one place. Instead of logging into multiple accounts, you’ll login just once and see summary information all at once.
These tools require you to link your accounts and provide your account information, so you’ll want to make your own assessment about whether you’re comfortable sharing sensitive information with a third party. Some cardholders may find the convenience hard to beat.
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Bottom Line
You have more options than ever to check your balance, including via online, by app, phone or checking monthly statements. No matter how you choose to stay on top of things, checking a credit card balance is always a good idea. This simple act can protect you from overspending, stop you from going over your credit limit and help catch fraud quickly if it happens.
