It’s easy to swipe a credit card and lose track of exactly how much you’re spending. That’s why it’s critical to check your credit card balance on a regular basis. By checking your credit card balance, you’ll know how much you owe so you can make payments or adjust your spending accordingly.
As for how to check a credit card balance, you can do so online, over the phone, or on the monthly statement that comes in the mail. Keep reading to learn more about how to check a balance on a credit card and why your credit card balance matters.
What Is a Credit Card Balance?
There are two different types of balances consumers will come across when it comes to their credit cards: current balances and statement balances.
The statement balance is the total balance owed at the end of the billing cycle. If someone wants to avoid paying interest, they need to pay off their statement balance in full each month. The current balance, on the other hand, is the total amount owed plus any fees, charges, credits, and payments that have been added to the account since the billing cycle ended. Given how credit cards work, it’s not necessary to pay the entire current balance to avoid interest charges.
In addition to their current balance and statement balance, each month the cardholder will also be told what their credit card minimum payment is. This is the lowest amount of their balance that they can pay in order to remain in good standing with their credit card issuer. They’ll need to pay interest on the remaining unpaid balance.
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Why Is It Important to Know Your Balance?
A credit card balance represents the total amount owed to the credit card issuer. If the cardholder wants to avoid paying interest on their remaining balance, they’ll need to pay off their credit card balance in full each month. So, for budgeting purposes, it’s helpful to know what that balance is.
A credit card balance also can indicate how high or low someone’s credit utilization ratio is. This ratio compares how much credit someone is using to how much credit they have available based on their credit card limits. It’s generally advised to keep your credit utilization ratio under 30% — but the lower, the better. Paying off a credit card balance in full each month can also help keep credit utilization low.
Additionally, checking your credit card balance each month can allow you to spot any unusual or potentially fraudulent charges on your credit card. If anything is amiss, you could then quickly contact your issuer and dispute the credit card charge. This could result in a credit card chargeback, allowing you to get the money back.
Reviewing a credit card statement can also help consumers identify where to cut back their spending so they can save more or afford to pay down more credit card debt.
How to Check a Credit Card Balance
Even if you’re confident you can pay off your balance in full each month, it’s smart to stay on top of your credit card balance for the reasons mentioned above. Read on to learn how to check the balance on your credit card.
Log In to the Mobile App or Go Online
Thanks to mobile banking and credit card apps, it only takes a few seconds to check a credit card balance from a smartphone. These mobile apps are helpful for checking a credit card balance on the go. It’s also possible for consumers to check their credit card balances by logging onto their online accounts from a computer, smartphone, or tablet.
Call the Card Issuer
It’s also possible to call the credit card issuer directly to confirm what your current credit card balance is. The phone number to call is printed on the credit card and also listed on the credit card issuer’s website. Keep in mind your issuer may provide different numbers to call depending on your reason for calling.
Send a Text to Your Bank
Don’t love making phone calls? Some banks and credit card issuers also allow account holders to text them to check their account balance, which is a speedy and convenient way to get an update.
Check Paper Statements
Each month, the account holder will receive a paper credit card statement through the mail or over email. The Account Summary section of the statement will outline what the statement balance on the credit card as well as the following details, which are given what a credit card is:
• Payments and credits
• New purchases
• Balance transfers
• Cash advances
• Past due amount
• Fees charged
• Interest charged
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Looking for a new credit card?
As you can see, making a point to regularly check your credit card balance is smart for a number of reasons. In addition to helping you stay on top of your spending and how much you owe, it can also help you to monitor your credit utilization and check charges for any fraudulent activity. Checking your credit card balance is easy to do online, over the phone, via text, or on your credit card statement.
Feeling on top of your credit card balances and looking for a new credit card? The SoFi Credit Card doesn’t charge foreign transaction fees. For a limited time, new credit card holders† who also sign up for a SoFi Checking and Savings with direct deposit can start earning 3% cash back rewards on all eligible credit card purchases for 365 days*. Offer ends 12/31/23.
Can you transfer a balance to a new credit card?
It’s possible to transfer a balance from one credit card to a new one by using a balance transfer credit card. Typically, balance transfer cards come with a low or 0% introductory APR, which makes it possible to pay down debt without spending too much on interest for a temporary period of time. Keep in mind that balance transfer fees will typically apply.
What is a credit card balance refund?
When someone pays off their credit card balance before getting a refund for a purchase they made, that results in what is known as a negative credit card balance. To get that money back, you can either request a refund or wait for the funds to get applied to future credit card balance.
What happens if I overpay my credit card balance?
If someone overpays their credit card balance for whatever reason, they can either have that balance applied to a future purchase or they can request a credit card balance refund.
What does a negative balance on a credit card mean?
Having a negative credit card balance means that someone has a credit card balance that is below $0. For example, if someone pays off their credit card balance and then requests a refund from a merchant for $250, they would end up with a negative balance of $250. The credit card issuer would then owe that money to the account holder.
What happens if you cancel a credit card with a negative balance?
If someone chooses to close a credit card that has a negative balance, they need to request a refund before they close their account as they won’t be able to apply that negative balance to a future bill. Some credit card issuers will issue this refund automatically, but it’s best to confirm the refund is happening before closing an account.
Photo credit: iStock/milan2099
†SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS PROSPECTIVELY BASED ON MARKET CONDITIONS AND BORROWER ELIGIBILITY. Your eligibility for a SoFi Credit Card Account or a subsequently offered product or service is subject to the final determination by The Bank of Missouri (“TBOM”) (“Issuer”), as issuer, pursuant to license by Mastercard® International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated. Please allow up to 30 days from the date of submission to process your application. The card offer referenced in this communication is only available to individuals who are at least 18 years of age (or of legal age in your state of residence), and who reside in the United States.
*You will need to maintain a qualifying Direct Deposit every month with SoFi Checking and Savings in order to continue to receive this promotional cash back rate. Qualifying Direct Deposits are defined as deposits from enrolled member’s employer, payroll, or benefits provider via ACH deposit. Deposits that are not from an employer (such as check deposits; P2P transfers such as from PayPal or Venmo, etc.; merchant transactions such as from PayPal, Stripe, Square, etc.; and bank ACH transfers not from employers) do not qualify for this promotion. A maximum of 36,000 rewards points can be earned from this limited-time offer. After the promotional period ends or once you have earned the maximum points offered by this promotion, your cash back earning rate will revert back to 2%. 36,000 rewards points are worth $360 when redeemed into SoFi Checking and Savings, SoFi Money, SoFi Invest, Crypto, SoFi Personal Loan, SoFi Private Student Loan or Student Loan Refinance and are worth $180 when redeemed as a SoFi Credit Card statement credit.
Promotion Period: The Program will be available from 10/1/22 12:01 AM ET to 12/31/23 11:59PM ET
Eligible Participants: All new members who apply and get approved for the SoFi Credit Card, open a SoFi Checking and Savings account, and set up Direct Deposit transactions (“Direct Deposit”) into their SoFi Checking and Savings account during the promotion period are eligible. All existing SoFi Credit Card members who set up Direct Deposit into a SoFi Checking & Savings account during the promotion period are eligible. All existing SoFi members who have already enrolled in Direct Deposit into a SoFi Checking & Savings account prior to the promotion period, and who apply and get approved for a SoFi Credit Card during the promotion period are eligible. Existing SoFi members who already have the SoFi Credit Card and previously set up Direct Deposit through SoFi Money or SoFi Checking & Savings are not eligible for this promotion.
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The SoFi Credit Card is issued by The Bank of Missouri (TBOM) (“Issuer”) pursuant to license by Mastercard® International Incorporated and can be used everywhere Mastercard is accepted. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.
1See Rewards Details at SoFi.com/card/rewards.