Why is it Essential to Check Credit Card Balance?Add Answer
It is important to initiate a credit card balance inquiry and check the available credit limit before spending.
To maintain a high credit score
Keeping track of the credit balance can help you maintain a healthy credit utilisation ratio below 40%. A lower credit utilisation ratio increases the CIBIL score and vice versa. So, initiate a credit card balance inquiry to check the unused limit and manage your expenditures accordingly.
To plan expenditures
Knowing the available credit balance helps you plan all expenditures strategically. It will prevent your card from getting declined while transacting. Regular monitoring and staying updated also ensures that you are able to avail much necessary funds during an emergency or cash shortage.
To trace unidentified charges
When checking the credit card balance, you are likely to gain access to transaction details as well. This can help you identify unauthorised accesses or charges using your credit card. In that case, you can immediately report the error and avoid paying any unnecessary charges.