Credit is a lifeline for many people. Whether you’re trying to buy a house, get approved for a loan or rent an apartment, credit plays a role in so much of our lives. However, sometimes we can lose control of our finances and end up with too much debt.
This can lead to serious problems like late payments or even worse – identity theft! The good news is there’s hope: by monitoring your credit balance, you can keep track of your spending habits and make sure everything stays under control. If you’re not sure how to check credit card balance, you should know that it takes 4 easy steps.
According to the SoFi experts, all you need to do is
- Log In to the Mobile App or Go Online
- Call the Card Issuer
- Send a Text to Your Bank
- Check Paper Statements
Prevent fraudulent transactions
Monitoring your credit balance helps you identify fraudulent transactions, like when a thief steals your card number and makes purchases without your permission. If you don’t check your credit balance regularly, you might not notice these fraudulent charges until it’s too late. By checking it often, however, you can catch these kinds of unauthorized activities before they happen.
Identify and correct billing errors
Identify and correct billing errors. If you have questions about your bill or feel like something is wrong, a monitoring service can help you identify and resolve the problem. You may be able to get back on track with payments if there’s been a billing error, which is another reason why it’s important to know how much money you actually have in your account at any given time.
Avoid future billing errors by paying more frequently. By setting up recurring payments for things like rent, utilities, and credit cards on their due dates, you won’t risk missing payments because of insufficient funds in your account—and thanks to alerts from monitoring services, neither will they! This also helps avoid overdraft fees from banks because any transactions that exceed what’s available will be declined before they process.
Avoid being charged late fees
Late fees are not a part of the interest rate you pay for using your credit card. Instead, they’re a punishment card issuers use to encourage you to pay your bills on time. If you miss your payment date by even one day and don’t do anything about it (like call or log in online), then your issuer may charge a late fee in addition to what’s left on the bill. If these fees accumulate too much, they could end up hurting your credit score as well as costing more money than necessary:
Maintain credit scores.
Credit scores are used by many companies and organizations, including landlords, employers and even cell phone companies, to determine how likely you are to pay your bills on time. If your company needs a new piece of equipment or if you’re trying to rent an apartment in a tight market where demand is high, having a healthy credit score will make all the difference.
In addition to helping with large purchases like buying cars or houses, maintaining a good credit history can also help improve your chances of landing better jobs by showing prospective employers that you’re responsible enough to be trusted with handling money.
There is no doubt that monitoring your credit accounts can be beneficial. It is a good idea to monitor your credit balance so that you are aware of any fraudulent activity on your account and can take action accordingly. You should also be checking your balance regularly so that you don’t get charged late fees or have an unexpected large bill due because of an error in billing or payment.
Author : Alisha