Credit card spending is a part of life. Everyone makes purchases on credit cards but it is important to know how much you are spending and where. The best way to keep track of your credit balance is by monitoring your account online and using text message banking.
You can also break down your credit card spending into different categories such as groceries, entertainment, and travel so that you can optimize the amount spent on each category.
The SoFi website says “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.”
Use Text Message Banking
Text Message Banking helps keep you in control by allowing users to receive text alerts to check credit card balance at any time and from anywhere in the world.
With Text Message Banking, you can:
- Receive alerts about overspending on your debit card. This feature lets you know when a transaction pushes your balance over a certain amount so that you can decide whether or not to approve it (and prevent future charges).
- Get real-time updates on transactions made with a debit card. If someone swipes the wrong machine while trying to pay for something, Text Message Banking will let them know right away!
Monitor Credit Card Account Online
Keep an eye on your card balance with online banking. Some banks offer the option to log in to your account, check the status of all of your credit cards, and see how much money is left on each one. If you don’t have access to this feature through your bank or credit union, ask about it!
Use a mobile app. There are plenty of apps for checking credit card balances that are either free or cost a few dollars per month (if you want bonus features). These can be especially helpful if you’re traveling and need quick access to a card balance without having to find somewhere online where they accept payments over the phone (which can be hard when traveling abroad).
Break Down Credit Card Spending
- Divide your credit card spending into different categories.
- Keep a record of your spending.
- Use a budgeting app to track your spending.
- Use a cash envelope system to track your spending.
- Use a credit card that has a low-interest rate on it so you can pay off the balance in full every month and avoid paying interest charges, which can add up quickly!
Credit Card Transaction Alerts
Visa and MasterCard have set up a system that allows you to get alerts via text, email, or phone when a transaction is made from your credit card. You can receive alerts for low balances, high balances, and even particular categories. For example, if you want to be alerted every time someone pays for groceries using your card, then this feature is helpful in keeping track of your expenses.
The alerts offer an added layer of security in case someone steals your credit card information since they will be able to access only the money in their possession and not more than that.
Keeping a track of your credit balance can be difficult. There are so many sites and apps out there that all have different ways of tracking credit balances. Luckily, there are some simple things you can do to keep on top of your finances and make sure that you know exactly where everything stands.