How to check your credit card balance

Keeping a watchful eye on your credit card balance is crucial so that you don’t overspend and take on credit card debt you can’t afford to pay back. But how do you check your balance? And what’s the difference between the “statement balance” and the “current balance”? We’ll explain.

Understanding your credit card balance can also empower you to build a good credit score, as the balance in relation to your credit limit impacts your score via something called credit utilization.

3 ways to check your credit card balance

There are several ways to check your credit card balance, depending on the type of information you want to gather. Here are three of your best options. 

1. Check your statement

To see your statement balance, you can review the most recent statement your credit card issuer sent you via email or mail. In addition to checking your statement balance, remember that it’s important to review all of the charges that have posted to your account to verify that they’re accurate and authorized. 

Tip: If you ever suspect you’re a victim of credit card fraud, it’s important to take fast action to report the issue.

2. Log in to your account

Another way to check your credit card balance — both your current balance and your statement balance — is to log in to your account online. Many credit card companies provide convenient mobile apps you can download to keep track of your balance, recent transactions and more from your mobile device. You should also be able to access your account via an online browser using your computer or mobile device and review your balance that way.

3. Check your credit report

If you want to know your credit card balance to calculate your credit utilization rate (i.e., the percentage of your credit card limits in use), you can check your credit reports. Assuming the account appears on your credit reports with the three major consumer credit bureaus, it should show the most recent account balance that your credit card issuer reported to Equifax, Experian and TransUnion. You can request a report from each bureau for free at AnnualCreditReport.com.

Be cognizant that the balance you’ll see when checking your credit report reflects what the balance was on your credit card account when your issuer reported it to the bureaus, not necessarily what the balance is currently. If you have since paid off the card, or conversely if you made new charges, the balance you actually owe could differ from what’s shown on the report.

Current vs. statement balance: What’s the difference? 

If you log in to your credit card account online, you might notice that your card issuer lists two different balances that you owe — a current account balance and a statement balance. And if you use your card on a frequent basis, the amounts of these two balances will often be different. 

What is a statement balance?

The statement balance on your credit card account is how much you owe at the end of your last billing cycle. It’s a total of your previous balance (if applicable), minus any payments or credits to your account, plus any charges that took place during the most recent billing period on your account.

If you consistently pay your full statement balance by the due date, you should be able to avoid incurring interest charges thanks to your credit card’s grace period. This is the best way to manage your credit card account so that you can enjoy the benefits and rewards your card may offer without wasting money on interest.

Your most recent statement balance is also usually the amount that appears on your credit report. In general, credit card issuers update your account information (including your balance) just once a month. So, if you want to improve your credit with a low balance-to-credit limit ratio (aka credit utilization rate), you might want to pay off your credit card balance a few days before the statement closing date on your account. 

What is a current balance?

The current balance on your credit card is a more up-to-date snapshot of the amount you owe on your account. Unlike your statement balance, your current balance may shift up and down with each charge and credit that posts to your account.

Your current balance provides important information that you’ll want to track as you manage your household budget. Knowing where your current credit card balance stands can help you avoid overspending and charging more than you can afford to repay when your next statement is due. 

Tips for keeping on top of your monthly balance

There’s no perfect number of credit cards. Yet whether you have one credit card or many, it’s critical to track your spending.

You can use a variety of strategies to avoid overspending on credit cards. Here are a few helpful tips to consider. 

• Set up a monthly budget to plan how much you need to spend and how much you can save.
• Use personal finance apps, digital cash envelopes or even an old-fashioned spreadsheet to make tracking your spending easier. 
• Check your credit card balances daily or on set days each week. 
• Set up spending alerts to receive automatic texts or emails when your account balance reaches a certain level. 
• Set up autopay on your credit card account so you never miss a payment.

Frequently asked questions (FAQs)