Will you like to know your credit card available credit? There are 3 easy ways to do that. Knowing your available credit at every point in time will enable you to spend without facing penalties for exceeding your credit limit or having your card declined.
Also, this helps you in building or maintaining a good credit score, knowing your available credit is key to managing your credit utilization. Here are three ways you can easily check your credit available to you;
1. Through Your Billing Statement | Check Your Credit Card Available Credit
A recent copy of your billing statement will include your your credit limit, current credit card balance, and your available credit. If you’ve made any payments or purchases since your last billing statement was mailed, this statement may not be accurate. It could be higher or lower depending on the transactions you’ve made to your account. Just do a quick subtraction or addition to get your available credit.
2. Through Your Online Account
Most credit card issuers grant users access to online account management. This is a very easy way to check your available credit on the go. Creating an account only takes a few minutes if you haven’t already signed up. The information on your online account will be more current than your paper billing statement. Note that transactions you’ve made within the past day may not reflect in the available balance shown on your credit card statement. Or, they may show as pending transactions that haven’t cleared your account yet.
3. Call The Customer Service Line
You can also call the customer service number listed on the back of your credit card to make your enquiries. Simply, follow the prompts for the option to get your available balance or ask to speak to a customer service representative. You will typically be given the most up-to-date available credit when you call your credit card’s customer service.
Raising Your Available Credit
If you don’t have enough credit available for the purchase you want to make, you can try requesting a credit limit increase. The credit card issuer will review your account history, income, and credit history to make a decision and raise your credit limit if you’re approved. Otherwise, if your request is denied, you’ll get an email or letter in the mail letting you know the reason your request wasn’t approved.
If your credit limit increase request is denied, you can make a larger credit card payment to free up the credit you need. Keep in mind that it can take one or two business days for the payment to post to your account and your available credit to increase.
Credit Cards With No Preset Spending Limit
Some credit cards do not have a preset credit limit and you won’t have a set amount of available credit. These cards instead have a spending limit that can change from month to month based on your income, spending habits, and other financial data your credit card issuer has on file. Neither your spending limit or your available credit will be printed on your card statements or available on your card’s automated customer service number.
Knowing your available credit on a credit card with no preset spending limit may require a call to customer service.