my bank statement is confusing me a bit. my credit card balance says $3500 (assuming this means I've spent that much this cycle) , but when I pay it off (have it set to full balance each month) the payment they take is half that. am I safe? I dont see anywhere on my account where they are charging a fee/interest either.
In short, I guess I dont understand the difference between the statement balance and the total current balance.
Need help understanding credit card.
byu/qh3012 inCreditCards
Posted by qh3012
1 Comment
This is a classic misconception.
The Statement Balance is the amount for a specific billing cycle. That is the amount you must pay by the due date to avoid interest & fees.
The statement closing date is at least 21 days before the due date.
So when you see total balance of $3500 it is entirely possible that your statement balance is half of that, because the rest of is on the next statement that hasn’t closed yet.