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Credit card question - statement v. current balance
Posted on 5/13/13 at 11:58 am
Posted on 5/13/13 at 11:58 am
I just got issued my first credit card about 2 months ago. Wanted to start building good credit. Some confusing things though in terms of the statement v. current balance. My due date for the card is wednesday, May 15th. My statement balance is $65.56 while my current balance is $475.70. Which do I pay to avoid interest payments? I can afford to pay the current balance but was wondering if it was necessary.
Also could I pay the bill now? Or should I wait till the due date of the 15th?
Also could I pay the bill now? Or should I wait till the due date of the 15th?
5
Posted on 5/13/13 at 12:09 pm to Dav
The lower number is the minimum and you will leave a balance owed plus interest if paid. The larger is the total owed. I pay the total owed every month plus some = zero interest.
Posted on 5/13/13 at 12:10 pm to Dav
The statement balance is what you need to pay off entirely before the date the minimum payment is due.
Posted on 5/13/13 at 12:11 pm to Dav
No, the first number is your statement balance for the first billing period
Your current balance, which you are probably seeing online also contains your charges since the last closing date. That difference won't collect interest until the next period so no need to pay it off, but no harm if you do.
Eta: your bill should have 2 numbers: minimum due and balance
The other number I'm referring to shouldn't be on your bill but shows up on your account online
Your current balance, which you are probably seeing online also contains your charges since the last closing date. That difference won't collect interest until the next period so no need to pay it off, but no harm if you do.
Eta: your bill should have 2 numbers: minimum due and balance
The other number I'm referring to shouldn't be on your bill but shows up on your account online
This post was edited on 5/13/13 at 12:13 pm
Posted on 5/13/13 at 12:12 pm to Dav
You pay the statement balance of $65 to avoid any charges. You dont have to pay the whole current balance. The additional balance leftover will be on the next statement.
Posted on 5/13/13 at 12:57 pm to AUtigerNOLA
quote:
The additional balance leftover will be on the next statement
Plus interest. Pay off the larger number to avoid it.
Posted on 5/13/13 at 1:10 pm to Nawlens Gator
You dont incur interest if you pay the statement balance. You incur interest if you pay the minimum amount( which is usally around $25 dollars or so). I always pay the statement balance. Maybe other credit cards are different but mine operates this way.
Posted on 5/13/13 at 1:15 pm to Dav
pay STATEMENT BALANCE each month and you won't pay any interest.
Posted on 5/13/13 at 1:28 pm to AUtigerNOLA
quote:
You dont incur interest if you pay the statement balance. You incur interest if you pay the minimum amount( which is usally around $25 dollars or so). I always pay the statement balance. Maybe other credit cards are different but mine operates this way.
Every card operates this way. Gator is just incorrect.
Posted on 5/13/13 at 2:08 pm to Teddy Ruxpin
So by paying the statement balance I won't accrue interest. Good deal.
Posted on 5/13/13 at 2:27 pm to Teddy Ruxpin
quote:
Gator is just incorrect.
Posted on 5/13/13 at 2:55 pm to Nawlens Gator
quote:
I pay the total owed every month plus some = zero interest.
huh?
i think you are confused. are you paying them extra? either you are overpaying them or you are paying the total balance due. interest would not be a factor either way.
Posted on 5/14/13 at 10:04 am to Nawlens Gator
You are not correct on this subject. You do not accrue interest until after the # of days specified in the terms.
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