What is Statement Balance?

Author : Myfinance Insurance | Published On : 17 Mar 2021

Here we will discuss what is statement balance? And the things that comprise of in making a statement balance? As well as, what do you mean by negative and positive statement balance and its related terms that connect to the statement balance. What is Statement Balance? The amount of money due or you owe or say you are liable to pay on a credit card is your statement balance. Here, what is statement balance is also the balance of the current period. As, different credit card has a different billing period, where normally cycle period of credit card statement is of 30 days. Thus, as a cardholder, you are liable and ought to pay your statement balance due. Statement Balance Here, while discussing what is statement balance? We will discuss what things comprise of in making your statement balance. Thus, you call also say that the following things make up the statement balance as the statement balance meaning consists of all the money you owe plus all the charges levied on the balance after deducting payments you made to your credit card. So, it consists of the following: The previous balance on the account New purchases and charges Interest charges Payments received Credits sent to the credit card account Other fees associated with credit card (annual fees, or monthly fees, penalties or late fees, etc.) Thus, by now you know what is statement balance? As it is the amount of money you owe on your credit card or say the balance which reflects in your credit card statement. What is the Current Balance? The amount of money you currently owe on your credit card is your current balance. This balance can also be known as the outstanding balance, which can change in case of the following: What is Statement Balance?