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Credit cards statement balance

Posted by Dave Dave
Message 1 of 6 204 Views

Hi,

 

just wanted clarification on the following. We received our statement for the credit card due on 3 July and decided to pay it early. So we transferred an amount onto the card from our offset account and it has shown up as going in correctly but the "statement balance" still shows as the full amount owing but the minimum amount payment Is gone. 

For example, if the statement balance due on July 3 is "-$3000" and then we transfer $2500 into the card, shouldn't the statement balance be "-$500"?

just want to make sure we are paying off the card correctly and in full

thank you

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Re: Credit cards statement balance

Posted by LyndsC LyndsC
Message 2 of 6 199 Views

Hi @Dave, thanks for your question :-)  The statement balance will show the amount that was owing on the day that the statement is issued, and won't change in online banking when you make a payment towards it, whereas the minimum balance will show the amount required before the due date to avoid any late fees being raised, this amount will update automatically when payments are made to the card, so that you can see in real time how much (if any) you still need to pay before the due date. I hope this helps clear up any confusion :-)

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Re: Credit cards statement balance

Posted by Dave Dave
Message 3 of 6 198 Views

Ok perfect! Thank you very much for your help!

 

so as long as I transfer the amount shown in the statement balance to to credit card before the due date then I pay no interest on that?

 

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Re: Credit cards statement balance

Posted by LyndsC LyndsC
Message 4 of 6 195 Views

Provided that you do this each month @Dave, you wouldn't incur interest, however if you have not paid the previous statement in full you may receive some residual interest charged (from the date the statement issues until the payment is received).

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Re: Credit cards statement balance

Posted by Dave Dave
Message 5 of 6 192 Views

Thank you very much for your help!

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Re: Credit cards statement balance

Posted by LyndsC LyndsC
Message 6 of 6 156 Views

You're welcome @Dave, have a great week! ^Lynds

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