What Is The Difference Between Statement Balance And Outstanding Balance?

What do you mean by outstanding balance?

Outstanding balance, also known as current balance, refers to the total unpaid amount on your credit card.

This includes purchases, balance transfers, cash advance, interest charges and fees..

What does a negative statement balance mean?

A negative balance on a credit card means your credit card company owes you money, rather than the other way around. In other words, you’ve paid more than your total balance due. … But if you’ve paid more than you owe, or if your statement credits exceed your charges, you’ll see a negative balance instead.

How do you find outstanding balance?

The basic formula for calculating an outstanding balance is to take the original balance and subtract payments made. Interest charges complicate the equation for mortgages and other loans, though.

Should I pay statement balance or outstanding balance?

The statement balance is the main balance on your credit card bill. This is the full amount that you owe. To avoid accruing interest, you’ll want to pay the full statement balance by the due date. Paying on time will also avoid penalty fees and a higher APR.

Should I pay off credit card before statement?

At a minimum, you should pay your credit card bill before its statement due date. Paying a credit card after this due date can result in hefty late fees and, depending on the credit card, an increased interest rate. Most banks charge somewhere between $25-$35 per late payment, so these fees can add up quickly.

What is the meaning of last statement balance?

More. Your statement balance reflects the amount at the closing date of the last billing cycle, while your current balance includes payments you’ve made since then.

How is outstanding balance calculated?

The remaining balance can then be calculated by subtracting the future value of the payments made from the future value of the original balance at time n.Formulas related to Remaining Balance.Loan Payment.Balloon Balance.FV of Annuity.

What is the difference between remaining statement balance and total balance?

Remaining Statement Balance is your “New Balance” adjusted for payments, returned payments, applicable credits and amounts under dispute since your last statement closing date. Total Balance is the full balance on your account, including transactions since your last closing date.

Should I pay current balance or statement balance Reddit?

Statement balance is what you need to pay for last month to avoid interest. Current balance is what you currently owe on your card.

What happens if you don’t pay full statement balance?

First of all, don’t pay late. If you can’t afford to pay the full statement balance, make at least the minimum payment by the due date. On top of any fees your bank may charge for late payments, a late payment on your credit reports can stay there for seven years.

Does Chase report current balance or statement balance?

The balance on your credit card reflects the total amount that you owe Chase. Each monthly billing statement shows the “New Balance” on your account. This is your statement balance.

What happens if I just pay my statement balance?

Pay your statement balance in full to avoid interest charges But in order to avoid interest charges, you’ll need to pay your statement balance in full. If you pay less than the statement balance, your account will still be in good standing, but you will incur interest charges.

Do I get charged interest if I pay statement balance?

As long as you pay off your statement balance in full by the due date each month, you won’t be charged any additional interest. However, if you don’t pay the full statement balance, any remaining balance rolls over to your current balance and begins to accrue interest going forward.

What is previous balance in credit card statement?

Previous balance: The balance carried over from your last statement or last billing cycle. Payments: The last payments you made towards the outstanding balance on your card. … Past Due Amount: Any unpaid balances carried over from the previous billing cycles.

Why do I have a negative outstanding balance?

But a negative balance simply means that your card issuer owes you money, which may seem odd since it’s usually the other way around. … In fact, it means you have a credit on your account, so future purchases up to that amount won’t cost you additional money.