After a check on your credit card balance either by phone or online, you can get two different balances: account balance and current balance.
What balance appears on your credit card statement?
Balance in the statement is the balance printed on the latest credit card statement. This is the equivalent of your credit card from the date of closing the bank statement, the end date of the payment cycle and the credit card statement.
The reason your current balance may be different | Credit card Balance Vs. current balance
The balance appearing in the credit card summary is often the balance reported to the credit bureaus. This explains why your credit report balance often does not reflect the balance of your current credit card.
Credit card Balance Vs. current balance
Why the current balance may be different?
The activity of your credit card is billed cyclically. After the billing cycle finishes, the credit card issuer prints an account statement that contains details of the activities that took place during this billing cycle and informs you of the payment and payment date.
You may have made purchases, payments, or other transactions that have changed your credit card balance since you printed the credit card statement. These transactions are shown in the current balance.
If you verify your account online or by phone, your current balance may include pending transactions. These are the transactions you have made, usually in the last 24-48 hours that have not yet been registered in your account.
What balance should be paid to avoid interest charges
To avoid paying commissions on your balance, you must start a billing cycle with a balance of $0 or at least pay the full balance before the end of the grace period. When setting up an automatic payment, make sure you have sufficient funds on your checking account. Otherwise, if the bank rejects your payments, you will be charged a refund and will also pay the finance charges because the balance was not paid in full on time.
The total amount of the current balance is also correct, especially if you want to have a low or zero balance on your next credit card statement. If you want to pay off your credit balance to zero, contact your credit card company. You must pay at least the minimum to avoid receiving a fine for delay. Or, pay more than the minimum if you can pay to reduce card balance faster and reduce the interest you pay over time.