I've had my credit card for nearly 7 years, and I've never known exactly what the statement balance was and accumulated over $166 the past few years, but with a really good fico score. Thank you for the explanation
The number one thing to note is that the statement balance should be treated like a separate bill. It has nothing to do with the current balance owed on the card (that’s just your available amount to use). Current balance = what’s available/what’s been spent this month) Statement balance = what you spent in total last month ! This got me into so much trouble with my first card as I continued to pay my current balance thinking that it would take care of my bill each month. They are 2 separate charges !
You are exactly what I needed I didn’t watch the video but you explained so well I was able to do something while listening to you. This is absolutely amazing content. You were thorough and well spoken. Thank you for your content!!!! Stay Blessed!!
@@HonestFinance you said that the payments made during the current cycle will be the statement balance for the next cycle, If I had like $500 dollars as a balance and my statement balance was $200 and I pay it would I have to pay $300 for my next statement or $500?
You should explain payment allocation to customers, cuz I work for credit card and lots of customer lack knowledge of that and accrue interest while being on balance transfer and then using card for purchases
I’m still confused. Let say my statement says I owe $1000 and paid it all off before due date, and I borrowed $100 again. Will i get interest on $100 if I don’t pay it on due date?
Just paid off my statement balance a week ago, but then I also paid the same amount like 3 days ago, and now my current balance is negative. Did I do something wrong? I thought that once I paid off the statement balance from the previous month (June to July) that I wouldn’t have any more money to owe, but I still had a statement balance to pay, and even now, it still says I can pay that same amount towards my statement balance. I am so confused man, they make this way more confusing than it needs to be
You just paid more than owed. That’s why it’s a negative credit. Just pay the statement balance in full each month before the due date. Whatever’s leftover will go onto the next statement
I have a question, If my outstanding balance is over 1,000, is the automatic payment gonna take out the outstanding balance or statement balance? Thank you
Is it essentially a extra payment or a fee?I have no fees or interest but I have a extra 20$ on my outstanding balance because of the statement.Why or how is it accumulated from last month and put onto my balance for this month?
My credit card says I owe what I spend and also a statement balance what’s the difference? I paid the statement balance before and it just gave me credit for paying over what I owe ?
I paid off my current balance and my statement balance at the same time and two separate transactions. My statement balance was 76.40. The statement balance is still there and now my credit card is above (its -70.64). I’m so confused!!!!
I have a $0 current balance and a $285 statement balance. I try to pay my statement but is says I cant exceed my current balance. It will not let me pay
Credit amount is $500.Statement balance is $120..other balance is $230..should i pay all to make it $500 again means no interest..how bout if i pay only the statement balance that’s still no interest fee?
Okay got a question my statement b is currently $82.70 and my current b is $200 I paid off my statement balance like 3 times before I had my current balance around 400 but instead of taking away my statement balance it drop my card availability? Does that mean I’m good for that month or what I’m confused
quick question.. My opening/closing dates are on the 4th of the month. My payment due date is the 1st. I always make regular payments throughout the month bc my credit line is so low and I want to keep using throughout the month. Last month I paid off my statement balance well before the 1st as always, but between the 1st and the statement closing of the 4th, I made some purchases. It was my understanding I am paying off LAST months statement period. However, the new statement balance this month carried over and my credit score took a hit for credit utilization. I am currently under a promotional 0% APR, so I can't even tell if this new balance is going to be charged interest eventually. Should I just make my normal payments by the 1st and then be sure to make another payment before the 4th? That seems odd
How o make payement ?? I payed already but it addrd to my credit score to 1200 instead of 1000 .. 200 i paid the payment .. now its still showing 190 as statement balanve due.. how to pay that amount!??
So my current balance is 25, my statement balance is 160. My due date is June 6 and my closing date is June 9. I already paid my statement balance down to 0 couple of weeks ago. I’m good for this cycle right?
I've been paying my credit card wrong this whole time I didn't know you had 25 days to pay off your balance, at the end of every month I just pay off what I spend in that month. I just type in my balance at the end of every month (due date). Today for the first time an automatic payment went through and they only took 60 dollars from me (statement balance) when in fact I spend over 300. Does that affect my credit score in any way? Im 19 and I've had my credit card for a couple of months.
Shutout to everyone who’s trying to educate themselves!
I've had my credit card for nearly 7 years, and I've never known exactly what the statement balance was and accumulated over $166 the past few years, but with a really good fico score. Thank you for the explanation
The number one thing to note is that the statement balance should be treated like a separate bill. It has nothing to do with the current balance owed on the card (that’s just your available amount to use). Current balance = what’s available/what’s been spent this month)
Statement balance = what you spent in total last month !
This got me into so much trouble with my first card as I continued to pay my current balance thinking that it would take care of my bill each month. They are 2 separate charges !
You are exactly what I needed I didn’t watch the video but you explained so well I was able to do something while listening to you. This is absolutely amazing content. You were thorough and well spoken. Thank you for your content!!!! Stay Blessed!!
Thank you for this explanation 🤝 This was very helpful for me.
You’re welcome!
@@HonestFinance you said that the payments made during the current cycle will be the statement balance for the next cycle, If I had like $500 dollars as a balance and my statement balance was $200 and I pay it would I have to pay $300 for my next statement or $500?
Extremely helpful for someone like me with little people in their life to explain these things!!! Stuff they don’t teach in school!
This was very helpful thank you 🙏 subscribed
You should explain payment allocation to customers, cuz I work for credit card and lots of customer lack knowledge of that and accrue interest while being on balance transfer and then using card for purchases
I’m still confused. Let say my statement says I owe $1000 and paid it all off before due date, and I borrowed $100 again. Will i get interest on $100 if I don’t pay it on due date?
As long as you pay off the statement balance in full every month by the due date, you won’t accrue interest
Just paid off my statement balance a week ago, but then I also paid the same amount like 3 days ago, and now my current balance is negative. Did I do something wrong? I thought that once I paid off the statement balance from the previous month (June to July) that I wouldn’t have any more money to owe, but I still had a statement balance to pay, and even now, it still says I can pay that same amount towards my statement balance. I am so confused man, they make this way more confusing than it needs to be
You just paid more than owed. That’s why it’s a negative credit. Just pay the statement balance in full each month before the due date. Whatever’s leftover will go onto the next statement
I have a question, If my outstanding balance is over 1,000, is the automatic payment gonna take out the outstanding balance or statement balance? Thank you
Probably just statement , unless you can specify otherwise
Is it essentially a extra payment or a fee?I have no fees or interest but I have a extra 20$ on my outstanding balance because of the statement.Why or how is it accumulated from last month and put onto my balance for this month?
So you should always pay statement balance rather than current balance right?
Statement bal is all you need to worry about if you don’t want to accrue interest
My credit card says I owe what I spend and also a statement balance what’s the difference? I paid the statement balance before and it just gave me credit for paying over what I owe ?
What’s the difference fr I’m new I got my first card
I paid off my current balance and my statement balance at the same time and two separate transactions. My statement balance was 76.40. The statement balance is still there and now my credit card is above (its -70.64). I’m so confused!!!!
Me too
same
I have a $0 current balance and a $285 statement balance. I try to pay my statement but is says I cant exceed my current balance. It will not let me pay
That seems odd. I’d call them and ask
Credit amount is $500.Statement balance is $120..other balance is $230..should i pay all to make it $500 again means no interest..how bout if i pay only the statement balance that’s still no interest fee?
Pay it all and you’ll have more available credit (which can help credit score), but pay only the statement balance and you’ll pay no interest
Okay got a question my statement b is currently $82.70 and my current b is $200 I paid off my statement balance like 3 times before I had my current balance around 400 but instead of taking away my statement balance it drop my card availability? Does that mean I’m good for that month or what I’m confused
I have bank of America’s and my statement balance is 823.46 do I pay the full balance so I don’t pay interest?
Yes pay the full statement balance
If my balance is 1000 and break it up into 2 payments before the due date. Am I charged interest?
Not if that covers the statement balance and it continues each month
Make as many payments as you want. Just make sure the statement balance is paid in full by the due date each month and you’ll never pay any interest
@@HonestFinance zero interest, love it! Thank you
If I do that and also make other charges after the payment do those go on next month’s statement?
Whatever charges happen during current the cycle will be on the next statement
hye. what is remaining statement amount meaning?
It’s what is still owed before the due date. Multiple payments or returns can cause it
How do i pay my satement balance?
Call them or just pay online
what happens when you have a negative credit balance?
It’s just used as credit for future spending
quick question..
My opening/closing dates are on the 4th of the month. My payment due date is the 1st. I always make regular payments throughout the month bc my credit line is so low and I want to keep using throughout the month. Last month I paid off my statement balance well before the 1st as always, but between the 1st and the statement closing of the 4th, I made some purchases. It was my understanding I am paying off LAST months statement period. However, the new statement balance this month carried over and my credit score took a hit for credit utilization. I am currently under a promotional 0% APR, so I can't even tell if this new balance is going to be charged interest eventually. Should I just make my normal payments by the 1st and then be sure to make another payment before the 4th? That seems odd
How o make payement ?? I payed already but it addrd to my credit score to 1200 instead of 1000 .. 200 i paid the payment .. now its still showing 190 as statement balanve due.. how to pay that amount!??
So my current balance is 25, my statement balance is 160. My due date is June 6 and my closing date is June 9. I already paid my statement balance down to 0 couple of weeks ago. I’m good for this cycle right?
If your statement says you don’t owe anything , then you’re good until the next statement
I've been paying my credit card wrong this whole time I didn't know you had 25 days to pay off your balance, at the end of every month I just pay off what I spend in that month. I just type in my balance at the end of every month (due date). Today for the first time an automatic payment went through and they only took 60 dollars from me (statement balance) when in fact I spend over 300. Does that affect my credit score in any way? Im 19 and I've had my credit card for a couple of months.
It can affect your credit if your usage is over 30% of your limit
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My statement balance is -20.24 and it was due 7 days ago. Please, what do I do?
It should be fine if it’s negative, but I’d call them if you’re worried