ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -If your statement balance is $0, that means there is no minimum payment due. If there’s no minimum payment due, but there’s a current balance on your account, it means those charges were made after the end of the last billing period and will be listed on the next statement.

Detailed explanation-2: -Outstanding balance, which is sometimes also known as current balance or balance outstanding, is a figure on your credit card statement that refers to the total unpaid amount.

Detailed explanation-3: -Previous statement balance: What you owed on the day your previous statement was prepared. Outstanding Balance: The amount you owe the Bank on purchases made with your credit card.

Detailed explanation-4: -Should I pay my statement balance or current balance? Generally, you should prioritize paying off your statement balance. As long as you consistently pay off your statement balance in full by its due date each billing cycle, you’ll avoid having to pay interest charges on your credit card bill.