Which Balance To Pay On a Statement?
A credit card statement comprises three balances: minimum balance, statement balance, and current balance.
paying the statement balance is the surest way to avoid paying any interest charges!
Make Multiple Payments Within Billing Cycle
There comes a moment when a person can’t afford to pay the full card bill. They could pay the minimum to avoid the late fee, but they’ll still be carrying a balance and won’t avoid interest charges.
Avoid Cash AdvancesCash advances are similar to short-term loans that allow a borrower to withdraw cash immediately against their line of credit. However, they get charged ahigher interest rate! Additionally, the interest starts getting applied on the same day of withdrawal.
We live in a digital world where you don’t have to carry cash anymore. Credit cards make purchases easy and convenient. However, the surest way to avoid paying any interest charges is by paying the entire statement balance!