Question 1

When is my credit card statement balance due?

Accepted Answer

Your statement balance is due on the payment due date shown on your statement, typically 21-25 days after the statement closing date. This period is called the grace period. To avoid interest charges and late fees, ensure your payment is received by the card issuer before the due date.

Question 2

How can bank statements help with budgeting?

Accepted Answer

Bank statements show spending patterns by category, help identify unnecessary expenses, track recurring subscriptions, verify bill payments, and provide historical data for creating realistic budgets and financial goals.

Question 3

What is the difference between ACH and recurring card payments?

Accepted Answer

ACH pulls funds directly from your bank account with lower fees, used for mortgages and utilities. Recurring card payments charge your credit/debit card, offering more protection and easier disputes but higher merchant fees.

Question 4

What is a reconciliation in banking?

Accepted Answer

Reconciliation is comparing your bank statement with your own records to ensure all transactions match and identify discrepancies. It helps detect errors, fraud, forgotten transactions, and ensures accurate financial records.

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Frequently Asked Questions

When is my credit card statement balance due?

How can bank statements help with budgeting?

What is the difference between ACH and recurring card payments?

What is a reconciliation in banking?

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