Question 1

What is a statement balance on a credit card?

Accepted Answer

The statement balance is the total amount you owed on your credit card at the end of your billing cycle. It includes all purchases, fees, interest charges, and payments made during that period. This is the amount shown on your monthly statement and the amount you should pay by the due date to avoid interest charges.

Question 2

Do checking accounts earn interest?

Accepted Answer

Some checking accounts earn interest, called interest-bearing checking accounts. However, rates are typically lower than savings accounts. Many standard checking accounts don't pay interest at all.

Question 3

What is automatic bill pay?

Accepted Answer

Automatic bill pay schedules recurring payments from your account to payees on set dates. It ensures timely payments, avoids late fees, saves time, but requires maintaining sufficient balance and monitoring for billing errors.

Question 4

How do I read a credit card statement?

Accepted Answer

To read your credit card statement: check your statement balance (total owed), note the payment due date and minimum payment, review all transactions for accuracy, look at fees and interest charges, check your credit limit and available credit, and verify your rewards or points earned. Pay attention to the grace period to avoid interest.

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Frequently Asked Questions

What is a statement balance on a credit card?

Do checking accounts earn interest?

What is automatic bill pay?

How do I read a credit card statement?

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