Question 1

Are there tax advantages to certain bank accounts?

Accepted Answer

Health Savings Accounts (HSA) and certain retirement accounts offer tax benefits. Regular savings and checking accounts don't provide tax advantages, and interest earned is taxable income at your marginal tax rate.

Question 2

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 3

Should I pay statement balance or current balance?

Accepted Answer

To avoid interest charges, pay at least the statement balance by the due date. Paying the current balance (which includes newer charges) can help keep your credit utilization lower and may give you a head start on the next billing cycle, but it's not required to maintain the grace period.

Question 4

Can I dispute a charge for poor service?

Accepted Answer

Yes, for credit cards you can dispute charges for services not rendered as agreed, defective products, or if the merchant misrepresented the service. Document all communication and attempts to resolve with the merchant first.

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Frequently Asked Questions

Are there tax advantages to certain bank accounts?

What is a statement balance on a credit card?

Should I pay statement balance or current balance?

Can I dispute a charge for poor service?

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