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For example, sorting your purchases by category may show you that you spent more than you thought on restaurant meals. Categorizing your transactions by date could show that you spend a lot more on the weekends than you do during your work week.
This could be a great way to identify areas where you can shift your habits and save money. Though it may look like just another statement, your year-end credit card summary is full of valuable information that can help you at tax time and beyond.
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As you skim through your credit card statement or check your credit card account online, you'll see a lot of different terms. Two that confuse many people are current balance and statement balance. The difference between a current balance and statement balance is that the current balance is the total amount you owe on the credit card as of today, while the statement balance reflects only the charges and payments made during the most recent billing cycle.
Both the current balance and the statement balance affect your credit score. Each credit card has a billing cycle, which is typically about 30 days. You can find details about your billing cycle in your cardholder agreement. The statement balance represents an overview of all credits and debits on your credit card account within a specific billing cycle. In addition to any purchases and payments you made during that time period, the statement balance also includes any fees, interest or penalties charged by the credit card company and any credits that have been issued such as when you return a purchase.
The statement balance is generated on the last day of the billing cycle—the closing date. If you want to avoid being charged interest, you'll need to pay the statement balance in full each month. Otherwise, the part of the statement balance that you don't pay will carry over to the next month and will begin to accrue interest. If you can't pay off the statement balance in full, be sure to at least make the minimum payment so you can avoid late payment fees and their negative effect on your credit score.
The current balance also called the credit card balance reflects the current amount of all charges and payments made to your account up to that day.
Just like the statement balance, it includes fees, interest, penalties and credits, as well as any purchases or payments you've made.
If you use your credit card regularly, your current balance will often be different from your statement balance. While your statement balance is a snapshot of what you owed at a particular moment in time, your current balance is constantly changing to show a running tally of what you owe right now. Suppose your March billing cycle ends March Both your current balance and your statement balance affect your credit score.
Each month, typically at the end of the billing cycle, credit card companies report your credit card usage to the three major credit bureaus—Experian, TransUnion and Equifax. The credit bureaus use your balance information as well as the total amount of revolving credit available to you to calculate your credit utilization ratio and determine what percentage of your available credit you are actually using.
To figure out what your credit utilization ratio is, simply divide the current balance on your credit card by the spending limit for that credit card. Your credit utilization ratio is the second most important factor in your credit score.
The lower your credit utilization ratio is, the better its effect on your credit score will be. If you're using too much credit, credit bureaus may take this as a sign that you're in financial trouble.
Paying your statement balance in full each month can help you minimize your credit utilization ratio. However, if you pay the minimum payment on your credit card and let the rest of the statement balance carry over to the next month, your credit utilization ratio will increase.
As long as you pay off your statement balance in full by the due date each month, you won't be charged any additional interest. However, if you don't pay the full statement balance, any remaining balance rolls over to your current balance and begins to accrue interest going forward. If you can't pay your statement balance in full to avoid interest charges, you should at least make the minimum payment.
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