Cryptocurrency Q&A
How does a credit card company or bank determine a customer's new balance?
How does a credit card company or bank determine a customer's new balance?
SejongWisdomKeeper
Wed Jan 22 2025
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5
answers
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I want to know how a credit card company or a bank calculates a customer's updated balance. What factors do they consider and what is the process behind determining the new balance?
5 answers
BlockchainBaron
Fri Jan 24 2025
Additionally, the issuer includes any new purchases made during the billing cycle. These purchases increase the total amount owed.
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EchoChaser
Fri Jan 24 2025
The new balance on a credit card bill signifies the outstanding amount at the conclusion of a billing cycle.
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Sara
Fri Jan 24 2025
Finance charges and other associated fees are also factored into the equation. These charges contribute to the overall debt, impacting the new balance.
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Raffaele
Fri Jan 24 2025
To determine this figure, the issuer performs specific calculations. It starts by considering any payments made by the cardholder towards the previous balance.
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Raffaele
Fri Jan 24 2025
These payments are subtracted from the old balance to reflect the reduction in debt.
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