What is a past due balance?

Past Due Debt Defined The past due balance is the amount that was owed by the original due date. Depending on the type of debt involved, this could be part of the balance or all of it. For example, let’s say you have a small business rewards credit card that you use to purchase office supplies.

What does the minimum payment amount on a credit card statement indicate?

The minimum payment is the smallest amount of money that you have to pay each month to keep your account in good standing. The statement balance is the total balance on your account for that billing cycle.

What is statement due amount?

Amount Due: This is the total amount you owe as of the statement date.

How do you avoid past due accounts?

6 Ways to Prevent Past Due Accounts!

1. Make Sure You’re Using a Credit Application.
2. Do Not Provide Services Until Full Payment Is Received.
3. Use an Easy to Understand Invoice.
4. Send Out Invoices on a Regular Basis.
5. Follow-Up the Day After an Account Is Past Due.
6. Provide Convenient Billing and Payment Options.

What is over due payment?

The loan amount which customers fail to repay on time is known as the Loan Overdue Amount. As it is clear from the name itself, the Loan Overdue Amount is the amount left unpaid even after the due date of payment.

What are the possible consequences of making a late payment on a credit card?

There are three main ways a late or missed payment can impact you financially:

• You can be charged late payment fees.
• You may face having the interest rate on your card raised to the penalty rate.
• Your late payment may be added to your credit history and can end up affecting your credit score.

What is the difference between a statement balance and current balance?

Your statement balance shows what you owed on your credit card at the end of your last billing cycle, whereas your current balance reflects how much you actually owe in total at any given moment.

What does the past due amount on a credit card mean?

The past due amount is a sum of the minimum payments you’ve missed plus late fees that have been added to your account since your last payment due date. This total is the amount you must pay to make your account current again.

How can I find out when my credit card bill is due?

The best way to figure out when your credit card bill is due is to read your credit card billing statement. Information about your credit card payment, including the minimum payment amount and the due date, will appear at the top of your statement and on the coupon that you include with your mailed credit card payment.  

What to do if your credit card is past due?

If you can’t afford to pay the full amount required to bring your account current, talk to your creditor or lender about payment options. Your credit card issuer may be able to offer a payment arrangement that will make it easier to get your account out of the hole.

When do I get my credit card statement?

Your credit card statement must is mailed to you 21 days before your due date to give you a chance to take advantage of the grace period, if it applies. If you’ve created an online account to access your credit card account, you can also check your due date by logging in to verify the next payment due date.