By LaToya Irby
Edited by Michelle TipswordWhat Is the Statement Balance on a Credit Card?
By LaToya IrbyEdited by Michelle Tipsword
Quick Answer
The statement balance on a credit card is the amount you owe at the end of the billing cycle. It includes any previous unpaid balance and transactions that posted to your account during the billing cycle.
Your credit card balance changes as purchases, payments and other transactions are posted to your account. The amount you owe on your credit card at the end of each billing cycle—when you get a bill from your credit card company—is your statement balance. It's different from the current balance, which is the real-time amount you owe.
What Is a Statement Balance?
A statement balance is the amount you owe on your credit card at the end of the billing cycle—the length of time between billing dates, usually 28 to 31 days. This amount appears on your monthly billing statement and includes all transactions that posted to your account during that billing cycle. This includes:
- Any previously unpaid balance
- Purchases
- Payments made
- Balance transfers
- Cash advances
- Credits and refunds
- Rewards redemptions
- Interest charges
- Penalty fees
- Foreign transaction fees
Example: If you start a current billing cycle with a $0 balance and make a single $300 purchase without paying it off, your statement balance at the end of the billing cycle will be $300.
Your minimum payment is calculated as a percentage of your statement balance. If your balance is low, your minimum payment may be the entire statement balance.
Learn more: How Do Credit Cards Work?
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How to Find Your Statement Balance
You can find your statement balance in several places.
- On your monthly credit card statement: Look near the top of your credit card statement for the "statement balance" or "new balance." This amount won't change until your next billing cycle closes.
- Online or through the mobile app: Log in to your account and look for the statement balance or new balance. This amount may be different from your current balance if you've made purchases or payments since your billing statement was printed.
- By calling customer service: Call the number on the back of your credit card to get your statement balance, current balance and available credit through the automated system.
Tip: If your current balance is higher than your statement balance, it means new transactions have posted since the billing cycle ended.
Credit Card Statement Balance vs. Current Balance
When you check your account through the app or over the phone, you may see two different balances: a statement balance and current balance. Understanding the difference between these two can help you stay on top of payments and protect your credit score.
Statement Balance
A statement balance is the balance on your account when the billing cycle ends. It includes all the payments, purchases, interest and other transactions that posted to your account in that billing cycle. The statement balance doesn't change until the next statement closes.
A grace period allows you to avoid interest on new purchases when you pay your statement balance in full by the due date. To keep a grace period active, you must pay the full balance owed each billing cycle. If you carry a balance, you'll typically lose the grace period and interest will begin accruing on the remaining balance and new purchases until you pay your balance in full again.
Current Balance
A current balance is the amount you owe your credit issuer right now. It may be different from your statement balance since it reflects transactions that posted to your account since your last statement closed. In fact, your current balance changes throughout the month as you use your card and make payments.
You can check your current balance online or through the app. You may see pending transactions or authorization holds. While these aren't included in your current balance, they may lower your available credit.
Learn more: How Do Account Balances Affect Your Credit?
Why You Should Pay Your Statement Balance in Full
While your credit card issuer only requires you to make the minimum payment, paying the full statement balance has several advantages.
- Avoid interest. Balances you carry from month to month are subject to interest. Paying your full statement balance allows you to avoid interest and keeps your grace period active.
- Avoid accumulating debt. Over time, your balance will grow if you continue using your credit card without paying the full statement balance. Carrying a balance from month to month increases the risk of maxing out your credit card.
- Protect your credit score. Your statement balance is the balance reported to the credit bureaus and updated on your credit report. A high statement balance can affect your credit utilization ratio—your balance compared to your credit limit—and negatively impact your credit score.
- Maximize rewards. If you use your credit card for cash back, points or miles, paying in full allows you to enjoy your rewards without interest cutting into the value.
Tip: Setting an automatic payment for the statement balance protects your credit score and helps you avoid interest. Confirm you have enough funds in your bank account, though, so you don't overdraw your account.
Learn more: What Happens if You Only Pay the Minimum on Your Credit Card?
The Bottom Line
Understanding the difference between your statement balance and current balance can help you manage your credit card. Paying your statement balance in full can help you avoid interest, manage debt and protect your credit.
You can check your credit report for free to see how your statement balance is reported. If the balance on your credit report is affecting your credit utilization, try paying down your balance before the billing cycle. A lower statement balance can improve your utilization ratio and your credit score.
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About the author
LaToya Irby
LaToya Irby is a personal finance writer who works with consumer media outlets to help people navigate their money and credit. She’s been published and quoted extensively in USA Today, U.S. News and World Report, myFICO, Investopedia, The Balance and more.
Read more from LaToya