The first step in doing a credit card payment is to understand your monthly billing. The following are terms you will encounter:
Statement date The date that the bill was printed.
Payment due date this is the day that the cardholder must pay any outstanding balance. Payments made after the said date will be credited, but will also be fined a lateness fee.
Total Amount Due It consist of the unpaid amount from the previous month, as well as purchases, payments and interest charges for the current month. When the cardholder pays this amount on or before the payment due date, no interest charges will be imposed.
Minimum Amount Due this is a smaller fraction of the total amount due. To maintain a good standing with the card company, pay at least this amount, if you cannot afford to pay the total amount due.
Finance charge if the cardholder is not able to pay the total amount due, then he is charged a fee for borrowing money from the company. It is calculated based on the interest rate of the card. For detailed information on how this is calculated, go to http://www.abcguides.com/creditcards/cci_faq.htm#finance_charges.
Late charges ...
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