For the love of God, can someone explain how to read the online statement?

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leftylee
 
Posts: 1
Joined: Fri Apr 11, 2014 11:42 pm
Location: Atlanta, GA

For the love of God, can someone explain how to read the online statement?

Postby leftylee » Sat Apr 12, 2014 12:14 am

New card member here...can someone help me understand the numbers that show up on my online statement.

1. How can I find the current, as of right now, account balance. And by account balance, I mean all the charges I've ever made, up through today, minus all the payments I've made minus all the credits.
2. How is the amount labeled Outstanding Balance, displayed on the Pay Bill page, computed?
3. Is Current Balance, also shown on the Pay Bill page, the amount that I'm obligated to pay in order to consider my bill paid in full?

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Those are the questions I'd like help with.

:rant: But would you indulge my ranting for a moment? I've never seen a set of numbers so difficult to understand as these. (OK except maybe the statements I get from the insurance company.)
Having been an accountant in the past, I would expect a set of number like this to add up to the total shown:
Payments: -1608.13
Charges 1142.83
Credits -87.22
Total 1055.61

But they don't. It appears that "Total" is actually "Total Charges minus credits". To find out the REAL total, I have to take out a calculator. Seriously?
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I would appreciate any insight from more seasoned card members. Thanks


travisrauh
Centurion Member
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Location: Fort Lauderdale, FL

Postby travisrauh » Sat Apr 12, 2014 5:32 pm

Hello,

Your Current Balance is your statement balance, minus all payments and credits. This number must be paid in order to avoid interest.
Your Outstanding Balance is your total amount that will eventually be owed to us it includes all charges posted (but not pending) up to now. This is really only important to keeping track of your total debt exposure and if you wish to pay off your entire balance owed on the account.

In order to avoid confusion, I suggest paying attention more to your Current Balance.
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takeshi
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Location: US

Postby takeshi » Mon Apr 14, 2014 8:31 am

Sounds like you're referring to the account home page as the online statement (which is accessed via the "Go to Online Statement" link) but you don't have to refer to the online statement to find your current balance.

leftylee wrote:Having been an accountant in the past

I'm not an accountant and I've never had problems finding my current balance with any creditor's web site.
Sounds like your expectations are making things difficult.

Spunky
Gold Member
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Joined: Fri Sep 27, 2013 1:37 pm
Location: Minnesota

Postby Spunky » Mon Apr 14, 2014 10:45 am

Having been an accountant in the past, I would expect a set of number like this to add up to the total shown:
Payments: -1608.13
Charges 1142.83
Credits -87.22
Total 1055.61


That breakdown (and then some) appears at the bottom of the online statement. Should be something like:

Previous Balance as of 2/14/14............1234.00
Payments.............................................-1234.00
Charges.................................................4567.00
Fees.............................................................0.00
Interest Charged..........................................0.00
Credits........................................................10.00
New Balance..........................................4557.00
Minimum Payment Due*........................2333.00


The "New Balance" should appear as "Statement Balance" on the home screen and is what you owe to not incur interest. Outstanding balance is everything to date.

Do you see something different?
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