Credit Card Balance

Last weekend, you took a trip to Target. Then, when you were asleep, your wife took your credit card and went out and bought 23 picture frames and uploaded every picture she’s taken over the last 15 months to Shutterfly. Now, you’ve just received $256 in printed pictures, and they’ll remain in a box forever. That said, the payment made with your credit card will go directly onto your credit card balance.

This “balance” is the amount of money you owe your credit card company. Typically, card users have a day each month that their balance is due and their statement is issued. If you allow your credit card balance to go beyond your payment date, you may face late fees or pay interest on the balance. If you pay off the amount that you owe, you now have “zero balance.” Zero never felt so good.