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What does outstanding balance mean?

Credit Card Debt discussions & tips

What does outstanding balance mean?

Postby vic » Wed Jun 20, 2012 5:33 am

I recently got a credit card for 700$ and I checked my balance. It said the outstanding balance is 194$ and available credit is 104$. What does this mean? And what will I owe on the day I have to pay off the credit card? Help
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Joined: Tue Mar 22, 2011 4:36 pm

What does outstanding balance mean?

Postby ann » Wed Jun 20, 2012 5:37 am

Your outstanding balance is the amount your have charged and owe on the account. Available credit limit is the amount of your credit line that you can still use to charge stuff. Normally the outstanding balance subtracted from your limit gives you the available credit. But it could be that previous payment hasn't been applied yet to release your limit or there may be authorization holds on the available credit for items that have not yet charged to your account.

Check your actual statement, not just the online account. Always pay from the statement. The statement will tell you the due date, the minimum payment required and the outstanding balance on the statement's closing date. Transactions before the closing date show on the current statement. Transactions after the closing date will show up on the next statement and won't be due till that statement due date.
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What does outstanding balance mean?

Postby ev85 » Wed Jun 20, 2012 5:47 am

An outstanding balance is how much you owe after your last payment is applied to last months balance. Available credit is how much more you can charge on the card given your credit limit. There's about $402 unaccounted for though. My guess is you've spent about $402 this month and that hasn't been added to your outstanding balance yet. If you're available credit is $104, and you have a credit line of $700, you need to pay ~$600 to pay off the credit card, but this might vary some based on your interest rate (interest rate will likely only be applied to $194 if you pay off your card this month, otherwise it will be applied to the balance you roll over to next month).

I suggest you stop using your credit card immediately until you pay it completely off.
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