Credit Card Payment Basics Explained!

Billing Cycle, Statement Balance, Grace Period and Minimum Payments Explained.
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Credit card payments can be very confusing if you're unfamiliar with their terminology. This compilation video will cover 4 basic credit card terms that'll be helpful for you to understand when making credit card payments. I'll give a brief overview of the billing cycle, statement balance, grace period and minimum payments. Hopefully these basics will help you understand how your credit card works a little better. Enjoy!
Chapters
0:00 Title
0:22 Billing Cycle
3:18 Statement Balance
6:42 Grace Period
8:22 Minimum Payment

[@HonestFinance]

Was this video helpful?

[@aarookee]

Hey, do you need a video editor by any chance?

[@blessedthisday]

@HonestFinance Great Video! Thank you! One question I still had. If you pay the statement balance in full 2 months and regain your interest free charges back - Do you also regain your grace period back? Or once the grace period is lost, then it's gone for the entirety of the credit card? Thanks so much!

[@grantwalderbach02]

Your one of my favorite financial information/advice channels thats helped me out over the years! Thank you!

[@HonestFinance]

Glad I’ve been able to help!

[@winstonjones7912]

Excellent video! Thank you!

[@HonestFinance]

Thank you!

[@1186wolf]

I pay me off my full balance each month regardless to Due Date in fact I keep all my balances at ZERO regardless if Due Date is 5th of the following month I paid all cards by the 30th each month even before I get my Statement. They don't like that! I do it anyway. and sometime I add on any charges coming and paid them at the same time. sometime I end up with a credit owed me which I carry over on the next month.

[@mikeyoung7640]

Questions if you pay the full balance, even after you lose the grace period are you able to get it back once you pay the full balance or you have to wait two months and if you have to wait two months to Quebec to Grays. Can you just not use your card till you get it back I’m curious because I never paid interest on my car because I always make the full payments but I know this people who don’t or sometimes can’t

Say I open a credit card on the 1st, and say I pay that entire balance a week later. Will the credit card refresh the balance to use again before the month ends? Or do I need to wait until the new month begins?

[@EM3Finance]

You ever flex on your card by paying it off every month 😎

[@Morphasella]

Can you draw and sketch on like say a piece of paper, Instead of talking please? Someone like me who is a visual learners, Is very hard to grasp information just by listening.

[@Morphasella]

I really wish to learn every drops of information from this video.

[@survivalistnomad9507]

So is it better to make the payment one week before the due date?

[@HonestFinance]

I do it to be safe and make sure it goes through