{"id":60986,"date":"2024-01-29T17:56:37","date_gmt":"2024-01-29T09:56:37","guid":{"rendered":"https:\/\/www.imoney.my\/articles\/?p=60986"},"modified":"2024-01-29T17:56:37","modified_gmt":"2024-01-29T09:56:37","slug":"credit-card-balance-payoff","status":"publish","type":"post","link":"https:\/\/www.imoney.my\/articles\/credit-card-balance-payoff","title":{"rendered":"Understanding Credit Card Payments; Which One Should You Pay?"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">If you\u2019ve been following us for some time, you should already know by now that we have always advocated the usefulness of credit cards. This is because if used correctly, a credit card can help you manage your finances.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, as you\u2019ve seen from the sentence above, it does come with a caveat. A credit card is a double-edged sword, it\u2019s very useful if you know how to manage it correctly, but it can also cause serious damage to your finances if you don\u2019t handle it properly.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Which is why in this article, we\u2019re going to help you manage your credit card properly; by helping you understand which balance you should pay off first on your credit card.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Understanding-your-credit-card-statement\"><\/span>Understanding your credit card statement<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">So the first and perhaps most important step to understanding your credit card better, is by understanding your credit card statement.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Here\u2019s an example of a credit card statement;<\/span><\/p>\n<p><a href=\"https:\/\/static.imoney.my\/articles\/wp-content\/uploads\/2024\/01\/29152253\/statement-cc.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-60987 size-full\" src=\"https:\/\/static.imoney.my\/articles\/wp-content\/uploads\/2024\/01\/29152253\/statement-cc.png\" alt=\"\" width=\"1084\" height=\"843\" srcset=\"https:\/\/static.imoney.my\/articles\/wp-content\/uploads\/2024\/01\/29152253\/statement-cc.png 1084w, https:\/\/static.imoney.my\/articles\/wp-content\/uploads\/2024\/01\/29152253\/statement-cc-300x233.png 300w, https:\/\/static.imoney.my\/articles\/wp-content\/uploads\/2024\/01\/29152253\/statement-cc-800x622.png 800w, https:\/\/static.imoney.my\/articles\/wp-content\/uploads\/2024\/01\/29152253\/statement-cc-768x597.png 768w\" sizes=\"(max-width: 1084px) 100vw, 1084px\" \/><\/a><\/p>\n<p><span style=\"font-weight: 400;\">In this statement, the most important thing for you to understand is four sections on top of the statement. Here, you can see four things;<\/span><\/p>\n<ul>\n<li><b>Statement date,<\/b><\/li>\n<li><b>Payment due date,<\/b><\/li>\n<li aria-level=\"1\"><b>Minimum payment due, and<\/b><\/li>\n<li aria-level=\"1\"><b>Combined credit limit<\/b><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Let\u2019s explore what these four things actually mean.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Statement-date\"><\/span>Statement date<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">The statement date is when your credit card statement is issued every month.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This means that any spending on your credit card <\/span><b>starting from<\/b><span style=\"font-weight: 400;\"> the previous statement date to the day <\/span><b>before<\/b><span style=\"font-weight: 400;\"> the current statement date will be included in your current statement.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">So for example; if a credit card statement\u2019s statement date is on the 28th of each month, the statement will contain all the charges made on your credit card from the 28th of the previous month, to the 27th of the current month.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Payment-due-date\"><\/span>Payment due date<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Between the two, the payment due date is the simpler one to understand.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The payment due date is the date before which you have to make your credit card payment. If you don\u2019t make your credit card payment before the payment due date, you will be charged with something called the <\/span><b>late payment charge.<\/b><\/p>\n<p><span style=\"font-weight: 400;\">The late payment charge differs for each credit card. You will have to check with your credit card provider for the details of the late payment charge.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Minimum-payment-due\"><\/span>Minimum payment due<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">The minimum payment due is the amount you have to pay each month. If you do not pay at least the minimum amount, you will be levied a late charge by your credit card provider. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">We\u2019ll talk more about this later on in the article.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Combined-credit-limit\"><\/span>Combined credit limit<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">A credit limit is the maximum amount you can charge on your credit card, before your credit card gets declined.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For example, if you have a RM5000 credit limit on your credit card, you can spend only a total of RM5000 on your credit card, before you have to make a payment on your credit card.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you have two or more credit cards from the same credit card provider, the credit limit of the cards will be combined; hence the combined credit limit.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">So now that we understand the four top sections that you need to know on your credit card statement, let\u2019s have a look at the typical balances a credit card will have.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Understanding-the-different-types-of-credit-card-balances\"><\/span>Understanding the different types of credit card balances<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Typically, a credit card statement will have three different types of payment options.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Different vendors will have different types as well, such as the previously mentioned combined credit limit, previous balance, interest, and total balance due.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">But for the purpose of this article, we\u2019re going to be talking about these three types of payment options.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">These three payment options are ;<\/span><\/p>\n<ul>\n<li aria-level=\"1\"><b>Statement balance<\/b><\/li>\n<li aria-level=\"1\"><b>Outstanding balance<\/b><\/li>\n<li aria-level=\"1\"><b>Minimum payment\u00a0<\/b><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Here\u2019s what these three balances actually means;<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Statement-balance\"><\/span><b>Statement balance<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">The statement balance, also known as the current balance, actually records the amount of money that is charged to your credit card for your current credit card statement.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">So let\u2019s say for the statement date of 28th July 2023, your credit card statement balance is RM3500. This means that for the past month that is included in that statement, you have spent RM3500 on your credit card.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">One important thing to note about this is that when you make your credit card payment, and you pay off your statement balance, the displayed statement balance in your banking app will not be reset to zero, even if you\u2019ve paid the whole amount.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This is because the displayed amount is to display how much you\u2019ve spent using the card for the current statement period. It doesn\u2019t reflect the payment status.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">So even if you\u2019ve paid your whole statement balance and you still see the big number staring at you on your screen, don\u2019t worry.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Outstanding-balance\"><\/span><b>Outstanding balance<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Then if that\u2019s the statement balance, what does it mean by the outstanding balance?<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The outstanding balance is simply the amount you owe the bank. So when you make a charge on your credit card, the amount will be reflected on your outstanding balance.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This also applies to when you make payments on your credit card. The amount you pay will be deducted from your outstanding balance.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The outstanding balance will also reflect the amount that you haven\u2019t paid from your statement balance. If you did not pay the statement balance in full, the leftover amount will be reflected in the outstanding balance<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Here\u2019s an example;<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><div class=\"block\"><div><\/div><\/div> Ali has a credit card with credit card provider A. Ali\u2019s credit card has a statement balance of RM3000.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Ali makes a payment of RM1500 for this month. This means that Ali\u2019s outstanding balance will be shown as RM1500. <div class=\"block\"><div><\/div><\/div><\/span><\/p>\n<p>What\u2019s the difference between outstanding balance and statement balance in the section above? Simply put, the outstanding balance is the total amount you owe. The statement balance shows only what you owe when the last billing cycle (usually 28 days) ended.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Minimum-payment\"><\/span>Minimum payment<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">And finally, the minimum payment is the amount that you have to pay every month. If you pay less than the minimum payment amount, then you can be charged with late fees as well.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Usually, the minimum payment is calculated as a small percentage of your credit card balance, often 1% to 4%, or a predetermined fixed amount, whichever is higher.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">So, now time to answer the million dollar question &#8211; <\/span><i><span style=\"font-weight: 400;\">which balance do I pay off?<\/span><\/i><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Paying-off-specific-balance\"><\/span>Paying off specific balance<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Before we can determine which balance you should pay off, first we need to know what happens when you pay off a specific balance.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">So here\u2019s what will happen when you pay only one of these balances.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Statement-balance-2\"><\/span>Statement balance<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">When you pay your statement balance, it means that you are paying off all your credit card purchases or charges made on your credit card before the date <\/span><b>that statement was prepared<\/b> <b>only.<\/b><\/p>\n<p><span style=\"font-weight: 400;\">This means that if you have spent on your credit card after the date the statement was prepared, it will be reflected in your outstanding balance.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Outstanding-balance-2\"><\/span>Outstanding balance<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Paying off the outstanding balance on your credit card basically means that you are paying off your credit card in full. This means that you will no longer owe the credit card anything, as you\u2019ve paid everything off.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Minimum-amount\"><\/span>Minimum amount<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Now if you only pay off your minimum amount on your credit card, you are the banks\u2019 favorite type of customer.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This is because when you pay off only your minimum amount, you are actually making very little progress towards clearing your credit card debt. If your debt is high enough, chances are that you\u2019re only paying off your interest.<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"So-which-one-should-you-pay\"><\/span><b>So which one should you pay?<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">So now that we\u2019ve clarified what happens when you pay off all the balances, which balance should you be paying off?<\/span><\/p>\n<p><span style=\"font-weight: 400;\">To be honest, the answer to this question depends entirely on you, and your needs.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Obviously, paying off the entire outstanding balance every month will be the best choice as it will completely pay off your debt and there will not be any unpaid balances left.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, asking everyone to pay off their entire credit card debt can be quite unrealistic. Besides, you can take advantage of the grace period to &#8216;float&#8217; your charges made after the statement balance. Paying the statement balance also means you get to enjoy the grace period interest free. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">This why some people choose to slowly work through their debt by paying off their statement balance monthly. The downside is that you have to remember you still have some unpaid charges to pay at the next statement balance cycle.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">But one thing\u2019s for sure &#8211; whatever you do, try and avoid only paying off your minimum payment!\u00a0 All it will do is increase the amount you have to pay in interest.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p> In this article, we\u2019re going to explore what each credit card balance means, and which one you should pay first.<\/p>\n","protected":false},"author":51,"featured_media":61006,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[227,256,218],"tags":[754,1948,714,766,1048],"class_list":["post-60986","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-credit-card","category-lifestyle","category-money-management","tag-credit-card","tag-credit-card-payment","tag-credit-cards","tag-money-management","tag-saving-tips"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Which Credit Card Balance Should You Pay Off First?<\/title>\n<meta name=\"description\" content=\"A credit card is a helpful tool to have, but do you really know which balance you should pay first? 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