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Previous Balance |
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The previous balance will always appear on a consumer’s most recent credit card statement. The previous balance represents the amount that was outstanding (the New balance) on the date the previous credit card statement was generated. A cardholder’s most current statement will use the previous balance as the starting point for calculating all transactions that took place during the preceding 30-day cycle. The previous balance is also the figure many credit card issuers use as the starting point for calculating finance charges. Payments are subtracted from the previous balance and debits and finance charges are added to it and the end result is the new balance.
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Credit Card Definitions > N - Z > Previous Balance
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