When reviewing your credit card in the MAJORITY app, you will see different amounts: card balance, statement balance, and minimum payment due. Each one serves a specific purpose.
Card balance
Your card balance is the total amount you owe on your credit card. Paying it off helps you reduce interest and stay in control of your spending.
Recent purchases and accrued interest may still be pending and not be included in the Card balance yet. Even if you pay the Card balance, you may still owe money on your next statement.
Statement balance
Your statement balance is the total you owed at the end of your last billing cycle. Paying it in full by the statement’s due date helps you reduce interest.
New and pending charges, as well as accrued interest since last statement may not be included in the Statement balance. Even if you pay the Statement balance, you may still owe money on your next statement.
Minimum payment
Your minimum payment due is the smallest amount you need to pay by the due date to keep your account in good standing. Paying more than the minimum payment can help you save on interest charges.
