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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. |
