Your credit card issuer generates a monthly bill, detailing transactions made during your billing cycle. This bill clearly states your total outstanding balance, minimum amount due, and payment due date. Typically, you have around 20-25 days from the bill generation date to settle the payment.
When paying your credit card bill, you can choose different options:
Paying the entire outstanding balance to avoid interest charges
Paying only the minimum required amount, which carries interest charges on the remaining balance
Paying more than the minimum amount but less than the total bill, still incurring interest on unpaid balances
Your statement includes critical information needed for payment, such as your card number, billing amount, due date, and issuer details. Always verify these details to ensure accurate payment processing and avoid delays or additional charges.