Assuming you are asking about credit cards: The average outstanding balance is the balance that a cardholder has on their credit card at the end of each month. This is different from the current balance, which is the balance that a cardholder has at the time they are making a payment. The average outstanding balance … Read more
A magnetic stripe card is a type of credit card that contains a stripe of magnetic information on the back of the card. This stripe can be read by a card reader and is used to store information about the cardholder, such as the account number, expiration date, and security code. The magnetic stripe is … Read more
A late fee is a charge that is assessed by a credit card issuer when a credit card holder fails to make a minimum payment on their account by the due date. Late fees are typically assessed on a monthly basis, and the amount of the fee varies depending on the card issuer and the … Read more
A reference number is a unique number assigned to a transaction that can be used to track and verify the transaction. Reference numbers are typically assigned by the merchant or issuer and are printed on the receipt or statement. What do you put in payment reference? There are a few things that you can put … Read more
The processing date is the date on which a credit card transaction is processed by the card issuer. This date is typically printed on the customer’s statement. The processing date is used to determine the interest rate that will be applied to the transaction, as well as any grace period that may be applicable. What … Read more
The Previous Balance Method is the most common method used by credit card issuers to calculate interest charges. Under this method, your interest charge is based on the balance on your statement from the previous month. This balance is often referred to as the “average daily balance.” What is the average daily balance method? The … Read more
