What is the amount of money you still owe to their credit card company called everfi answers?

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15-02-2018
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What is the amount of money you still owe to their credit card company called everfi answers?

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celai celai · Answer 1 · 2018-02-24T15:35:34+01:00

The answer is credit card balance. A credit card balance is the sum of money payable to the credit card company. A new credit card balance may take up to 24 hours to bring up-to-date after a payment has been administered dependent on the Credit Card Company and technique of compensation engaged. The balance can be negative, positive or zero liable on if money is owed if a compensation more than the balance was made or the balance was compensated in complete.

Ritushar Ritushar · Answer 2 · 2019-08-21T14:01:21+02:00

The fund owed by the credit card holder is known as credit card balance.

Further Explanation:

Credit card:

Generally, Credit card is issued by financial institutes such as banks. Credit card is a plastic card that allows the cardholders to borrow the funds from the respective bank and then spend the funds as per their requirements. A credit card can be used for the purchase of goods and services.

Generally, a credit card has a specific limit. It is known as a line of credit (LOC). The cardholder can withdraw or use the funds up to the LOC. The cardholder has to pay the borrowed amount along with interest on the borrowed funds after a specific period of time, which is defined and stated at the time of issuing the credit card.

Amount of money owed by the credit card company:

The bank issues the credit card with a credit limit. When the user of the credit card uses the funds from the credit card, the fund used by the cardholder is known as credit card balance. The credit cardholder has to pay the used funds to the bank. The due balance is known as credit card balance.

Example: If the bank issues a credit card with a line of credit of $10,000 and the cardholder use $8,000 from the credit card; the money owed by the credit card company is known as credit card balance. Cardholder has to pay the credit card balance to the bank.

Thus, the fund owed by the credit card holder is known as credit card balance.

Learn more:

1. Common credit card fee

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2. Charging fee in case of credit card

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3. Consequences of non-payment of monthly credit card payment

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Answer details:

Grade: Senior School

Subject: Business Studies

Chapter: Money and Banking

Keywords: Credit card, Charges, Credit card charges, Credit card company, Bank, Financial institute, Money, Funds, Fee, Line of credit, Amount owe to credit card company, Amount of money.