Credit Card Payment vs Reporting

[jna320]

Hi All,

Really quick question...

Is there a reason why the CC balances on my CR are different than my statements? For example, I have a card with a 200.00 balance, I paid 100.00 on a card, my statement shows my new balance is 100.00 ( which makes sense to me) BUT when it reported to the CRA's it only showed that my balance decreased by 80 dollars or so? I am confused...

Thanks in advance...

[ambivalent]

Hi!

In my limited experience paying attention to this stuff, I think they add interest on the statement close date.  For example, I made 2 payments to my Cap1 card, but on the last one (made same day as the other) I missed the cut-off for posting or something...so my balance was $0, but they reported like $25 because they had added interest.  Hope that makes sense!

[jna320]

Ah ha! I wasnt considering the interest portion of the payment... I guess that wouldnt report?? Thanks soo much for reponding :-)

[ambivalent]

Sure thing!  I was so ticked when I saw my report LOL!