How to Read Your Monthly Statement

You'll receive a statement each month, this article covers how to understand the daily interest and other balances.

You'll receive a statement every month that lists all draws & payments on your account, interest changes, and any payments due. 

Key Terms

• "Statement Interest" this is the interest that accrued during the statement cycle – for more information see How Interest Works
  
  • Since interest accrues daily, the accrued interest amount will vary slightly between statements due to different number of days in each month
• "New Balance" is the current amount outstanding on the line as of the Statement Closing Date
• "Available Credit" is the amount of capacity on your line, if you have more Available Credit than Statement Interest, then payments are optional and you may allow the interest to convert to principal without any penalties or fees
• "Due Date" is the deadline to make an optional payment before the interest will convert to principal. If you have a minimum payment required, you will need to make a payment by this date otherwise your line will go overdue
  • Your due date is always the same day each month, for example the 15th or the 3rd

If your Line of Credit was just activated, you'll receive your first statement approximately 30 days after the line was activated.

Minimum Payments

If your New Balance is above your Credit Limit, you are required to make a payment of at least the difference by the Due Date to prevent your line from going overdue. Overdue lines may be closed and/or transferred back to the carrier.

See How Do Payments Work for more information.