Question
Match each term in the credit card statement to its description. the amount owed by the consumer before the current billing rycle the amount available for the consumer to spend the amount the consumer currently owes
Answer
4.3
(254 Votes)
Dexter
Master · Tutor for 5 years
Answer
1. The 'amount owed by the consumer before the current billing cycle' -> Previous balance2. The 'amount available for the consumer to spend' -> Available credit3. The 'amount the consumer currently owes' -> New balance
Explanation
This question calls for a matching process where one must define key elements of a credit card statement. This is central to understanding how credit card finances operate. 1. The 'amount owed by the consumer before the current billing cycle' references the 'previous balance'. The bill's previous balance represents the overall quantity of money that a consumer had owed before commencing the present billing cycle.2. Perceiving the 'amount available for the consumer to spend', makes Citation 'available credit' is referred to here. 'Available credit' signifies the discrepancy between the consumer's credit limit, that is the maximum amount of purchases the consumer may make courtesy of their credit card and current expenses to be paid.3. 'The amount the consumer currently owes' is synonymous to the 'new balance'. This pertains to the overall charges the individual owes. The new balance showcases an agglomeration of the unpaid previous balance, new expenditures, charges and any other related fee soared up over the instant billing cycle.