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Yes.... a credit card balance is money owed by the card-holder to the company. Therefore it is a liability.
Wiki User
∙ 7y ago
Wiki User
∙ 7y agoYes. Something you owe to somebody else is a liability.
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Can you transfer a spouse's credit balance to credit card?
Yes, you can transfer any balance you want to your credit card. Note if you transfer the balance to your credit card, you are now liable for the full debt and not him unless he is an authorized user on the credit card.
What does chase balance transfer stand for?
A balance transfer is the transfer of balance in an account or a credit card to another account.It also refers to transfer of outstanding balance from one credit card to another credit card.
What is outstandanding balance in a credit card?
The outstanding balance is very simply the amount of debt that you have charged on the credit card. You owe that amount to the credit card company.
What is balance transfer credit card?
A balance transfer credit card is offered when a business lets you transfer the balance from your old credit card to a new credit card with little to no cost. It's often much cheaper than getting a new credit card from a large or expensive business.
What is the best credit card for balance transfer?
There are many good credit cards for balance transfer. For example, Visa credit card provides a good balance transfer service. American Express credit card does too.
How is a liability increased by a credit or debit?
Liability has credit balance as normal balance so credit increases the liability which means addition to current liability will increase the overall liability and reduction in liability will reduce overall liability.
What would decrease liability?
Debit balance would decrease the liability as credit balance increases the liability.
What does it mean to transfer credit card balance?
To transfer a credit card balance means to use the available credit on one credit card to pay off the balance of another credit card. This is often done by credit card holders to pay back a balance at a lower rate.
What is the normal balance for an liability account?
Credit
What is the normal balance for accounts payable?
Accounts payable is a liability account and all liability accounts have credit balance as normal balance so accounts payable is also credit as a normal balance
What is the balance on your new credit card?
There is no one balance on a credit card, they are all different.
Are accrued expenses a debit or credit balance?
credit because it is a liability.
Does sales tax payable have a normal credit balance?
All payable maintain a credit balance. A payable is a liability account and therefore like a liability does increase with a credit and decrease with a debit.
Is interest payable a credit or debit?
Interest payable is liability account and have a credit balance as a normal balance.
Can you transfer a spouse's credit balance to credit card?
Yes, you can transfer any balance you want to your credit card. Note if you transfer the balance to your credit card, you are now liable for the full debt and not him unless he is an authorized user on the credit card.
Does accrued salaries have a debit or credit balance?
Credit; liability accounts are always credit
Is unearned rent a liability with a credit balance?
Yes unearned rent is that amount which is already received but which is not due to be received yet that's why it is shown in liability section of balance sheet and it has credit balance.
