What Does “CR” Mean on a Bank Statement?
Follow Us:
Twitter
The “CR” next to a monetary amount on a bank or credit card statement represents a credit made to the account. A credit is when money is added to the account.
If a credit has been made to a credit card account, it reduces the payment needed to pay off that card. When one purchases a product or service on a credit or debit card, it is called a debit transaction. A debit transaction on a credit card increases the payment needed to pay off that card. A debit transaction on a bank card deducts the amount spent from the amount that is present in the account.
