Credit Card account overview Closing date

Your credit card transactions are billed to you in time known as billing cycles. The last day of the cycle is known as your account statement closing date. Your account statement date is important for a few reasons. This is the date financing costs are calculated and added to your balance. It is also the date on which your account statement has been prepared. All transactions you made between the previous account statement closing date and the current instruction closing date will be included the account overview that is generated on the account overview closing date.

Since your credit card statement displays the balance as of your account statement closing date, your current credit card balance may be different if you make purchases or payments because your account statement closes. Your payment is the payment printed on your credit card.


Account Statement Closing Date vs. Payment Due Date

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Your account statement closing date is not your due date. In fact, you should send a few days after your account statement closing date at least the minimum credit card payment and be considered on time.

Your payment due date must be at least 21 days after your account statement is sent to you to allow you enough time to make your credit card payment. If you want to avoid a grace period for financing expenses, your balance to be paid is full and you will not have any interest charges on your next account statement. Your payment due date will fall on the same calendar day of the month, which makes it easier to make your payment on time.


Credit Reporting Date

Credit Reporting Date

Many credit card issuers report your account details to the credit bureaus once a month on the account statement closing date. This can be particularly important if you are trying to keep your reported balances low to improve your credit score or to be approved for a large loan. The status account, balance sheet, credit limit, and the most recent pay amount starting from the most recent account closing date are sent to the credit bureau, the amount of your credit report and included in your credit score.

If you were late on a previous credit card payment, catching up on your payment for your account statement closing date saves you from having an extra late payment added to your credit report.


When Is your account statement Closing date?

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Knowing your account statement closing date can be useful if you want to pay your balance before your billing cycle ends. This is especially important if you want to reduce your balance for credit reporting purposes. Having a low – or zero balance – stated on your credit report will improve your credit utilization rate and can improve your credit score.

Your credit card account statement does not characterize the upcoming closing date, which can make it a bit difficult to time your credit card payments just right. But you can calculate it by adding the number of days in the billing cycle to the previous account statement closing date (which is on your account statement). For example, suppose your previous credit card statement had an account closing date of April 2 and there are 29 days in your billing cycle. Your next account statement closing date would be May 1. All transactions between April 3 and May 1 will be recorded on your next credit card account statement.

The length of your billing cycle can be different for all your credit cards. If you do not see the length of the cycle on your credit card statement, you can calculate by subtracting the data in your most recent billing cycle.

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