The date you are supposed to pay your credit card bill is your credit card billing date.
Effective credit card management begins with knowing important information, including your billing date. Knowing your credit card billing date helps you keep a good credit score, avoid late penalties, and maintain a budget.
This article will tell you how to know your credit card billing date.
Are you searching for ‘what is billing cycle in credit card’? Look no further!
The cycle of credit card billing is the interval between the last statement date and the following one. Usually, this period is between 28 to 31 days. This is how it can be divided:
End of the Billing Cycle: Your issuer totals all purchases and fees on this date to create your statement.
Statement Date: Usually, this is exactly what marks the conclusion of your billing month. The issuer sends your statement on this date.
Due Date: Your bill has to be paid by this date. If you want to know ‘after how many days a credit card bill is generated’, it is usually 20 to 25 days after the statement date. This gives you a grace period to pay off your debt without accumulating interest.
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To help understand the billing cycle better, let’s use an example -
|
Start Date |
June 1 |
|
End Date |
June 30 |
|
Statement Date |
June 20 |
|
Due Date |
July 20 |
Under this scenario, the statement dated June 30 will show all purchases made between June 1 and June 30. You have till July 20 to settle the debt free from interest.
Let's learn how you can check your credit card billing cycle. Your credit card billing date can be easily found using these techniques -
Monthly Statement: Your credit card statement shows your billing date every month. Review your most recent statement either electronically or on paper.
Online Banking: You can log into your credit card account through net banking and check your billing date on your statement.
Mobile App: Most credit card issuers have mobile apps where you can view your monthly billing date. You can see it under the statements or billing section.
Customer Service: You can also call the customer support number to find out your billing date.
Email Notifications: Certain issuers provide the billing date in email alerts along with billing details.
You can check your billing cycle both online and offline. Here's a detailed method to verify your billing date online -
Visit your credit card issuer's page and log in using your credentials.
Navigate to the section on ‘Statements’ or ‘Billing’.
Select the most recent statement to view the specifics.
You will find the billing date, along with other important dates, at the top of the statement.
On the other hand, if you want to check your billing cycle offline, just wait for your bill to get delivered. Credit card companies send you the hard copy of the bill at your home address if you have opted for it. You can read the bill and figure out your spends, billing cycle, minimum amount due, and the due date.
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Knowing your billing cycle will provide you with better control of your credit card. These are some facts related to the credit card billing cycle -
Credit card billing cycles are generally between 28 and 31 days. This remains unchanged even if the number of days in a month varies.
Always remember your payment due date to prevent interest charges and late penalties.
Pay off your debt during the grace period to avoid paying interest. The grace period ends on the due date that is mentioned on your credit card statement.
Your available credit and statement balance may suffer if transactions do not get posted straight away.
If you have a balance month after month, interest will be computed using your average daily balance over the billing cycle.
Review your statements often for any variances or illegal activity.
Your credit score may suffer from high balances relative to your credit limit. Try to use your credit sparingly and keep it below 30%.
Credit card companies allow you to make a minimum payment by the due date to avoid penalties. If you are unable to pay off the total bill on a month, you can consider paying just the minimum amount.
However, please note that you will have to incur interest on the remaining amount due. It can be a percentage of your bill or a flat amount depending on the type of credit card you own.
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This article is for informational purposes only and does not constitute financial or legal advice. Always consult with your financial advisor for specific guidance.
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