There’s a lot of information on your credit card statement, and it’s easy to get overwhelmed. You might see several dates, including your billing period, closing date, payment due date and a date for each transaction. The credit card closing date marks the end of your billing cycle. This is the last day any charges can be applied to your current statement. On this day, your issuer tallies all transactions, interest and fees to generate your statement balance for the billing period.
Here, we’ll explore the difference between a closing date and a payment due date, where to find your closing date and when to pay your balance.
Closing date vs. payment due date
Here’s what these dates mean:
- Closing date: The final day of your billing cycle is when your total balance is tallied. Billing cycles typically last around a month but may not end on the last day of the month, so check your credit card statement for specifics. If your statement shows the billing period, the earlier date is the beginning of the billing period and the later date is your statement closing date.
- Payment due date: The deadline to pay the minimum amount due is the payment due date. If you miss this date or make a partial payment, the payment is considered late and you may be charged late fees and interest charges. The due date can vary by credit card and issuer, but it must be at least 21 days after the closing date.
Where can you find your credit card closing date?
You can typically find your credit card closing date online or on your printed billing statement. You might also see a “billing period.” The closing date is the last day of the billing period. To check your closing date online, use your banking app or log into your account.
When should you pay your credit card?
You should try and pay your credit card statement balance by the payment due date. It’s important to pay at least the minimum amount due by the payment due date. If you pay less than the minimum or miss the deadline, you can incur late fees and interest charges.
After your credit card closing date, you will be able to see both your minimum amount due and your full statement balance. If you can, it’s a good idea to pay the full statement balance by the due date. This can help you avoid interest charges and late fees.
Disclosure: This article is for educational purposes. It is not intended to provide legal, investment, or financial advice and is not a substitute for professional advice. It does not indicate the availability of any Citi product or service. For advice about your specific circumstances, you should consult a qualified professional.
