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.
Your 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 that date, your issuer has all the information they need to tally your transactions, interest and fees and generate your statement balance for the billing period.
Let’s explore the difference between a closing date and a payment due date, where to find your closing date and when to pay your balance.
When is your credit card closing date?
Your closing date falls at the end of your billing cycle, which typically lasts 28 to 31 days, depending on the length of the current month. For example, if your billing cycle starts on the first day of the month, your closing date might fall on the 30th.
Closing date vs. payment due date
Your credit card closing date and the payment due date are not the same. There are key differences in what these terms mean as well as when they occur:
- Closing date: This is the final day of your billing cycle, when your total balance may be tallied. Billing cycles typically last around a month but may not end on the last day of the month, so you’ll need to check your credit card statement for specifics.
- Payment due date: This is your deadline to pay the minimum amount due, and it falls on the same date each month. If you miss this date or make a partial payment, the payment is considered late. You may be charged a late fee and have a penalty annual percentage rate (APR) applied to your account.
Your credit card payment due date can vary by credit card and issuer, but it must be at least 25 days after your 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. Some issuers may instead refer to a “billing period,” in which case your closing date is the last day of that period.
To check your closing date online, use your banking app or log into your account.
When should you pay your credit card?
In general, it’s best to make your credit card minimum payment by the due date to avoid issues like fees, a higher interest rate and credit score damage. After your credit card closing date, you’ll be able to see both your minimum amount due and your full statement balance. If possible, paying off your statement balance each month can also help you avoid paying interest on your purchases.
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.
