How to Figure Out My Credit Card's Statement Closing Date
The credit card closing date affects when your bill will be due each month. finding the closing date for new cards is simple enough, if you know where to look..
January 28, 2022
Most of us receive paychecks weekly or bi-weekly. Yet our credit cards and other bills are usually due once a month.
As you may have noticed, credit card billing cycles often don’t line up with calendar months. You may get your card statement on the 11th of each month, for instance.
Plus, the day you get your statement is not the same day that the payment is actually due. This all creates plenty of confusion for credit card users.
This guide will seek to clear things up. We’ll show you how to find your credit card closing date and due date so that you can plan ahead for upcoming credit card bills.
What is a statement closing date?
The credit card closing date or statement closing date is the final day of the card’s billing cycle. A billing cycle generally lasts either 28, 30 or 31 days, depending on the card issuer.
Essentially, the closing date is the day that the credit card statement is produced and sent to the cardholder.
Any transactions that clear before or on this date will show up on the statement; any transactions made after that date will appear on the next month’s statement.
Payment due date vs. credit card closing date
In figuring out how to read credit card statements, there are two key dates to consider: the statement closing date and the due date. The closing date is not the same as the due date .
The payment due date is generally 21 days after the statement closing date. However, in some cases, a minimum payment may be due by 14 days after the closing date.
For example, if your statement closes on the 3rd of the month, your due date for the full payment would be around the 24th of the same month. Some card issuers may require a minimum payment within 14 days, which would land on the 17th of the month in this example.
If your statement closes on the 18th of the month, the due date would land somewhere around the 9th of the following month. A minimum payment may be due around the 1st or the 2nd of the following month if the payment due date is within 14 days of the statement closing date.
In most cases, the FTC requires that the card issuer credit the payment to your account as soon as they receive it. However, pay attention to any time-based cut-offs. For instance, a card issuer may require you to submit a payment by 6 p.m. ET on the day of the due date, in order to avoid a late payment.
Why the statement date matters
It’s important for cardholders to know when their statement closes for a few reasons:
It determines the payment due date
The due date typically lands 14 to 21 days after the statement closing date, depending on the card issuer. It helps to know this date to plan ahead.
The statement amount will be reported to the credit bureaus
The amount owed when a statement closes is usually the amount of debt that will be reported to the credit bureaus . That means if you pay off the card before the statement closes, a lower balance will be reported to the bureaus.
It’s when you’ll receive digital or physical statements
It’s a good financial practice to manually review your credit card statements each month. This will help remind you of where your money is going , and can also help you catch unauthorized or incorrect charges.
Example of closing date and due date
To demonstrate how these two dates interact, consider the following example.
Jaspal has a credit card that he currently does not carry a balance on. His account's statement closing date is on the 2nd of each month. His card issuer sets the payment due date 21 days after the closing date, so it lands on the 23rd of the month.
Jaspal makes several purchases with his credit card throughout the month. On the 2nd of the month he gets a statement that includes all of the recent transactions.
The payment for this statement is due on the 23rd. If Jaspal pays off the full balance before this due date, he won’t pay anything in interest.
If Jaspal chooses to only make the minimum payment, interest will begin to accrue on the remaining balance. Interest will begin after the 14- or 21-day grace period on the account (the time between the statement closing date and the due date).
How to find your credit card closing date
The statement closing date will show up on your monthly statements. Look for the opening or closing date at the top of the statement, under the summary section.
Some issuers may list a date range that covers the whole statement cycle. For instance, the statement may say “October 15 to November 14 Statement,” indicating that it covers all transactions made between these dates.
You can also contact your card issuer at any time if you have questions about your statement closing date.
If you’ve just recently applied for a card, you won’t have past statements to look at — so finding your credit card statement date looks a little bit different.
When will I find out my closing date on a new card?
If you’ve recently been approved for a new credit card, the best way to find your new closing date is to simply call the card issuer.
The closing date will be predetermined and doesn’t usually have much to do with the date you actually applied. For instance, your first statement may close just a few days after you get your card — or it could close almost a month after. It just depends on how the credit card issuer has it set up.
Some banks tell you your closing date along with your approval letter, but the only guaranteed way to find out your closing date is to contact the card issuer.
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What is the difference between a due date and statement closing date?
Closing date is the last day of a billing cycle, while a due date is the deadline to avoid interest charges.
There are two dates to keep track of when paying your credit cards: the statement closing date and the payment due date. Both are important for saving money, avoiding charges and keeping a healthy credit score .
Let’s look at the differences.
What is a statement closing date?
A credit card closing date, also known as statement closing date is typically the last day of your monthly billing cycle. Purchases made after closing date of your credit card will be reflected on the next month's statement.
This is also the date on which your credit card issuer calculates interest charges . Any purchases or charges after the date will be used to calculate the next month’s payment and interest charges.
For most credit cards, you have a grace period of 21 to 25 days between the statement closing date and the day your payment is due.
While we’re on it: did you know paying your credit card bill before its due date can lower your credit utilization ratio, a key factor in boosting your credit score? You’ll avoid late fees too, another boon for your credit score, and when you pay your balance in full, you’ll save money on interest charges.
So along with your statement closing date, your payment due date is mighty important too.
Quick question generally asked, what is the "next closing date"? next closing date meaning: the upcoming date on which your credit card company will finalize your account's billing cycle. It is the date on which your current billing cycle will end, and a new one will begin. Knowing the next closing date is essential for managing your credit card finances effectively. It allows you to track your spending during the current billing cycle, anticipate the statement amount, and plan for making payments on time. You can find your next closing date on your credit card statement or by checking your online account with the credit card issuer.
What is a payment due date?
A credit card payment due date is your deadline for making an on-time payment . You’ll find your payment due date on your statement each month, along with your balance and your minimum payment. This is the last day to make a minimum payment before incurring late fees or penalties.
It always falls on the same calendar date. For example, if your payment due date is April 25th, your next payment due date will be May 25th – and every 25th day of the month going forward.
Here’s a pro tip: ask your credit card issuer to change your due date if it falls at a bad time of the month. For example, if you usually have more cash at the start of the month, consider shifting to an earlier due date. Your statement cycle will shift accordingly.
What is payment closing date vs due date?
"Payment due date" and "closing date" are terms commonly used in financial and credit card contexts. They refer to different points in time and serve distinct purposes. Let's explore each term:
1. Closing Date The closing date on a card refers to the specific date when a financial transaction is finalized or completed. It is commonly used in the context of real estate transactions, such as when buying or selling a property. On the closing date, all necessary paperwork is signed, funds are transferred, and ownership of the property officially changes hands. For example, if you are buying a house, the closing date is the day when you become the legal owner of the property. It is essential to be aware of the closing date as it signifies the conclusion of the transaction, and you may need to make arrangements accordingly, such as transferring funds or scheduling movers.
A lot of queries come around, 'what is a closing date on a credit card?'. So, the closing date on a credit card is synonymous to Statement Closing Date.
To summarize, the payment due date is the deadline for making a required payment to avoid penalties, while the closing date marks the completion of a financial transaction, particularly in the context of real estate. It's essential to understand these terms and their implications to manage your finances effectively and complete transactions smoothly.
2. Payment Due Date The payment due date is the deadline by which a payment must be made to satisfy an outstanding debt or financial obligation. It is commonly associated with credit cards, loans, utility bills, and other types of recurring payments. For example, if you have a credit card, your monthly credit card statement will include a payment due date, which is typically around 21-25 days after the statement date. To avoid late fees and penalties, you must make at least the minimum payment required by the due date. Failing to make the payment by the due date could result in additional charges and negatively impact your credit score.
What are other important credit card dates?
- Annual fee due date refers to an annual sometimes charged to keep a card open. The annual fee due date can vary between card issuers, but it generally corresponds to your account anniversary.
- Introductory offer date is the date when some special rates and offers no longer apply. Some credit cards come with introductory deals and terms, which end after a specified period of time. Balance transfer deals and introductory interest rates are common introductory offers, and the offer date is important to keep in mind, so you know when the terms apply to your purchases. These offers usually start when your application is approved, not on the day you actually receive your card.
- Credit card expiration date is printed on most credit cards. It’s not the date your account will be closed; it’s just typically the date your card expires. Most credit card issuers will mail a replacement card before your expiration date and sometimes your card number will change. But not always. On receiving the new card, destroy your old card and follow the instructions to activate your new one.
- Transaction dates mark the day when a purchase or charge was made with your card. It’s different from your posting date, which is the day your purchases and charges are applied to your account, usually lagging 2 or 3 days behind the transaction date.
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What Is a Closing Statement? Definition and Examples
Julia Kagan is a financial/consumer journalist and former senior editor, personal finance, of Investopedia.
Erika Rasure is globally-recognized as a leading consumer economics subject matter expert, researcher, and educator. She is a financial therapist and transformational coach, with a special interest in helping women learn how to invest.
What Is a Closing Statement?
A closing statement is a document that records the details of a financial transaction. A homebuyer who finances the purchase will receive a closing statement from the bank, while the home seller will receive one from the real estate agent who handled the sale.
All loans are accompanied by closing statements, though they vary in complexity.
- A mortgage closing statement lists all of the costs and fees associated with the loan, as well as the total amount and payment schedule.
- A closing statement or credit agreement is provided with any type of loan, often with the application itself.
- A seller’s Closing Disclosure is prepared by a settlement agent and lists all commissions and costs in addition to the net total to be paid to the seller.
- With some types of loans, you may receive a Truth in Lending Disclosure form in lieu of a Closing Disclosure.
Understanding the Closing Statement
When financing a home purchase, buyers can expect to see a loan estimate within three days of applying for a mortgage. Prior to closing, the buyer will receive the final Closing Disclosure. If you are the seller, you’ll receive a similar Closing Disclosure that reflects your information along with your rights and obligations as the seller.
The Mortgage Closing Statement
Reading and accepting the final Closing Disclosure is one of the last steps that a borrower must take before signing on the dotted line and accepting the money for a mortgage or refinancing.
The final Closing Disclosure is preceded by the loan estimate , which estimates the various fees and additional charges that the borrower will face at closing. The final Closing Disclosure should not vary significantly from the initial loan estimate. The loan estimate should be received within three days of submitting the loan application.
The final Closing Disclosure must be given to the borrower at least three business days before closing. It contains a detailed list of every fee and charge that the borrower will be required to pay, and to whom it will be paid. The gross amount due will be adjusted to reflect any costs already paid by the borrower.
The final disclosure will even present all of those figures side by side with the initial loan estimate for easy comparison. It also will include the details of the loan, including the interest rate, the amount of the monthly payments, and the payment schedule.
It’s important to carefully review the mortgage closing statement, to ensure that everything is correct and to check for any discrepancies.
Other Loan Closing Statements
Virtually any other type of loan comes with its own closing statement. This document may also be called a settlement sheet or credit agreement .
In a revolving credit loan, such as a new credit card or a bank line of credit, the closing details are usually reported in the credit application, with the borrower’s signature indicating agreement in advance to the lending terms. A more complex document is commonly used for personal loans that involve a large lump sum, with or without collateral.
If you’re getting a reverse mortgage, you wouldn’t get the standard Closing Disclosure. Instead, you would receive a HUD-1 Settlement Statement and a Truth in Lending Disclosure form. If you’re applying for a home equity line of credit (HELOC), you may receive a Truth in Lending Disclosure form but not a HUD-1 Settlement Statement or a Closing Disclosure.
The Truth in Lending Disclosure provides important information about the cost of credit, including your annual percentage rate (APR).
The Seller’s Closing Statement
The seller will receive the final closing documents, including the Closing Disclosure, from a settlement agent working with the title company selected to close the transaction. This will list all of the commissions and fees to be paid, as well as any credits that will be offset against them. The bottom-line figure is how much the seller will receive once the transaction is finalized. The Consumer Financial Protection Bureau requires that the seller receive this statement.
If you’re selling a home at a profit, you’ll need the closing statement to record the details of the sale when you file your taxes.
Components of a Closing Statement
The closing statement includes information related to the cost of buying or selling a home. The form can also include details of the property itself. What’s included on your closing statement can depend on whether you’re the buyer or the seller.
Generally, closing statements can include these components:
- Property details. The closing statement should include basic information about the property, such as the address where it’s located, when it was built, and the type of structure it is (i.e., single-family home, multifamily home, manufactured home, etc.).
- Financial information. The closing statement should also detail the purchase price of the home, deposits paid by the buyer, and seller credits.
- Prorated amounts. If a buyer or seller is paying prorated amounts toward property taxes or homeowners association (HOA) fees, then these also would be included on the closing statement.
- Loan costs. This section of the closing statement would include information relating to the loan, such as points paid, underwriting fees, application fees, and origination fees . Mortgage insurance premiums and prepaid interest also would be included here.
- Miscellaneous loan costs. Other loan costs would be listed under a separate section. That includes appraisal fees, credit report fees, and research fees. Survey fees, inspection fees, and pest inspection fees also would be included on the closing statement.
- Escrow and recording fees. Escrow charges are detailed on the closing statement, along with any recording fees charged by government entities to record the transaction.
- Commissions. The closing statement also would specify what was paid in real estate commissions to the buyer’s agent and the seller’s agent. These costs are typically paid by the seller out of the proceeds of the sale.
This same information is also reported on the Closing Disclosure if your loan requires you to receive one.
Example of Real Estate Closing Statements
The American Land Title Association (ALTA) provides sample closing statements for both buyers and sellers in a real estate transaction. These statements look similar, though there are some slight differences in the information that’s reported. Below is an example of what the seller closing statement looks like. The buyer closing statement can be downloaded on the ALTA website , along with the seller statement.
Consumer Financial Protection Bureau. “ Closing Disclosure Explainer .”
Consumer Financial Protection Bureau. “ Loan Estimate and Closing Disclosure: Your Guides in Choosing the Right Home Loan .”
Consumer Financial Protection Bureau. “ What Is a Closing Disclosure? ”
Consumer Financial Protection Bureau. “ What Is a HUD-1 Settlement Statement? ”
Debt.org “ Consumer Credit & Loans .”
Consumer Financial Protection Bureau. “ TILA-RESPA Integrated Disclosure: Guide to the Loan Estimate and Closing Disclosure Forms ,” Page 48.
State of Hawaii. “ Anatomy of a Closing Statement .”
American Land Title Association. “ ALTA Settlement Statement .”
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Closing Date vs Statement Date: Understanding the Differences to Manage Your Credit Card Payments
Diversified Article , Credit Cards
Table of Contents
When it comes to managing your credit card payments, it’s paramount to keep track of two important dates: the closing date and the statement date. These dates can impact how much you owe and when you need to pay it. As a savvy credit card user, it’s important to understand the differences between these two dates to avoid costly mistakes and keep your finances up to par. Let’s dive right into the nitty-gritty details of what each date means and how you can leverage them to your advantage.
What is the Closing Date?
The closing date is the date on which your billing cycle ends. This means that it is the last day on which any transactions you make will be included in your current billing cycle. After this date, your credit card company will calculate your statement balance, which is the amount you owe for that billing cycle.
For example, if your closing date is on the 15th of the month, any purchases you make on the 16th or later will be included in the next billing cycle. It’s important to keep this date in mind when making purchases, as it can impact how much you owe and when you need to pay it.
It’s worth noting that the closing date can vary depending on your credit card company and account. Some may have a fixed closing date each month, while others may fluctuate based on your billing cycle.
What is the Statement Date?
The statement date is the date on which your credit card company generates your statement. This statement will include your statement balance, which is the amount you owe for that billing cycle. It will also include any minimum payment requirements and due dates.
For example, if your statement date is on the 20th of the month, your credit card company will generate your statement on that day and send it to you either electronically or by mail. This statement will show your balance as of the closing date, along with any interest or fees that have been added since then.
Differences between Closing Date and Statement Date
While the closing date and statement date may sound similar, they play very different roles in determining how much you owe and when you need to pay it. The closing date marks the end of your billing cycle, while the statement date marks the date on which your credit card company generates your statement.
The statement balance on your statement date is calculated based on the transactions made up until your closing date. Any purchases made after the closing date will be included in your next billing cycle. The statement balance is what you will owe for that billing cycle, and it will include any interest or fees that have been added since the closing date.
Why is the Closing Date Important?
The closing date is important because it determines which transactions will be included in your current billing cycle. Any transactions made after the closing date will be included in your next billing cycle. This means that if you make a large purchase just after your closing date, you will have more time to pay it off before it appears in your statement.
It’s also important to keep in mind that your credit utilization ratio is calculated based on your balance as of the closing date. This ratio is the amount of credit you are using compared to your credit limit. A high credit utilization ratio can have a negative impact on your credit score, so it’s important to keep your balance as low as possible before your closing date.
Why is the Statement Date Important?
The statement date is important because it marks the date on which your credit card company generates your statement. This statement will show your statement balance, which is the amount you owe for that billing cycle. It will also include any minimum payment requirements and due dates.
It’s important to review your statement carefully to ensure that there are no errors or fraudulent charges. If you do find any issues, you should contact your credit card company immediately to dispute them.
How to Manage Your Credit Card Payments with Closing and Statement Dates:
Managing your credit card payments with closing and statement dates can be tricky, but there are a few strategies you can use to stay on top of your payments:
Set up automatic payments-
Setting up automatic payments can help ensure that you never miss a payment. You can choose to pay the minimum payment, the statement balance, or a specific amount each month. This can help you avoid late fees and interest charges.
Pay your balance in full-
If possible, it’s always best to pay your balance in full each month. This can help you avoid interest charges and keep your credit utilization ratio low.
Make payments before the due date-
Making payments before the due date can help ensure that your payment is processed on time. It can also help you avoid interest charges and late fees.
Keep track of your spending
Keeping track of your spending can help you stay within your budget and avoid overspending. You can use a budgeting app or spreadsheet to track your expenses and ensure that you’re not spending outside of your budget.
Common Mistakes to Avoid with Closing and Statement Dates:
Missing the payment due date-.
Missing the payment due date can result in late fees, interest charges, and damage to your credit score. It’s paramount to make sure you know when your payment is due and to make your payment on time.
Not reviewing your statement-
Failing to review your statement can result in errors or fraudulent charges going unnoticed. It’s important to review your statement carefully each month to ensure that everything looks correct.
Going over your credit limit-
Going over your credit limit can result in fees and damage to your credit score. It’s crucial to keep track of your spending and stay within your credit limit.
Tips for Using Closing and Statement Dates to Your Potential Advantage:
Pay your balance before the closing date-.
Paying your balance before the closing date can help keep your credit utilization ratio low. This can have a positive impact on your credit score.
Use your grace period-
Many credit cards offer a grace period between the closing date and the payment due date. This means that you have a certain number of days to make your payment without incurring interest charges. Using this grace period can help you avoid interest charges and keep your finances on the right path.
Plan your purchases around your closing date-
Planning your purchases around your closing date can help ensure that they are included in your current billing cycle. This can give you more time to pay them off before they appear in your statement, and you need to make a payment.
Understanding the differences between closing and statement dates is key to managing your credit card payments effectively. By keeping track of these dates and using them to your potential advantage, you can steer clear of costly mistakes and keep your finances together. Remember to review your statement carefully each month, make your payments on time, and keep your credit utilization ratio low. With these tips, you’ll be well on your way to becoming a savvy credit card user.
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How to Read a Credit Card Statement
Table of contents, key points about: reading your credit card statement.
A credit card statement offers a monthly or yearly recap of your account activity and is available online or by mail.
A credit card statement usually includes categories that document your available credit, amount due, due date, credit score, transaction history, and more.
Carefully reviewing your credit card statements can help you manage your spending and catch fraudulent charges.
Understanding each section of your monthly credit card statement is key to managing your credit card account and finances. Reviewing your monthly statement can help you balance your budget and ensure there are no errors or fraudulent charges. But how do you navigate a credit card statement? Follow our easy-to-read guide and learn how to locate transactions, payments, your credit score, and more. Using a Discover ® credit card statement, we’ll also help you decode the terminology, numbers, and interest rates that make up your statement. And while not all statements look the same, most include basics like account information, payment due date, transaction history, and credit limit information. So, let’s get started.
What is a credit card statement?
Think of a credit card statement as an in-depth summary of how you’ve used your credit card throughout a billing cycle. Once a month, your credit card issuer will issue a new statement packed with important details such as your transaction history and payment due date. Some credit card statements also include information about your credit score.
Your most recent credit card statement should be available online (by logging into your account) and by mail (based on your paperless billing preference). Your credit issuer must send your statement at least 21 days before payment is due per the Office of the Comptroller of Currency .
At an overview, you’ll most likely see your statement broken into sections with headers that indicate what each section contains.
Breaking down your monthly credit card statement
Using the overview of our example statement, you can learn about each lettered section by finding the corresponding letter that explains it below.
A. Account information: This section includes some of your basic account information, like the last four digits of your account number.
B. Account summary: An account summary often includes your billing cycle’s start and end date, the previous balance from the last billing cycle, and a list of the sums for each transaction category within the current billing cycle. Categories may include payments and credits, purchases, balance transfers, cash advances, fees, and interest charges. An account summary also provides credit line information.
C. Credit line: Your credit line represents your spending limit.
D. Credit line available: Your available credit equals your credit limit minus your outstanding balance (purchase amounts, cash advances, and applicable interest and fees).
E. New balance: The payment information section of a credit card statement should list your new balance. Your new balance represents the amount of credit you’ve used plus any fees and interest as of the statement close date.
F. Minimum payment due: The payment information section of a credit card statement should also list your minimum payment due. You must pay at least this much by the payment due date to keep your account in good standing. But you can always pay more than the minimum, up to the total balance .
G. Payment due date: You should find your payment due date in the payment information section of a credit card statement.You’ll likely get charged a late fee if you don’t pay the minimum amount by the due date, and paying your credit card late can have other consequences.
H. Credit score: You may find your credit score under the Account Summary section of your credit card statement. 90% of top lenders use FICO® Credit Scores , including Discover. 1
Your credit score is a three-digit number that grades the information on your credit report—the higher the number, the better your credit. Lenders use your credit score to assess your reliability as a borrower, which can influence the approval and terms for car loans, mortgages, credit cards, and more
I. Rewards: The rewards section of your credit card statement should document the amount of cash back , miles, etc., you’ve accrued previously and how much you’ve accumulated in your current billing cycle.
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J. Payment coupon: If you opt for a paper statement, it’ll likely have a payment coupon to include with your check if paying by mail. All the necessary payment information will appear on the coupon.
K. Transactions, fees, and interest: In the transactions section, you’ll find the breakdown of each charge and payment for that billing cycle, listed by date.
A credit card statement’s fees and interest section will show you what, if any, fees or interest you have incurred during your billing cycle and your total fees and interest for the year.
L. Interest type and charges: Your credit card statement might include a breakdown of your interest charges by transaction category and relevant interest rate, like in this interest charge calculation section.Here, you’ll find the annual percentage rates or APRs (for example, purchase APR and cash advance APR) that currently apply to your account, the balances subject to those rates, and the interest charges.
This section may also document what type of APR you have, a variable (fluctuates) or fixed (usually remains the same). Most credit cards offer a variable rate.
Understanding your credit card statement balance
Your credit card statement balance reflects what you owe your card issuer as of the close of your billing cycle (when your billing cycle ends, and your balance gets reported to credit bureaus).
Remember: a credit card statement balance is just a snapshot of one billing cycle. On the other hand, your current balance is like a live feed of your account information. It may show a different amount than your credit card statement balance because of transactions made, and fees charged since your last statement was published.
Your credit card statement balance is the number you should pay off every month to avoid interest. If you think you may miss your statement, you may want to set up automatic bill pay to avoid paying late.
Understanding your year-end credit card statement summary
Along with a monthly credit card statement, you should receive a year-end statement from your credit card company outlining your card activity for the calendar year.
After the year rolls to a close, your year-end statement summarizes the total amount of your purchases, cash advances, and balance transfers for the year. These figures may not reflect your current balance, but they can offer a helpful view of credit card activities for the year.
Your year-end statement may also sort your yearly transactions into spending categories.Sorting your transaction totals can offer a useful overview of your spending patterns, allowing you to see where you’re on track with your budget and where it may need work. Sorting transactions can also help you find tax-deductible expenses. This may be particularly helpful for someone who is self-employed and using their personal credit card for business expenses.
Whether a monthly or year-end statement, understanding how to follow and process your statement details can help you better manage your spending, payments, and even your taxes. Use this guide as a resource for decoding your next credit card statement.
How to Read a Credit Card Statement Ensuring you know the important parts of credit card statements is an important step to making wise financial decisions. Monthly check-ins can ensure your budget is on the right track, and that there are no errors or fraudulent charges that could cost you. You will likely want to review any charges, check your credit score, and ensure any payments are posting as you expect. To help you better understand the terminology credit card companies use and how specific numbers and percentages play into your total account balance, follow our easy-to-read guide. Please note, this is just a Discover credit card statement example. Not all statements will look the same, but each typically will include the same basic information.
This includes the last four digits of your account number and the open and closing dates this credit card statement applies to.
This section summarizes your transactions for this statement, including your payments and credits, purchases, interest charged, fees charged, balance transfers, and cash advances
Your credit line is your spending limit. Interest and fees may reduce the amount of your available credit line.
This number indicates the amount of credit that is still available to you.
This is the amount of credit you have borrowed and have to pay off plus any finance charges, as of the statement close date.
You must pay at least this much by the payment due date. You may always pay more than the minimum, up to the total balance.
If you don’t pay at least the minimum payment by this date, you will be charged a late fee. Depending on your credit card terms, your interest rate may also increase.
Your FICO ® Credit Score is a three-digit number that summarizes the positive and negative information on your credit report. 1 It is used by lenders to quickly assess your credit risk, and it can influence everything from car loans to mortgages to credit cards
The cashback amount you have accrued previously, and how much you have accumulated in the billing period.
All the information necessary to pay your bill repeats here. Include this coupon with your check if paying by mail
In this section, you’ll find a list of all your transactions, or charges and payments, that you’ve made, in the order of the date they occurred.
Here, you’ll find the APRs that currently apply to your account, the balances subject to those rates, and the interest charges.
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Credit card closing date: meaning and implications.
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If you have a credit card, you almost certainly receive emails and notices in the mail each month with such salient account details as your payment activity, overall spending, and incurred fees. You receive this correspondence 12 times per year after your credit card “closing date.”
A closing date occurs after each account billing cycle, which happens once per month. Your billing cycle doesn’t necessarily close on the last day of the month—in fact, it often doesn’t. Your billing cycle is instead decided by the card issuer and often relates to the date when you opened your card.
Billing cycles are a way for the bank to compartmentalize your yearly activity. But a handful of important things happen after your closing date, so it’s important to know when it is. Let’s talk about where to find your closing date and why it matters.
How to find your credit card closing date
Whether you bank primarily online or collect paper statements, finding your credit card account’s closing date is simple. Each bank displays this information slightly differently, but it should always be very apparent. Look for terms such as “closing date” or “billing period.”
With paper statements, your card’s closing date is likely printed in multiple areas. Commonly, you’ll find an “Opening/Closing Date” listed under your account summary with other details such as your purchases, payments, available credit, etc. You may also find it on the bottom right hand corner of the final page of your statement.
Those who bank online should be able to find their statement closing date by simply viewing their transaction history. You can view your account activity by statement period, which immediately reveals your closing date.
Finally, you will likely incur any credit card interest on your statement closing date. Ideally, you should never carry a balance on your credit card due to high APR. But if you do, the fees will almost always post to your account just before your next billing period begins.
Why your credit card closing date matters
Many components of your credit card revolve around the closing date. This can affect the interest you accrue, the health of your credit score, and the cash back or other awards you earn.
For example, many (though not all) credit card issuers only add rewards to your account after your statement closes. They tally up all the money you’ve spent throughout your billing cycle, then deposit a lump sum into your account.
Some credit card benefits even depend on your billing cycle. Take the U.S. Bank Visa® Platinum Card: It offers 0% intro APR on purchases and balance transfers for 18 billing cycles (followed by a 19.49% to 29.49% variable rate, depending on creditworthiness). To avoid fees, you’ll need to ensure you pay off your balance within 18 billing cycles—not within 18 months.
Also, some card issuers wait to report your credit usage to credit bureaus until after your statement closing date. If you’ve got a high balance on your credit card, this could temporarily ding your credit score. That’s because your credit utilization ratio (that is, the percentage of your credit that you’re using) accounts for 30% of your total credit score. For example, if you’ve got $10,000 in credit and you’ve made a $9,000 purchase, the credit bureaus could view that as a red flag .
Closing date vs. payment due date: What’s the difference?
You may erroneously assume that the date your bill is due is the date your new billing cycle begins. But these two things are different.
Put simply, a payment due date is when you are required to make at least the minimum payment on your credit card. A closing date is when your billing cycle ends and a new “statement period” begins. Again, the bank will also account for any interest from hanging balances on your closing date.
Most issuers allow you to change both your payment due date and your statement closing date as long as your account is in good standing.
TIME Stamp: Know your credit card closing date
This information is important for a variety of reasons. You’ll need to know your credit card closing date to avoid interest charges—or if you’d like to know when to expect your credit card rewards to deposit into your account. It’s also a good idea to know your closing date to make sure you pay down your balance before your card issuer reports activity to the credit bureaus.
Frequently asked questions (FAQs)
If i pay my credit card early can i use my credit again.
Yes. Once your payment posts to your credit card, you are free to use that credit again. Just note that continually spending above your available credit each month can be of concern to your card issuer. It may signal the company to perform a financial review, even if you pay off your card frequently. As long as you’re not making any questionable purchases, there shouldn’t be anything to worry about.
When should I pay off my credit card?
You should pay off your credit cards at least once per month on the payment due date. But it can be beneficial to pay it off two or three times per month.
Credit utilization is a big factor in determining your credit score. The lower it is, the better your score.It’s worth noting, though, that it should be above 0% as credit bureaus like to see that you’re using your cards). You can treat your credit cards like debit cards and pay them off soon after a purchase.
How do credit card payments affect my credit score?
Credit card payments make up a massive part of your credit score. Payment history accounts for 35% of your credit score and credit utilization 30%. Making payments often and on time will bolster both and help you to prove yourself reliable with credit.
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How to read your credit card statement
September 28, 2023 | 6 min read
Credit card statements arrive each month to offer a detailed look at what’s going on with a credit card account. In just a few pages, you might find topics from payments to rewards.
That makes your credit card statement a helpful tool to track spending, confirm payment details and identify unauthorized charges. So it helps to know how to read it to get the most out of the information.
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- If you have a credit card, the law requires your issuer to provide a monthly statement when there is account activity.
- Credit card statements might be mailed or provided digitally.
- Statements are generally divided into different sections to provide information about payments, balances, transactions, interest and more.
- Statements might also include account notifications, important information and other terms and conditions.
A payment information box appears near the top of your credit card statement. Here, you’ll likely find:
- Payment due date: A payment toward your balance must be made on or before this date.
- New balance: Sometimes also called a statement balance, this is the total of the payments and credits, fees, interest and unpaid balances on your card since your last billing cycle.
- Minimum payment due: If you’re unable to pay the full balance, you can pay at least this amount to avoid a late fee and keep your account in good standing. Just remember, by paying only the minimum , you could incur interest charges and increase the time it takes to pay off your balance.
- Late payment warning: Depending on your issuer, you may be charged a fee for late payments. This lets you know what that fee could be. Some issuers may also charge increased interest, also referred to as a penalty rate. If so, you may see that rate listed here as well.
- Minimum payment warning: The amount you pay each month can impact how long it takes you to pay off your balance in full. The minimum payment warning shows how long it would take to pay your balance using the minimum if you do not continue to transact on your account. It also shows how much you could wind up paying in interest.
The account summary provides a snapshot of your account activity during the latest billing period. Most summaries begin with your balance at the end of the last billing cycle. You may also see a reminder about your credit limit and how much is still available. Other line items could include:
- Account credits
- Interest charges
- Credit available for cash advance
Further down your statement, you’ll find more details about each of these in the transactions section.
If you have a rewards credit card , your statement might summarize your rewards. It might include:
- Your current and previous rewards balance
- Rewards earned during the current billing period
- Rewards redeemed during the current billing period
The transactions section is where issuers list all the details of your account summary.
Depending on the lender, you may see transactions grouped by date or type. Either way, this will likely include:
- Payments: Any payments you made on your account during the last billing cycle.
- Account credits: This can include refunds, earned rewards or mistakes that have been credited back to you.
- Fees: Issuers are required to provide details about any fees you owe. These could include things like late payment fees or your card’s annual fee. You may also see balance transfer or cash advance fees.
- Interest charges: If you carry a balance from a previous statement, you’ll likely be charged interest . But interest is also typically charged on transactions like cash advances and balance transfers, starting from the date of the transaction. Paying your balance in full every billing cycle can help you pay less in interest than you would if you carried over your balance from month to month.
- Balance transfers : If you transferred funds from a different account to your credit card, the amount you still owe will be shown here.
- Cash advances : This details any cash you withdrew on your account.
This section shows how much you’ve been charged in fees and interest for the current year to date. This can be helpful to review as you’re budgeting for the year or looking for a snapshot of how much you’ve paid in addition to your balance. And remember, paying your full balance each month could help you pay less in interest and fees.
Interest charge calculation
Usually found near the end of your statement, this section explains your card’s interest rates, the balances on your account that are subject to those interest rates and the amount of interest charged.
The notifications section of your statement provides updates that may affect your account. If you’re a Capital One cardholder, you might see explanations of fees, interest charges or your AutoPay selections.
You might also see more general information, like how to contact customer service or use digital tools to find out about recent updates.
Consider going paperless
If you have a Capital One account, you can also go paperless . It takes just a few taps to switch to paperless statements, which can reduce clutter and eliminate the risk of your statement getting lost or stolen in the mail.
Credit card statement FAQ
Here are some answers to questions about reading credit card statements:
Where can I find my credit card statement balance?
You can typically find your balance in the account summary or payment information section. The summary shows the charges and credits since your previous balance or the balance at the end of the last billing period. The payment information shows the new balance, the minimum payment due and the payment due date.
How can I get my credit card statements?
Most credit card issuers give customers the opportunity to request a paper copy or view their statements online. Capital One customers can access theirs through the Capital One Mobile app or by signing in to their online account.
How can I dispute billing errors?
The Fair Credit Billing Act created a standard process for consumers to dispute billing errors without harming their credit. You typically have to report billing errors to the credit card issuer within 60 days of getting your credit card statement. Some creditors may ask you to contact the merchant first.
The Federal Trade Commission (FTC) offers a sample dispute letter that consumers can use to notify the card issuer in writing.
Credit card statements in a nutshell
Reading your credit card statement can help you stay on top of your spending and any changes to your account.
To get a clearer understanding of how it all works, you can check out these common credit card terms .
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