In this article, we’re explaining what a credit card closing date is and answering all your related questions.
This article is part of our free series on credit card basics, including how to get a credit card with an ITIN number, which you can access by clicking here.
Feel free to use the table of contents to jump ahead to the sections most relevant to you.
Table of Contents
- Credit Card Closing Date
- Credit Card Closing Date vs Credit Card Due Date
- What Happens If I Don’t Pay My Credit Card Bill Before the Closing Date?
- Frequently Asked Questions
- Ready to Open Accounts With Banks in the USA?
What Is a Credit Card Closing Date?
The credit card closing date refers to the last day of a credit card billing cycle. This is the last day that charges will be added to your credit card for the current period. Any charges that are incurred after the closing date will be added to the next cycle, which begins on the day immediately after the closing date.
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Credit Card Closing Date vs Credit Card Due Date
The main difference between the closing date and the due date is that the closing date is when charges stop being applied to the current cycle and the due date is when payment for the current cycle is due. In other words, payment for the charges incurred before the closing date needs to be paid by the due date.
Does My Credit Card Statement Show My Card Closing Date or Card Due Date?
Your card statement likely shows both your closing and due date. However, if only one date appears on your credit card statement, it is likely your due date. If you have any questions about the specific dates listed on your credit card statement, you should consult with your bank and ask them to clarify.
Can I Use My Credit Card Between the Due Date and the Closing Date?
You can use your card between the closing and the due date of a cycle. Any charges that are incurred during this period are then added to the next billing cycle. The next billing cycle begins on the day immediately following the closing date.
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What Happens If I Don’t Pay My Credit Card Bill Before the Closing Date?
In most cases, the closing date refers to a specific time when the billing cycle ends and the due date refers to when your payment needs to be made. With this in mind, if you don’t pay your bill before the closing time, you will have until the due date to make the payment.
Frequently Asked Questions
Below are three of the most common questions that we receive from people looking at what their credit card closing date is. If you have further questions you would like answered, don’t hesitate to get in touch with us directly.
Is the Credit Card Closing Date the Same Every Month?
Yes, the closing date is the same every month. However, specific card issuers may vary in how they assign a closing date. So, if you have a closing date that falls at the end of the month, the date could change with shorter months or leap years.
Should I Pay My Credit Card Before the Closing Date?
In most cases, you should not pay your card before the closing date. Instead, you should pay your credit card before the due date. This is because the closing date simply refers to when the current credit cycle ends while the due date refers to when the payment is due.
Is Closing Date the Same as Due Date?
No, the closing date is not the same as the due date. The closing date refers to when the current credit period ends. Whereas the due date refers to when payment for the current billing cycle is due before interest is applied to the balance.
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