Five Ugly Truth About Credit Card Statement Closing Date | Credit Card Statement Closing Date

After your credit card statement closing date has come and gone, you will now have what's called a grace period to settle your outstanding balance without any additional interest charges. This grace period can last for up to sixty days after your statement closes, on an annual basis, or any other agreement between you and your creditors. It is important that you pay off your balance as soon as possible, because the longer you wait, the more money your creditors will be receiving. During this time, you will also receive a notice from your creditor informing you of your successful settlement.

For most credit cards, your grace period begins on the day after your statement closes, regardless of whether or not you were able to settle your account. You do not need to continue paying off balances during the grace period; in fact, you should stop any collection activities. The reason why you should stop collection activities is to avoid having late payments reported to the credit bureaus. Each year, your credit card company will submit your account information to the credit bureaus to receive credit score information. Late payments will negatively impact your credit score; therefore, it is important to settle your accounts as soon as possible.

Your credit card expiration date is the date by which you must request a payment in order to terminate your account. The expiration date is usually two to four months following your statement closing date, although it could be as short as one to two days. In most cases, this transaction date is displayed on your monthly statement, and if you are currently enrolled in an account, it will appear on your statement as well. If you are not enrolled in an account, it will be found on the statement or receipt when you make your payment due date.

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If you have problems paying your balance at the end of your billing cycle, you can contact your card issuer and work out an arrangement with them. In many cases, card issuers are willing to work with you, especially if your financial problems are temporary. In some situations, your issuer may cancel your account without any fees or penalties. They will notify you by phone, email, or by regular mail that they have canceled your account and that you will not be charged any fees for the termination.

Credit card issuer's annual fee will apply on balances transfers you make within the same billing cycle. If you transfer a balance from a low interest rate credit card to a high interest rate card, the amount of interest you will pay on that balance will be higher than it would be if you were to transfer the balance from a high interest rate card with a low rate to a low interest rate card. Therefore, it makes financial sense to transfer balances between cards to lower your annual fee and balance transfer costs. If you cannot do so because you are already enrolled in an introductory offer, it may still be worth it to keep your existing card and make the lower payments possible by transferring the balance to an introductory offer card that has a longer or shorter term.

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A grace period is another element to be considered when determining your credit card payment due date. You typically have up to six months after your last credit card statement to make your payment. This grace period is also important if you want to transfer a balance to a higher interest rate card. During this time, your interest rate is likely to be lower than it would be if you were to continue making your monthly payments. Some banks and credit card issuers have longer grace periods, sometimes up to 10 months, which may be useful for people who need to change their financial circumstances quickly.

How Paying a Credit Card & Statements Work Credit Card Insider - credit card statement closing date

How Paying a Credit Card & Statements Work Credit Card Insider – credit card statement closing date | credit card statement closing date

Credit Card Statement Closing Date vs Due Date BeatTheBush - credit card statement closing date

Credit Card Statement Closing Date vs Due Date BeatTheBush – credit card statement closing date | credit card statement closing date

Monthly Credit Card Statement Walkthrough - credit card statement closing date

Monthly Credit Card Statement Walkthrough – credit card statement closing date | credit card statement closing date

Credit Card Statement Closing Date vs Due Date BeatTheBush - credit card statement closing date

Credit Card Statement Closing Date vs Due Date BeatTheBush – credit card statement closing date | credit card statement closing date

What is the difference between the closing date and due date for a - credit card statement closing date

What is the difference between the closing date and due date for a – credit card statement closing date | credit card statement closing date