What Is The Difference Between Payment Due Date And Closing Date?

Re: difference between payment due date and closing date?

the due date is normally a few days before your statement date.

the exact number of days in between can vary between different lenders.

The due date is when your payment is due, and the statement date is when your statement is generated.

Is the closing date the due date?

Your due date is when the payment is due on your statement balance. This date is when payment is due for charges made from the previous billing cycle. The closing date, as stated earlier, is the last day of the billing cycle and the point at which finances charges are calculated and added.

Should I pay before closing date?

To avoid paying interest and late fees, you’ll need to pay your bill by the due date. But if you want to improve your credit score, the best time to make a payment is probably before your statement closing date, whenever your debt-to-credit ratio begins to climb too high.

What is a statement closing date?

Your credit card transactions are billed to you in periods of time known as billing cycles. The last day of the billing cycle is known as your account statement closing date. Your account statement date is significant for a few reasons. This is the date finance charges are calculated and added to your balance.

What is payment due date?

Whenever you have a balance on your credit card, you’re required to make monthly payments toward the balance. This date is your payment due date. Unless your credit card issuer states otherwise, your payment must be received by 5 pm on the due date or you’ll face late payment penalties.