Every dollar you charge to your credit card account must be repaid, but your obligation goes far beyond paying off your debt. You’ll also need to keep track of a variety of significant credit card obligations, some more significant than others, as a cardholder and prudent steward of credit.
Remembering credit card due dates will help you manage your credit better and save on late penalties and unnecessary interest payments. The most significant dates, along with explanations of what they symbolize, are listed below.
The period of time during which transactions are included in a single monthly charge is known as the credit card billing cycle. This time frame can vary according to the issuer and is normally between 28 and 31 days.
Be advised that your billing period’s beginning and ending dates may vary, possibly ranging from the first to the last day of the month or from the tenth to the tenth of the next month.
Date of Statement Closing
The day your credit card statement is generated is the statement closing date. Consequently, your subsequent credit card billing statement will include all transactions (including new charges and payments) that were made between your previous statement closing date and the current statement closing date.
You will have what is referred to as a “grace period” to pay off your credit card amount in full, interest-free, following your current credit card statement closure date. Depending on your card issuer, you might have 25 days starting from the date of your statement, for instance.
For cards with grace periods, the Federal Trade Commission mandates that “the issuer must mail your bill at least 14 days before the due date, so you’ll have ample time to pay.”
Only brand-new purchases are covered under the grace period. Normally, cash advances and balance transfers do not grant you a grace period.
Payment Closing Date
The most crucial date to keep in mind is when your credit card payment is due, because there will be penalties if you forget. The final day of the month to make the minimum payment on your debt without incurring an additional late fee is this date. If you don’t pay off your entire balance by this date, interest will also be added to your revolving balance.
Your credit score and the timing of your payments are related. Paying your bill after this date may harm your credit because your payment history is the most important component, accounting for 35% of your FICO score.
The payment due date has a cutoff time that many banks and issuers specify, like 5 p.m. Payments are processed on the following business day, which could result in late fees. For more information, consult your account or cardholder agreement.
A transaction date indicates the date that your credit card transaction occurred on your bill or in your app. It’s possible that the transaction’s posting date—the day it appears on your credit card statement—will be different. Any activity that appears on your credit card statement as a “transaction” includes:
Paying with a credit card
funds have been added to your account
Transaction dates are frequently listed on your statement in chronological order. Additionally, you can sort them by user or transaction type.
Expiration Dates on Credit Cards
The front or back of your credit card will prominently display your credit card’s expiration date. Your credit card will stop working on the specified date, but your account won’t be terminated at that point. Before your current card expires, the majority of credit card companies will ship you a new replacement card. At that point, you can cancel your current card and activate the new one.
Advice: Call your card issuer and request a replacement with an updated due date if your credit card is about to expire and you haven’t gotten a replacement in the mail.
Dates of Annual Fee Due
You must pay the annual fee for your credit card once a year if one is required. These costs may be based on the cardholder benefits you receive, which may include travel perks, annual credits, insurance products, and more. They are automatically deducted from your account.
You can choose not to pay the yearly fee for your card for an additional year by:
- On your credit card, cancel it.
- To find out if your card’s annual fee will be waived this year, contact your card’s issuer.
- Request a downgrade to a different card with no yearly cost.
- Look for a credit card with no annual fees.
- The interest rates on cards with annual fees may be lower, while the interest rates on cards without fees may be greater.
Dates for Introductory Offers
Keep track of the expiration dates of any introductory offers and terms that credit cards typically come with. Offers may include sign-up incentives, introductory interest rate incentives, and balance transfer incentives.
For the first 60 days following account opening, several balance transfer credit cards don’t charge balance transfer fees. If you decide to transfer a balance after 60 days, you will be required to pay a balance transfer fee. Additionally, you might be eligible for an introductory deal with 0% APR for any period, say 15 months. Your credit card balance will start to accrue interest at the standard variable rate when those 15 months are up.
A minimum of six months must pass before the balance transfer or other promotional offer rate expires, unless you are more than 60 days past due on your monthly payments.
To receive your sign-up cash, miles, or other advantages for sign-up incentives, you must complete eligible transactions prior to the cutoff date. In many cases, the timer begins when your application is accepted rather than when you actually receive your card.
If you want to prevent extra fees and interest charges, it’s crucial to keep in mind these dates as well as any additional promotional offer dates. After all, failing to pay by the due date may result in a late fee and a penalty APR. You could end up paying interest without even realizing it.
It could be a good idea to highlight crucial credit card dates, such as your due date, on your calendar or even set up a reminder on your phone.
Questions and Answers (FAQs)
Can I modify the due date on my credit card?
Your credit card payment due date will remain consistent each month, making it simple to plan for, but if you have another significant payment due on that day or if you often get paid a week later, it might not be a smart idea. If you contact and request a date change, your credit card company may do so.
What does a credit card blackout date mean?
Travel rewards credit cards frequently have blackout dates. They may impose limitations on how you can use your rewards or even prevent you from using them at all on specific dates.
Are there any deadlines or dates that credit card lenders must meet, or are they all imposed on the borrower?
Federal law requires credit card companies to notify you 45 days in advance if they intend to increase your interest rate or fees, but they are prohibited from doing so for the first year. Additionally, you must get your credit card statement at least 21 days prior to the payment deadline.