When asked about credit cards, most consumers assume that the only date they need to worry about for their credit card is the payment due date. Unfortunately, that is far from the only date you must worry about.
While the due date is certainly the most important date you need to be aware of, there are a few other important dates that you should keep in mind as well.
Your credit card’s billing cycle is the length of time between a single billing statement and the next month’s. Every purchase that you make during your billing cycle will be grouped and charged to you on the next billing statement.
More often than not, this billing cycle lasts around 30 days. However, there are some credit card companies that use different billing cycle systems, so it’s important to get to know yours.
Statement Closing Date
Often referred to as the “closing date,” this date is the last day of your billing cycle. When your billing cycle closes, you’ll receive a generated statement for that cycle. Your account balance will then get reported to the major credit bureaus.
To find your account’s closing date, you can take a look at your billing statement. Closing dates are often around 21 days before your due date, as most credit card issuers have a 21-day grace period for payments.
The most important date to worry about is your due date, as you want to make sure you pay your bill on time every month. If you don’t, you can damage your credit history.
You may try to change your due date on your credit card if you find that it is inconvenient timing with other bills and financial obligations you have.
Several credit card issuers will try to attract new customers by offering introductory promotions. Some of these promotions include bonus rewards, 0% APR, or no-balance transfer fees.
If you want to use these promotional offers to your benefit, you’ll need to know when the promotional period ends.
All credit cards have expiration dates printed on them. Once this expiration date hits, you’ll no longer be able to use your card. However, your account will still be open, meaning you’ll just need to get a new credit card sent to you.
Credit card companies will often send out new cards automatically before your card expires, though we recommend checking with your issuer ahead of time to see if that is the case.
Credit cards can feel incredibly intimidating, especially for those who are new to the game of credit or are not sure how to properly use them. However, credit cards, alongside authorized user tradelines, can provide consumers with major credit benefits if used the right way.
If you’re looking to increase your credit score, get in touch with us here at Personal Tradelines to see what we can do. We’ve helped introduce thousands of customers to the beauty of tradelines, securing positive financial futures. We look forward to hearing from you.