Credit card billing cycle is the time period between the two statement dates. In general billing cycle is provided as 30 days, means your credit card bill generates once in every month. Every card comes with up to 50 days of interest free period. This interest free period may vary from one bank to other.
How to check credit card billing cycle?
Credit card billing cycle details given in the welcome kit or you can check with respective bank to get the details.
What is credit card statement date?
Credit card statement date is the date on which bill will be generated which is also known as bill generation date. On this statement date bill comes with total amount used for previous billing cycle (which is previous 30 days). In this statement you will get total amount due utilized and minimum amount due and bill due date.
Let take an example: If your statement date is every month 10th, then transactions used for previous month 11th to this month 10 will reflect in the current month statement.
Assume that Feb 10 the bill generated as follows:
JAN 11th amount used —-1000
JAN 12th amount used—1200
JAN 15th amount used—800
JAN 20th amount used—1500
JAN 30th amount used—500
Feb 1st amount used—–1000
Feb 5th amount used—-2000
Feb 7th amount used—-1000
Feb 10th amount used—1000
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Total amount due is 10,000/-
This is how the bill generates for previous 30 days transactions.
What is credit card due date?
Credit card due date is the date on which billed amount has to clear. In general due will be 15-20 days after bill generation. The total amount billed in the statement has to clear with in this due date otherwise extra charges will be levied on the credit card.
What is credit card total amount due:
Credit card total amount due is the sum of amount used for 30 days prior to the bill date.
What is credit card minimum due?
Minimum due of credit card is some portion of the total amount due which is in general 5% of total amount due. If one can pay minimum due in case of not able to pay total amount due. But if you pay minimum due then bank will charge you interest on the total due on prorate basis.
