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Your Guide to Understanding a Payment Due Date vs. Closing Date on Credit Cards
When you open up your credit card statement, the mix of dates, terms, and dollar amounts is enough to make your head spin. But in order to use a credit card responsibly, it’s important to get this info straight.
If you're unfamiliar with how to read your monthly bill, there’s a good chance you’re wondering about the differences between a closing date, payment due date, billing cycle, and grace period on a credit card. In this post, we'll break down everything you need to know about the important dates you see on your credit card statement.
What Is the Closing Date on a Credit Card?
The closing date on a credit card is the last day of the billing cycle. To better understand how it works, let’s first talk about what a billing cycle is.
It's also known as the billing period or may be listed as "open-to-close dates." A credit card billing cycle is the timeframe between one closing date and the next, and is typically 28-31 days long — but it won’t usually follow a calendar month (e.g. Dec. 1-31) since it’s based on when your account was established. The closing date is the last day in that cy
Has your credit card closed? Even those with good-to-great credit face hurdles at times, particularly if you forget about a card collecting proverbial dust in your wallet.
Credit card issuers can close your account due to what's known as "inactivity," meaning you haven’t used the card in a certain amount of time — let's say a year or more — and the issuer now assumes you have no use for that account.
A canceled credit card might lower a good credit score for several reasons. Here's what you need to know about closed accounts.
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Why your credit card closed
There are several reasons why your card may have closed.
Your card is inactive.
If you haven't used your card for several months, your credit card issuer might close your account for inactivity.
If you aren't using the card,
Funding Date vs Closing Date: When Do I Get the Keys to My House?
The day you found your home was an important one. The day you chose to purchase the place was also a big day.
But the closing day is arguably the most crucial date in the homebuying process. That’s when you sign your closing documents and make things official.
That’s not necessarily when you get your keys and begin moving into the home, though. All of that happens on your funding date. And while closing and funding can happen on the same day, they don’t always.
What's in this Article?
Funding date vs closing date
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When accomplish I get the keys?
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What happens at funding?
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How do I find out what my funding date is?
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Funding date vs closing date: What’s the difference?
Closing date
Your closing day is when you’ll sign all your loan documents. It's a lengthy list that may include (but is not limited to):
- Final closing disclosure
- Promissory note
- Deed
- Acknowledgement of employment
- Mortgage insurance disclosure
- Escrow disclosure
“The home closing date refers to the date when all the documents have been officially verified and signed between you and the lender. The dee
What Is the Credit Card Closing Date?
There’s a lot of information on your credit card statement, and it’s easy to get overwhelmed. You might see several dates, including your billing period, closing date, payment due date and a date for each transaction. The credit card closing date marks the end of your billing cycle. This is the last day any charges can be applied to your current statement. On this day, your issuer tallies all transactions, interest and fees to generate your statement balance for the billing period.
Here, we’ll explore the difference between a closing date and a payment due date, where to find your closing date and when to pay your balance.
Closing date vs. payment due date
Here’s what these dates mean:
- Closing date: The final day of your billing cycle is when your total balance is tallied. Billing cycles typically last around a month but may not end on the last day of the month, so check your credit card statement for specifics. If your statement shows the billing period, the earlier date is the beginning of the billing period and the later date is your statement closing date.
- Payment due date: The deadline to pay the minimum amoun
What Is a Statement Balance?
A statement balance is the total amount you owe on your credit card at the end of your billing cycle, or closing date. Whether you're a newcomer to the world of credit cards or you've been using plastic responsibly for years, it pays to understand what a statement balance is and how it can affect your credit.
What Is a Statement Balance?
When you receive your credit card statement or check it online, you may see two different balances: your current balance and your statement balance. A statement balance is not the same as your current balance, which is what you owe on your credit card at any given moment. Instead, your statement balance shows the amount on your credit card that posted at the end of the most recent billing cycle.
The statement balance includes new purchases made during the billing cycle, plus any interest, fees and prior unpaid balances, and it deducts any credits you've received or payments you've made on your credit card since your last statement.
Your credit card billing cycle is outlined in your cardholder agreement. It is the length of time, usually 28 to 31 days, between your statement closing dat