Your credit card statement provides you with the essential data you need to manage your account. It includes financial information, such as the amount of interest you’re paying, the interest rate, new charges and the current amount due. It also has important dates, such as your payment due date and your statement closing date.

Explanation of the Closing Date

The closing date shown on your credit card statement indicates when your current billing cycle ends. The balance on your card as of this date is the one that is reported to the credit bureaus. It’s also the amount the credit card company uses to calculate the interest that you owe. Your billing cycle runs from immediately after one closing date to the end of the day on the next one.

Due Date Overview

The due date is when the credit card company expects your payment each month. If you pay after the due date, even though it’s before the closing date, your payment will be reported as late. If you make an extra payment during the month, after the due date but before the closing date, it will be counted in the current cycle. This means you’ll need to make another payment after the closing date and before the next due date to maintain your good standing.