Truth be told, credit cards can be quite confusing. With so many calendar dates tied to your card, it’s easy to misunderstand the importance of some critical dates and, as a result, miss out on some of the rewards or, worse, incur unnecessary fees.
By fully comprehending the different terminology, you’ll be much more aware of those important dates to note so you don’t miss a payment or any rewards, and that’s exactly what we will review in this guide.
How a credit card’s monthly billing cycle works
Each credit card account receives 12 monthly statements per year, and each billing cycle ends on a predetermined statement closing date. This closing date divides your account’s previous billing period from its next one.
When your statement period closes, the bank issues a bill that determines how much you owe and the amount of rewards you have earned for that period.
With most credit cards, the rewards you’ve earned each month will be listed on your statement and credited to your account shortly after the closing date.
Following your statement closing date, there’s a grace period before your payment due date. This period is required by law to be at least 21 days and typically varies between 21 and 25 days, depending on the card.
You can pay your statement balance in full by the due date to avoid interest charges. However, you must make at least the minimum payment before the due date or face late fees and possibly penalty interest rates.
How your credit card’s due date and closing date are determined
Thanks to the Credit CARD Act of 2009, credit card issuers are required to set the due date on the same date each month so users know that they can make their payment on a particular date and always have it credited on time.
For example, if your statement is due on March 15, then it will be due on April 15. You can request that your credit card issuer adjust your due date via phone or online. Some issuers may restrict your ability to change your due date until a certain amount of time has passed from when you opened your account.
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Because the due date is a fixed date of the month and must occur a set number of days after the statement closing date, the statement closing date can’t be fixed.
The closing date will also likely be the month before the due date because there is an approximate three-week grace period before payment is due.
Related: American Express grace period: ‘Please pay by’ date isn’t your payment due date
Stretching your finances while avoiding interest
If you are trying to avoid interest by paying your entire statement balance each month, then your goal may be to stretch your finances as far as possible. If that’s what you’re after, then you’ll want to postpone large purchases until your statement closing date.
For example, if your statement closes on June 5 and your payment is due on June 26, any purchase that posts to your account before June 5 will be due later that month unless you are fine with accruing interest.
However, if you postpone the purchase to June 6, the charge will appear on the following month’s statement. You’ll have until July 26 to pay for that purchase, giving you an additional 30 days free of “interest,” depending on your account specifics.
Related: The best no-annual-fee credit cards with a 0% introductory APR
Earning rewards sooner
On the other hand, if your goal is to have your rewards posted to your account as soon as possible, you’ll want to use the opposite strategy. Make a large purchase just before your statement closing date so it will be included in your next statement. You should receive your rewards shortly afterward.
By making major purchases just before your statement closing date, you’ll receive your rewards sooner, but you’ll also have to pay the bill for your purchases sooner. American Express is the exception, which has its own peculiar timeline for awarding Membership Rewards points.
Another important exception to this formula is pending payments. Some charges are listed as pending on your statement for several days after the transaction before they officially post. If a purchase is still listed as pending at midnight on your statement closing date, it will not appear on that month’s statement.
Just know that even if you pay for your purchase right after it is posted to your account, that will not speed up earning the rewards. Regardless of when you pay your bill, you will not receive your rewards until after your monthly statement closes.
Related: Here’s how fast each bank issues points and miles to your account
Make sure you earn your welcome offer
A generous welcome bonus can be extremely valuable when you’re earning travel rewards from your credit card. Most credit cards that offer these bonuses have a minimum spending requirement that you must meet within a specified period, most commonly three months or 90 days.
The minimum spending requirement is not calculated based on your card’s billing cycle. It can surprise many that the clock starts ticking on your welcome bonus the day your account is opened, which is typically the same day your application is approved.
This is generally before you receive the card or account number — unless you receive the number online as soon as you are approved.
To be absolutely sure of how long you have to meet a minimum spending requirement, it’s always best to contact your card issuer and ask when the last day is to do so. When possible, I prefer to do this using the card issuer’s secured message center. That way, you have the date documented.
Make sure to take a screen recording or screenshot of the chat conversation so you can provide it as proof if necessary.
When you’ve met your card’s minimum spending requirement within the specified time period, you’ll have to wait until your next statement cycle closes before receiving your promised bonus.
Related: 10 ways to meet the spending requirements and earn the bonus on a new card
Annual fee due dates
Although it can vary by card issuer, your annual fee is typically billed on your account anniversary, one year after your account is opened.
It will then appear on your billing statement, just like any other charge. Most issuers give you between 30 and 60 days to close your account and receive a refund of your annual fee.
Related: The ultimate guide to credit card retention offers
The calendar year vs. the cardmember year
Various credit cards offer annual benefits such as travel credits, elite status credits and category spending bonuses.
However, it’s important to know which ones are based on the calendar year (Jan. 1 to Dec. 31) and which are based on your cardmember year (account anniversary date).
For example, cards like The Platinum Card® from American Express and The Business Platinum Card® from American Express offer annual up to $200 airline fee credits that reset every calendar year on Jan. 1. Enrollment is required; terms apply.
As another example, starting in 2025, the $300 travel credit on the Chase Sapphire Reserve® will reset on a cardholder’s account anniversary date instead of in December for any cardholder as done so in previous years.
Bottom line
The points and miles hobby is full of tips and tricks for maximizing your rewards, but it’s also easy to make mistakes based on a misunderstanding of critical dates that affect your credit cards.
From knowing your statement closing date so you can time a big purchase just right to understanding the time frame for a welcome offer so you don’t miss out on a valuable bonus, these tips can help you maintain a good credit score while reaping great travel rewards.
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