Credit Card Statement Closing Date vs Due Date

The closing date of your credit card is not the due date. The two dates are completely separate. First, there is a period at which you are billed. The last date is your statement closing date. You are given some time to pay this bill before late charges are enforced, typically around 28 days. This date that is 28 days later is the due date. Hence, if you want to try out the credit score boosting method, you need to monitor your statement balance a day or two before the CLOSING date and make a full paying on the current account balance AND make sure it posts before the closing date.

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[BeatTheBush]

Here is another example: 7/18-8/17 statement cycle. 9/13 is the due date for that statement cycle. Pay before 8/17 down to $2.01. Get a bill with $2.01 on it. Pay that before 9/13. On 8/18 you can start using your card and anything charged is put on the next statement cycle.

[MichaelDeltoroHD]

My credit card utilization is always at 0%. To help people explain it easier is he is telling you to pay off your billing cycle by the statement date meaning. My billing cycle on my Cap One Venture card starts 4/9/17-5/10/17. I won't be billed for what I spent in that cycle until 6/6(Due Date). What he is explaining is simple everything you spend in the spending cycle from April 9th to May 10th pay off before that billing cycle closes not by the due date. Basically the due date is 28 days behind your billing cycle. So everything you did from April to May you pay for in June everything you did from May 9th to June 10th you pay for in July. So instead of waiting for your due day for that billing cycle just pay your bill in the same billing cycle. I think the confusion people are getting is that if they pay off their cycle will they still have a balance by their due date the answer is no because a new billing cycle will start. Example again if your billing cycle is 4/9/17-5/10/17 and you pay it off by 5/9/17 and you start using your card on 5/11/17 that wouldn't go on your due day of 6/6 it would be due on 7/6. I hope this helps

[JesusGirly]

I am so happy that I found your channel. I've been binge watching your channel all day since I found it today. I just opened up a One card and was approved for $2000 and should be receiving it in the mail shortly and I don't want to make the amateur mistake by not being informed. You have definitely help me understand things regarding my credit and looking for billing dates and closing dates etc. I am sure that I will be coming to you with answers once I start using my card and receive it. I love that you use terminology that is easy for the average person to understand and it's concise and beautifully explained

[cindyange]

None of this is ever taught in school. When you left your corp tech job, it was their loss, our gain. I have learned alot of your videos. Thankyou for the information.

[huongdang]

I really like how short, articulate your videos are. Most less than 5 mins and really to the points compare to others (11-15 mins rambling). Absolutely thumbs up!

[Vaultdweller]

So pay most of your bill but keep 1-9% at statement time so they see that you use the card but not too much

But then pay the rest off at due date time so you get no interest
I believe?

[QRSC-fhob]

This is a very important lesson. I wish I had learned it before. Thank you!!

[seanwillman]

Thank you for your time! I would add that it may take time for a payment to go through to pay off your card. I called my card company and it specified based on my type of payment how long it would take ie. using another card, using a checking account or mailing (longest of course). I make my payments 4 days before my billing period is over just to be safe. Thanks again for your help!

[samantharenee]

For those of you that are still confused, your closing date is around 5-7 days after your due date.

I tried this method and my credit card score went up by 34 points.

So dont make a purchase until your closing date has passed.

[DanielIles]

This is SUCH an important concept you explained! Most educated people don’t know the difference. I talk about the difference between statement balance and current balance as well. You should start a course to teach high schoolers what they HAVE to know before going into the real world!

[Lita_]

I was a little confused about the timing, but you cleared it up perfectly. Thank you!!!

[Viviancphotography]

I have been watching your videos and learn so much from you. I have been building my credit score from nothing to now over 700 score. Not even one year yet. Just wanna say thank you for all the info you share with us on your channel!!

[bcao]

I've watched quite a few of your videos. You have taught me how to read credit card statements and terms. The info was right in front of me the whole time but I couldn't see for looking. Most annoying term to date is interest being charged upon purchase, even though the product hasn't been shipped yet. WOW

[calisahardy]

I binge watched like 8 of your videos last night, this one and the one on credit utilization were *so* clear and helpful!! I came for the info, I stay to see the peas! 😉

[tptrading_]

WOA!!! this is a complete game changer!!!! No wonder my credit had not been increasing! I would pay it down on my due date thinking thats the day they report!

[aaronrayk]

i was wondering this myself. recently as ive just taken out my first credit card.

[jonathanabreu]

He showed something that I’m aware, is a no, no for building credit. You want to show utilization but a small amount so. Let’s say your statement date closes on 04/07 and you have a credit line of $300 and you’ve used $300 of it. Call on 04/04 and pay $290 on it, leaving a 10% usage on the statements closing day. Then on 04/09 or before the DUE DATE (preferably way before due date like honestly within 48hrs of 04/07) pay the remaining $10. To show you can pay the money back before the due date, showing you don’t carry owning them any money to the next billing statement. Hope this makes sense.

[MFRiley]

There seems to be a lot of conflicting advice on the internet, including this comment section.
The consensus is that you can use however much of your credit line that you'd like. The more you spend, the more likely that credit card companies will increase your credit line.
But, the conflicting advice centers around just how much you should pay off. Some say that you should pay everything off completely, before your statement closing date. So that your utilization rate is effectively 0%. Others say that you should pay off almost everything before your statement closing date, but leave 1%-10%. Then pay that off on your billing due date.
So which is it

[srkking]

I think many people confused, because the way the date is written...In India, its dd-mm-yy ...In your case, its the other way round, month is written first...

[nimkal]

Thank you this helps a lot. Not everyone explained this in order to increase max limit while still keeping low utilization.