Can you clarify what is credit card payment due date?
The due date on your credit card is the last day you can pay at least the minimum bill for that month. If you make payment on or before this date, you can avoid late fees and protect your credit score.
In my case, I have 5 credit cards, but till now, there have been zero payment delays. I do not even wait for the last date.
Whenever I receive my credit card bill, I check my credit card’s statement for mistakes (if any) and clear the bill within a maximum of a week.
Here’s how it works:
- After the credit card billing cycle, banks send you a bill/statement.
- After the statement generation, they provide 21 to 25 days to pay your bill (the duration can vary between banks).
- It contains all your purchases, refunds, EMIs, interest charged, and the total due amount payable.
- Every credit card has a fixed due date, and you will find the date in every month’s statement.
You can pay only the minimum amount, the full balance, or something in between. But, if you want to avoid any interest charges or late payment penalties, try to clear all your dues before this date.
If you miss the due date, your bank will charge a late payment fee immediately (as per the terms and conditions).
For multiple misses, your credit score can drop, banks can reduce your credit limits, and you will face rejections for loans in the future.