credit card due dates

A credit card enables you to go cashless and helps you to manage your finances better. Understanding your credit card due dates is a mandatory step to use your card better and pay on time. These dates are mentioned on your credit card statement, so ensure you check it for every billing cycle. 

Paying on time ensures you maintain or improve your credit score, which helps you increase your creditworthiness. This, in turn, helps you get a higher credit limit and upgrade your lifestyle. Read on to know more about due dates and other important terms to make note of in your statement. 

Understanding Credit Card Due Date

Once you receive your credit card bill, there’s a grace period within which you need to pay the outstanding amount. For example, your credit card bill is generated on the 27th of the month, and your credit card provider offers you a grace period of 12 days. So, the 9th or the 10th of the following month will be your due date. To avoid any added interest, you must repay your outstanding bill amount within this period.

Components of a Credit Card Statement

To understand more about credit card due dates, you will have to understand the components of your credit card statement. Take a look at some important terms below:

  • Billing Cycle

This completely depends on your credit card company; in most cases, the length of a billing cycle is between 28 and 31 days. The transactions you make within this period will reflect on your credit card statement. Once the statement is generated, you are required to repay the outstanding balance before the due date.

  • Statement Generation Date

Once your billing cycle is complete, the issuer records all the transactions you have made on your credit card. Each of them will reflect on your credit card statement unless the transaction is made between the end of the billing cycle and after the credit card statement generation date. 

This unbilled amount will reflect in your next statement. As of now, you can focus on the 

amount mentioned in your statement as the outstanding balance. If it is too high, you can convert your credit card bill into EMIs.

  • Outstanding Balance

This is the amount that is due to the credit card company. It indicates all the transactions made by you in your last billing cycle. If you want to avoid being charged with late fees, then you must pay this amount on time. If you do not pay the amount or pay only the minimum due, the outstanding amount will attract interest on a daily basis. 

  • Minimum Due

Even if you are not able to completely repay your outstanding balance, you must at least pay the minimum amount due on your credit card. This helps:

  • Prevent late fees
  • Maintain a healthy credit score
  • You get time to arrange for the rest of the funds

You can repay the minimum due and convert the outstanding amount into EMIs or repay the amount when you have enough cash flow. As mentioned above, any amount outstanding post the due date will incur interest. So, it is in your best interest to pay it off as soon as possible. 

  • Repayment Period

After your credit card bill has been generated, there will be a brief interval within which you need to repay your outstanding bill to avoid any interest. Based on your credit card company, this period can vary from 10 days to 20 days. 

  • Credit Card Due Date

On this date or within this period, you will have to repay your outstanding amount. Generally, it is the last day of the repayment period. It’s essential to repay your outstanding balance before the due date to avoid interest charges and late fees.

Tips to Manage Your Payments Considering Your Due Date

To make sure you pay your credit card bills on time, you can rely on the options given below:

  • Get Instant Payment Notifications – Receive timely reminders to ensure you never miss a repayment via SMS or email 
  • Subscribe to Auto Payments – Automate your payments to clear your balance within minutes of the bill being generated
  • Use Payment Applications – Make your repayment process smooth by using payment apps, which allow you to make payments quickly and securely online and send notifications of due dates 
  • Pay Your Bill Completely – Paying off your full balance avoids accumulating interest and late fees, and prevents a decrease in your credit score
  • Pay before the Due Date – Make payments before the due date to avoid late fees, prevent interest charges, and protect your credit score

To make payments seamlessly and never miss your credit card due date, opt for the One Credit Card. The OneCard App makes it easy for you to track every transaction and pay all your bills on time and without fail. 

The app has options like:

  • UPI-linked payments
  • Notifications for due dates 
  • No-cost EMI conversions 
  • Easy feature of toggling instead of adding OTPs 
  • Setting mandates for recurring payments 

With this credit card, you can also enjoy lucrative offers on travel, grocery and retail purchases and earn 5X rewards on your top two spending categories. Apply now and enjoy the benefits of this lifetime-free credit card!