Credit Card Billing Cycle - How it Works
A credit card comes with a lot of jargon, such as minimum payments, late fines, due dates, grace periods, billing dates, etc. Confused as to what each phrase means? To get the most out of a credit card, a cardholder must be familiar with all of its terms before using it. Lack of understanding may prevent you to get the most out of all the credit card benefits. Learn everything there is to know about the credit card billing cycle in this article. What is the billing cycle? At the end of the billing cycle, you receive a monthly credit card statement that lists all of your transactions that occurred during the billing cycle. During a billing cycle, you are given a month to use your credit card’s limit to pay for the transactions. If, for instance, you receive your credit card bill on the first of every month, your credit card billing cycle would begin on the first of the previous month. Depending on the payment card, the billing cycle may vary. The billing due date is the day after ...
