When using a credit card, the bank will settle all transactions, expenses, etc. that you have incurred in that month on a designated day of each month, and then issue you a statement. That day of each month is the credit card billing day. To put it simply, the billing date of a credit card refers to the day when the bank settles the cardholder’s consumption in the current period.

For example, if your bill date is the 15th of each month, then all your consumption, cash withdrawals, interest, and fees from the 15th of the previous month to the 15th of this month will be calculated on the 15th of each month. The processing fee, minus your repayments or any refunds during this period, gives you the total bill for this month.

Users can enjoy the longest interest-free repayment period by swiping their card on the 15th of each month. Because the payment made on the 15th will be credited to the account on the 16th, it will not be calculated into your bill on the 15th of the month. However, if you swipe your card on the 14th, you will generally enjoy the shortest interest-free period. It should be noted that the statement date of each bank is different, and some banks also provide the function of modifying the statement date to make your repayment more flexible.