The differences are as follows:
Billing date: refers to the card-issuing bank that will regularly summarize and settle the various transactions and expenses that occurred in your credit card account every month, and calculate interest. , calculate the total amount you owe for the current period and the minimum payment amount, and send you a statement. This date is your credit card statement date.
Repayment date: refers to the last date when the credit card issuing bank requires the cardholder to return the amount due. That is to say, after the card-issuing bank issues the bill, you should pay off all the fees you have consumed before the due payment date.
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Example of billing date:
The billing date of a cardholder’s credit card is the 1st, and the due date for repayment is the 20th. Cardholders made purchases with their cards on November 5th, 12th, and 30th. At this time, the bank will summarize and settle your expenses on December 1st and pass them at the same time.
Penalty for exceeding the repayment date (not repaying the full amount before the due repayment date and not choosing the minimum credit card repayment amount):
1. All consumption payments No longer enjoy the interest-free repayment treatment, the bank will calculate interest on a daily basis from the day of consumption, using the consumption amount as the principal, with a daily interest rate of 5/10,000 and compound interest on a monthly basis;
2. Receive a reminder call or letter from the bank;
3. Freeze your account and feed back your debt record to the People's Bank of China to record it in your credit file, which will affect your personal credit;
If you really don’t have enough money to repay in full on the due date, please choose the minimum repayment amount on your credit card. In this way, you only need to pay back 10% of the total fee for each installment. Although there is no interest-free repayment period in this way, it can avoid personal credit damage.
Reference materials:? Baidu Encyclopedia-Billing Day Baidu Encyclopedia-Repayment Day