When should you repay your purchases on the credit card statement date?

When you make payments on the credit card statement date, the repayment date depends on the billing date, and then the repayment date is calculated based on the billing date. Everyone's bank accounting time is faster or slower, so the repayment time is also different. Let's find out together.

Before getting into the topic, let me first popularize a few concepts for everyone, one is the billing day, the other is the accounting day, and the other is the repayment day.

1. Billing date: The credit card billing date refers to the day when the bank settles the account, which is the date of payment.

2. Accounting date: refers to the date when the card issuer credits the transaction amount to the cardholder's credit card account after the transaction occurs or charges, interest, etc. to the cardholder's credit card account in accordance with regulations.

3. Repayment date: The last date the credit card issuing bank requires the cardholder to repay the amount due, which is usually around the 19th-20th day after the bill date.

Based on the billing date and entry date, we can calculate the repayment date. However, the accounting time of each bank is different, which can be divided into two types:

1. Same-day accounting: Some banks have faster accounting. For example, CITIC and Shanghai Pudong Development Bank stipulate that the same day of consumption is the same day. Enter the account.

2. Accounting on the next day: Most banks stipulate that if you use a credit card to spend on the same day, the bank will record it on the next day.

So, if the consumption is made on the billing date, the repayment time calculated based on the time of entry is also different:

1. If the consumption is made on the billing date and the payment is made on the same day, then on The payment must be made on the last repayment day of this month, so you can only enjoy the shortest interest-free period.

2. If the consumption is on the billing day and credited to the account the next day, the bill will be issued on the billing day of the next month, and the repayment will be made on the repayment day of the next month, so that you can enjoy the longest period of time. interest-free period.

For example, consumption on the CITIC Bank credit card statement will be made on the same day and will be credited to the account the next day. The billing date for Xiaoqi's CITIC Credit Card is the 1st of every month, and the repayment date is the 15th of every month.

Then the consumption on January 1st will be recorded on the billing date of January 1st and needs to be paid before January 15th;

If it is January 2nd The bank will only calculate the consumption into the bill on February 1st, so it can be paid before February 15th.

Is it possible to swipe the credit card on the billing date?

Yes, it is possible to swipe the card for consumption.

The suggestion not to make purchases on the bill date is actually related to the "interest-free period" of credit cards. There are two interest-free periods, the longer interest-free period is 56 days, and the shorter interest-free period is about 20 days. The specific number of days is determined by the time of card swiping and repayment, and the billing date is used as the watershed.

If the cardholder chooses to swipe the card for consumption on the billing day, then it will be counted as the current bill, which means that he can only enjoy the interest-free period for about half a month at most. But there are also some banks that credit the cardholder's consumption on the statement date to the next statement. Most people do not understand the billing cycle of each credit card. In order to avoid this situation, some people say that you should never make purchases on the billing date.

Whether purchases made on the credit card statement date will be counted as the next month

Whether the credit card swiped on the credit card statement date will be counted as the current month or the next month, it depends on the situation. For example, Agricultural Bank of China, China Construction Bank, Postal Savings Bank, etc., since the consumption is recorded on the same day, the card swiped on the bill day will be included in this month's bill. For Industrial and Commercial Bank of China, China Merchants Bank, Bank of Communications, etc., if the consumption on the same day is recorded in the account the next day, then the card swipe on the bill day will be included in the next month's bill. The consumption on the billing day is immediately recorded into the account on that day, so the consumption on the credit card billing day belongs to the current bill. In this case, the money must be repaid before the current repayment date. If the consumption on the billing day is not recorded immediately on that day, it will be counted on the next billing day.

1. What is a credit card statement date?

The credit card statement date refers to the day when the card-issuing bank regularly summarizes all transactions and expenses incurred in the cardholder's credit card account every month, calculates interest, and calculates the cardholder's repayment for the current period. date.

The credit card repayment date is the date when the cardholder actually repays the credit card account to the bank.

Generally, the billing date of bank credit cards is designated and cannot be modified. For example, if the billing date is the 10th, then consumption after the 10th will enjoy a longer interest-free period. For example, consumption on the 11th will Enter the bill on the 10th of the next month, and the repayment period will come in about 20 days (you can enjoy a total of 50 or 56 days). At this time, you will enjoy the longest interest-free period; if you make a purchase on the 10th, enter the bill on the same day. Bills need to be repaid after 20 days, which is the shortest interest-free period; so when making purchases, try to choose recent purchases after the 10th, so that you can enjoy a longer interest-free period.

The interest-free period for credit card repayments starts from the bank’s debit date to the final repayment date. The debit date is the day when the cardholder swipes the card for consumption, and the final repayment date is when the cardholder should repay the money. The date is usually 20 or 25 days after the bill date. During the interest-free repayment period, as long as the amount due for the current period (the total amount owed) on the current statement is repaid in full, you do not need to pay any interest on the funds advanced by the bank to the store for non-cash transactions (cash advance loan). will not enjoy the interest-free discount).

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That’s it for the introduction to consumption on the credit card payment date.