DUE DATE vs STATEMENT DATE

There is no reason why you should be using your debit card more than your credit card!!!

Okay, before using your credit card(s), you must know the difference between your DUE DATE and your STATEMENT DATE (closing date).

Your DUE DATE is the LAST day you should be making at least the minimum payment on your credit cards to avoid any late payments and other fees whereas your STATEMENT DATE (closing date) is the date your credit card company reports your balance to the credit reporting agencies.

Let's talk about a couple key differences between the two (refer to the picture below):

DUE DATE

• The absolute last day you should make at least the minimum payment on your cards

• The balance carried over after said date, you will be charged interest on

• It prevents you from paying any late fees, penalty interest rates, and other fees

• The balance does not affect your credit reports since the credit reporting agencies do not report that balance

STATEMENT DATE

• The last day of your billing cycle (not the last day you can use your card)

• The day that your card company reports your balance to the credit reporting agencies (Equifax, Experian, and TransUnion)

• The day you want your balance to be at the lowest, at least under 30% (10% preferably).

If you use an app like I do, you usually can find both dates on there. If not, you can either find the dates on your credit card statements or contact your bank to provide you with said information. If you choose to contact your bank, ask them for the statement dates (closing dates) for at least the next six months so you don't have to call them monthly!

Now that you know the difference between your due date and statement date, be sure to use your credit cards responsibly!

Remember, your bank doesn't usually award you to use your debit card, but they surely do award you for using those credit cards.