If you are new to using a credit card, you probably have many questions, like how to check credit card billing cycle. A credit card is an excellent tool for making new purchases while enjoying various benefits, making it indispensable in today’s time. However, you should know how to manage payments on time to avoid jeopardising your financial health. This is why checking your billing cycle is so important.
Meaning of a Credit Card Billing Cycle
The credit card statement period is also called the credit card billing cycle, referring to the period for which the bill has been generated. This bill lists all the transactions, such as payments, withdrawals, and purchases, that have been carried out during this period.
Why a Credit Card Billing Cycle Matters
It’s essential that you understand the billing cycle. Why? It decides when your bill is due, and you must repay the bill amount before the due date. This restores your credit limit and helps you avoid extra charges. It is the only way in which you can use your credit card without added interest charges.
Ways To Check Your Billing Cycle
Knowing how to check credit card billing cycle is key to planning your repayment. It is easy to find the billing period in the following online and offline modes:
- In the statement you receive in your email inbox or as a hard copy in the post
- By logging into your credit card’s online banking account
- By logging into your credit card’s mobile banking app
- By calling your credit card company’s customer care service
- By subscribing to and checking your SMS alerts
Important Terms Related To Billing Cycle
Alongside the billing cycle, you should also know other commonly used terms related to bill payment.
| Billing Cycle Period |
|
| Statement Date |
|
| Repayment Period |
|
| Credit Card Payment Due Date |
|
| Outstanding Amount |
|
| Minimum Amount Due (MAD) |
|
| Grace Period |
|
By keeping track of your billing cycle, you can manage your expenses effectively and avoid potential debt. This knowledge helps you plan your payments, ensuring you stay within your budget and maintain a good credit score.
It’s essential to understand that any transactions you make after receiving your bill will be reflected in your next billing cycle. If there are any reversals or waivers, those amounts will be deducted in the following bill. The same concept of billing cycles and due dates is followed by issuers even with an FD credit card.
Reasons to Change Your Billing Cycle
You may want to change the due date to a time when you have fewer financial obligations, namely:
- Your credit card billing cycle is colliding with other bills
- You want to pay as soon as you receive your salary or monthly payment
- You prefer to keep some amount of money aside as savings after paying the credit card bill
How to Change Credit Card Billing Date
As per the guidelines of the RBI, every credit cardholder should be given the option to modify their billing cycle at least once. Adding to this, a few credit card issuers allow a few changes in a year.
In order to maximise your convenience, you can send a request for a change of your credit card billing cycle. To complete this process, you have three options:
- Visit your credit card company’s website
- Contact customer service
- Use the mobile app
Choose the method that works best for you to ensure a smooth experience.
Using a card that is linked to a powerful mobile app is the best way to not only check your billing cycle, but also monitor all transactions in real time. One such option is the One Credit Card. Its full-stack mobile app keeps you updated on all your purchases and dues. It also allows you to set spending limits to stay within budget.
Not only does it have zero annual and joining fees, but it also gives you lucrative offers on electronics, travel, food, and more. You can also earn 5X reward points on your top two highest spending categories each month with this stylish metal credit card. Apply now and enjoy the benefits at your fingertips.
