The
credit card closing date, often referred to as the statement closing date, is the day that marks the end of a billing cycle. This date is important because it determines the transactions that will be included in the current billing statement. Any purchases, payments, fees, or interest charges made before the closing date will be part of the statement, whereas those made after the closing date will appear on the next statement.
Billing cycles typically last between 28 to 31 days, depending on the card issuer's policy. It's essential to know the credit card closing date, as it helps cardholders track their spending and manage their credit utilization ratio, which is a significant factor in determining credit scores. The credit utilization ratio is the percentage of one's available credit that is being used, and it typically accounts for 30% of the overall credit score. A lower credit utilization ratio is better for maintaining a healthy credit score.