ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -No, but the payment due date for your credit card must be the same day of the month for each billing cycle. A bank may adjust the due date from time to time for certain reasons, provided that the new due date will be the same date each month on an ongoing basis.

Detailed explanation-2: -Credit cards operate on a monthly billing cycle, and there are three dates to understand: The statement date. Once a month, your card issuer compiles all the activity on your card account and generates your statement.

Detailed explanation-3: -You should always pay your credit card bill by the due date, but there are some situations where it’s better to pay sooner. For instance, if you make a large purchase or find yourself carrying a balance from the previous month, you may want to consider paying your bill early.

Detailed explanation-4: -The card billing cycle is a monthly period within which the credit card bill is generated. There is no compulsion that the billing cycle will last from the first day of the month to the last. The billing cycle can start from any day in the month and lasts for 30/31 days.