topic Re: Statement Closing Date in Credit Cards

Statement Closing Date

Anonymous — Sun, 24 Jun 2018 16:14:15 GMT

Hi. If my Cap 1 statement closes on the 26th and I pay the balance in full on the 26th does that mean that the statement will close at a zero balance? Or will I need to pay before the statement closing date?

Re: Statement Closing Date

K-in-Boston — Sun, 24 Jun 2018 16:23:52 GMT

Welcome to the forums. Paying the balance in full by the statement closing means that there was still a period between the due date and the statement closing date where there was a balance, so that should result in an interest charge since you did not pay the full statement balance by the due date. So even if they were to apply the payment on the statement date bringing it down to zero, it's very likely that your actual balance at that point would not be zero.

Re: Statement Closing Date

Anonymous — Sun, 24 Jun 2018 16:24:59 GMT

It would report a zero balance whether funds have cleared yet or not. I think the writing on Capital One is "payments made before 8pm EST will be applied the same day"......going from memory so please don' quote me on that.

Re: Statement Closing Date

K-in-Boston — Sun, 24 Jun 2018 16:33:31 GMT

While a payment may be "applied" on the date of the statement closing date, it doesn't necessarily mean that the statement would reflect that. That wording is in there more for scheduling a payment on the due date, so there would be no interest accruing and loss of grace period, for example, if the payment were made on the due date but not reflected for another day or two (which would then most likely be reflected on the statement since that is generally a few days later).

Re: Statement Closing Date

Anonymous — Sun, 24 Jun 2018 16:31:39 GMT

@K-in-Boston Thank you for that. I had already made a previous payment which took care of the payment due so nothing is actually due, just wanted to pay down the utilization for new charges.

Re: Statement Closing Date

Anonymous — Sun, 24 Jun 2018 16:32:16 GMT

@Overmedicated Thank you. I called them and they actually confirmed what you said.

Re: Statement Closing Date

K-in-Boston — Sun, 24 Jun 2018 16:31:44 GMT

Okay, that would make everything different.

If you paid the entire previous statement balance by the due date, then yes there is a chance that you would actually end up with a $0 balance if you're paying all of the current month's charges and you can ignore everything I said about interest and grace periods. As to whether they can actually process and record the payment fast enough to reflect on your statement generated the same day, I honestly have no idea.

Re: Statement Closing Date

Anonymous — Sun, 24 Jun 2018 16:34:36 GMT

@K-in-Boston I understand. Thanks. I called them and they said payments made on the 26th would reflect on my statement. They said that would be the last day to do anything before the statement cuts.