topic Re: Statement date? in Credit Cards

Statement date?

Anonymous — Fri, 21 Jun 2019 01:57:05 GMT

Hi all,

I apologize in advance if this isn’t the correct place to post. I’m a bit confused by how Discover’s statements are released. I got a Discover secured card last month. I used it the same day I got it and not long after received notice that a statement was available. Now I’m trying to figure out when my next statement will come out and I just can’t seem to work it out. (Am I thinking too much into this or just dumb? Lol) Here’s a photo: https://imgur.com/a/riOIT4r.

My open date is May 29th and close date June 3rd. My statement due date is July 1st. Does this mean my close date is July 3rd? I’m pretty sure my next due date will be August 1st...unless I’m just totally wrong here. Should I just wait to see if this month will be different? I feel like capital one is way more straight forward.

Re: Statement date?

FinStar — Fri, 21 Jun 2019 02:15:49 GMT

Based on the information you shared, your statement will close/generate on the 3rd of every month and your due date will be the 1st of every month.

Re: Statement date?

chiefone4u — Fri, 21 Jun 2019 02:16:06 GMT

In my experience with Discover, the closing date and due date stay really close to the same from month to month. Holidays and weekends will move them a day earlier or later.

Re: Statement date?

Anonymous — Fri, 21 Jun 2019 11:28:36 GMT

Thanks, guys. I guess I thought the due date would always come before the statement date.

Re: Statement date?

Anonymous — Sat, 22 Jun 2019 03:51:21 GMT

@Anonymous wrote:
Thanks, guys. I guess I thought the due date would always come before the statement date.

it does. youre looking at this the wrong way. (backwards). your next due date will be the 1st. you can pay beforehand or not. if you pay on the 1st, this gives you a couple days for your payment to clear before the statement closes so that it may reflect your paid balance. so yes due date is before the statement closes.

Re: Statement date?

FireMedic1 — Sat, 22 Jun 2019 08:47:35 GMT

@Anonymous wrote:
Hi all,

I apologize in advance if this isn’t the correct place to post. I’m a bit confused by how Discover’s statements are released. I got a Discover secured card last month. I used it the same day I got it and not long after received notice that a statement was available. Now I’m trying to figure out when my next statement will come out and I just can’t seem to work it out. (Am I thinking too much into this or just dumb? Lol) Here’s a photo: https://imgur.com/a/riOIT4r.

My open date is May 29th and close date June 3rd. My statement due date is July 1st. Does this mean my close date is July 3rd? I’m pretty sure my next due date will be August 1st...unless I’m just totally wrong here. Should I just wait to see if this month will be different? I feel like capital one is way more straight forward.

Login to your account. Top of page click on Activity and Payments then Activity and Statements. Look to the right colum for the box with the dates. There's your statement date.

Re: Statement date?

PicoFico — Sat, 22 Jun 2019 09:59:29 GMT

I think he has it right...

Billing cycle 1 May 29th-Jun 3rd
Billing cycle 2 Jun 4th-Jul 3rd - cycle 1 due Jul 1st
Billing cycle 3 Jul 4th-Aug 3rd - cycle 2 due Aug 1st
Billing cycle 4 Aug 4th-Sept 3rd - cycle 3 due Sept 1st
Etc
Etc

Don't overthink the last cycles due date with the closing of the current cycle. Remeber they need time to generate the statement, mail it to you, and you mail back a check (historically) 🤪

Re: Statement date?

HeavenOhio — Sat, 22 Jun 2019 21:57:44 GMT

@chiefone4u wrote:
In my experience with Discover, the closing date and due date stay really close to the same from month to month. Holidays and weekends will move them a day earlier or later.

Statement dates can move a bit from month to month. But by law, due dates must remain consistent.

With Discover, it appears that statement dates also remain the same from month to month.

Re: Statement date?

chiefone4u — Sun, 23 Jun 2019 05:28:50 GMT

All of my cards are due 15 days after the statement cuts... so if a holiday or other non-business day forces my statement to cut on the 2nd instead of the 1st (example dates only) my due date would be the 16th instead of the 15th.

Unless of course the 16th is also a holiday then it becomes due the first business day after the 16th.

By law they can't decide that this month you get 20 days after statement CIT before due date; and next month you only get 4 days between. The way I read and understand it (which might not apply to all states or territories), the creditor must provide enough time for customer to receive the bill, and provide enough (reasonable) time to allow the customer to mail a paper check back to the creditor without causing any undue harm or creating penalties.

I do have an account that pushes the phrasing to its limits, but it is clearly stated in ToS that if you choose eStatements AND automatic payments, your auto payment will be drafted on the 5th day after statement cut. If both aren't met they give you 25 days from statement cut (have to banks).

Re: Statement date?

DoogieBall — Sun, 23 Jun 2019 12:04:35 GMT

@chiefone4u wrote:
All of my cards are due 15 days after the statement cuts... so if a holiday or other non-business day forces my statement to cut on the 2nd instead of the 1st (example dates only) my due date would be the 16th instead of the 15th.

Unless of course the 16th is also a holiday then it becomes due the first business day after the 16th.

By law they can't decide that this month you get 20 days after statement CIT before due date; and next month you only get 4 days between. The way I read and understand it (which might not apply to all states or territories), the creditor must provide enough time for customer to receive the bill, and provide enough (reasonable) time to allow the customer to mail a paper check back to the creditor without causing any undue harm or creating penalties.

I do have an account that pushes the phrasing to its limits, but it is clearly stated in ToS that if you choose eStatements AND automatic payments, your auto payment will be drafted on the 5th day after statement cut. If both aren't met they give you 25 days from statement cut (have to banks).

Two weeks seems like a very short grace period. Discover cuts on the 25th for me and due on the 20th. Cap One is a little more loose and cuts on the 12th but the due dates is anywhere from the 8th to 12th. Amex business statement/due seems to be consistent at 25 days.