difference between payment due date and closing date?

[Anonymous]

Last Statement Posted: Mar 11, 2013
Last Statement Balance: x.xx
Minimum Payment Due: $ 0.00
Payment Due Date: Apr 6, 201

My closing date isn't until April 11th, but my payment due date is on the April 6th. Does that mean I have to pay my current statement by April 6th, or is that due date for the payment for my last statement that I already paid? It doesn't make sense paying before my statement closes, but I just wanted to make sure.

I'm new to credit and it's confusing.

[enharu]

the due date is normally a few days before your statement date. the exact number of days in between can vary between different lenders.

The due date is when your payment is due, and the statement date is when your statement is generated. Generally, you just need to worry about due date only, unless you want to report a 0 balance to boost your scores a little. 

Your payment is due by the 6th for each cycle. The due date is before your statement date because the bank / lender gives is giving you a grace period . For example, you might be mailing them a check using snail mail. Most lenders have some grace period after the due date where they will be expecting your check to arrive in the mail or for your electronic payment to clear and deposit into the account.

[Anonymous]

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@enharu wrote:

the due date is normally a few days before your statement date. the exact number of days in between can vary between different lenders.

The due date is when your payment is due, and the statement date is when your statement is generated. Generally, you just need to worry about due date only, unless you want to report a 0 balance to boost your scores a little. 

Your payment is due by the 6th for each cycle. The due date is before your statement date because the bank / lender gives is giving you a grace period . For example, you might be mailing them a check using snail mail. Most lenders have some grace period after the due date where they will be expecting your check to arrive in the mail or for your electronic payment to clear and deposit into the account.

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"Grace Period" is actually a term used to describe a period where no interest is charged.  This is usually the peroid between the time statement is generated and the due date.  In the OP example, it's 27/28 days  from 9th through the 6th of the following month.

[Anonymous]

Thanks guys. I understand it now. 

[Anonymous]

The messed up part about payment due date and closing date is the "payment limbo"

Think about this for a minute.... Lets say payment due date is 12th and statement closing date is the 16th... there's 4 days of "payment limbo" in there....

So, being a good borrower, I make my regular payment on 8/17, it arrives before 9/12, so I'm on time.... Then in September, I make my next payment, but I'm a couple days early, hey, that's a good thing, I'm early making my payment, right?  I pay it on 9/15.... I happily go about my business and make my next payment on 10/13.... I just got hit with a late fee on 10/12

You see what happened?  My payment on 9/15 was before the closing date of the 16th, so it posted as essentially an "extra" payment in September, but because they did not receive a payment between 9/16 and 10/12, the payment I make on 10/13 is considered "late" even though in reality, I paid my payment that was due on 10/12 early on 9/15... they didn't post it in the october billing cycle, so its considered late.... This is the "trap" of  "payment limbo" and no doubt the reason the "due date" varies from the "closing date" by a few days.... so that you can fall into this "trap" and they can hit you with a late fee, even though you're not actually late at all.... This "trap" is particularly hazardous for those of us who get paid, and pay our bills at the end or beginning of the month.... with a "due date" around the 27th of the month and a "closing date" of the 1st.... I'm constantly getting screwed with late fees by Comenity Bank because of this even though I pay my bill every month on the 30th, because I never know if the payment is going to post in one billing cycle or the next.

[taxi818]

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@Anonymous wrote:

The messed up part about payment due date and closing date is the "payment limbo"

Think about this for a minute.... Lets say payment due date is 12th and statement closing date is the 16th... there's 4 days of "payment limbo" in there....

So, being a good borrower, I make my regular payment on 8/17, it arrives before 9/12, so I'm on time.... Then in September, I make my next payment, but I'm a couple days early, hey, that's a good thing, I'm early making my payment, right?  I pay it on 9/15.... I happily go about my business and make my next payment on 10/13.... I just got hit with a late fee on 10/12

You see what happened?  My payment on 9/15 was before the closing date of the 16th, so it posted as essentially an "extra" payment in September, but because they did not receive a payment between 9/16 and 10/12, the payment I make on 10/13 is considered "late" even though in reality, I paid my payment that was due on 10/12 early on 9/15... they didn't post it in the october billing cycle, so its considered late.... This is the "trap" of  "payment limbo" and no doubt the reason the "due date" varies from the "closing date" by a few days.... so that you can fall into this "trap" and they can hit you with a late fee, even though you're not actually late at all.... This "trap" is particularly hazardous for those of us who get paid, and pay our bills at the end or beginning of the month.... with a "due date" around the 27th of the month and a "closing date" of the 1st.... I'm constantly getting screwed with late fees by Comenity Bank because of this even though I pay my bill every month on the 30th, because I never know if the payment is going to post in one billing cycle or the next.

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You are correct. But no one can be so dunce as not yo show responsibility. That's why people come here to learn. Regardless of dates the key is make sure all payments on time. I have my Wally due date on 24 th. Statement date on 1 st of month. No way I make. A payment between. Unless I wasn't low balance to report. But no such thing as going about my business. Best. Philosophy. Check. And double check also set up automatic minimums to never miss a payment. 

[sean23]

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@Anonymous wrote:

The messed up part about payment due date and closing date is the "payment limbo"

Think about this for a minute.... Lets say payment due date is 12th and statement closing date is the 16th... there's 4 days of "payment limbo" in there....

So, being a good borrower, I make my regular payment on 8/17, it arrives before 9/12, so I'm on time.... Then in September, I make my next payment, but I'm a couple days early, hey, that's a good thing, I'm early making my payment, right?  I pay it on 9/15.... I happily go about my business and make my next payment on 10/13.... I just got hit with a late fee on 10/12

You see what happened?  My payment on 9/15 was before the closing date of the 16th, so it posted as essentially an "extra" payment in September, but because they did not receive a payment between 9/16 and 10/12, the payment I make on 10/13 is considered "late" even though in reality, I paid my payment that was due on 10/12 early on 9/15... they didn't post it in the october billing cycle, so its considered late.... This is the "trap" of  "payment limbo" and no doubt the reason the "due date" varies from the "closing date" by a few days.... so that you can fall into this "trap" and they can hit you with a late fee, even though you're not actually late at all.... This "trap" is particularly hazardous for those of us who get paid, and pay our bills at the end or beginning of the month.... with a "due date" around the 27th of the month and a "closing date" of the 1st.... I'm constantly getting screwed with late fees by Comenity Bank because of this even though I pay my bill every month on the 30th, because I never know if the payment is going to post in one billing cycle or the next.

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I dont think its a "Trap" at all. Maybe it has something to do with giving pending charges a chance to post to your account before your statement cuts for the month. Also, why do you keep making payments before the statement cut date if you know you have issues with your payment not posting to your next statement? Cant you just wait to see your bill and then make the payment? Then you will know, like in your example, that every payment made before your next statement is cut is for your current statement... ? You might be overthinking it too much.