statement closing date differences?

[jupiterjet]

i noticed many major banks have the statement closing date be the 4th of every month for a due date of the 1st of the following month while some subprime banks have statement closing dates around the 8th or 9th of every month with the due date of the 1st for the following month.... How come there's this difference? Are the subprime banks not as trusting and therefore allow less time between statement closing date and the due date?

[Varsity_Lu]

@jupiterjet 

Pretty sure statement closing date is dependent on the date you were approved for the card.  You can also change the dates with most issuers.  I have all of my account statements posting on the 15th of the month.  Makes it easier for remembering due dates and payments and stuff.  The length of the grace period to pay also varies from bank to bank, but I don't think subprime banks really give you less time and major banks give you more.  Probably just a coincidence with the banks you are using.

[Kforce]

Both the due date and statement dates are issuer dependant.

Some issuers have a fixed date for both the due and statement the same for all cards issued from that issuer. 

Others set your due date by when you were approved for the card and then set a statement date from that date.  Some use a set number of days between due & statement, others like a statement date that is in each month and near end of month or early in next (27,28,1,2).  Others like last day of month as the statement date (28,30,31).

As @Varsity_Lu said many will let you move your due date, which might or might not move your statement date depending on the institution.

If you post a question about a specific institution members might have more info how that institution works.

Have a few that due and statement hit exact same day every cycle, and a few that the statement floats 3-7 days.

Knowing that an institution sets the due date cycle from approval date , you have control even if the institution does not allow due date changes.  The statement date is by the issuers policies and sometimes not something you can move or control.

[FicoMike0]

Ditto @Varsity_Lu 

My dates seem random.

@Kforce  offers an interesting discussion. I've noticed some fix the statement date, others fix the due date.

The only account I've noticed that fixes both dates is my aven card, issued by costal community bank. It's statement date is the 20th, due date the 13th. That only works out to 25 days for months with 31 days.

[TrapLine]

@Kforce 

In reference to checking and savings accounts, US Bank sets the date like checking statement cut off day is every 7th business day of the month and savings is every 17th business day of the month. It has not varied in fourteen years.

The US Bank credit card does vary but the payment due date is fixed with the actual statement cut off varying 3 to 5 days after the payment due date.

[Kforce]

---

@TrapLine wrote:

@Kforce 

In reference to checking and savings accounts, US Bank sets the date like checking statement cut off day is every 7th business day of the month and savings is every 17th business day of the month. It has not varied in fourteen years.

The US Bank credit card does vary but the payment due date is fixed with the actual statement cut off varying 3 to 5 days after the payment due date.

---

The statement postings and periods vary by many days on my USBank Checking & Savings.

My credit card has only been 3 days max, over it's 1.5 year life.

Savings statement's and end date examples:

[jupiterjet]

---

@Kforce wrote:

Both the due date and statement dates are issuer dependant.

Some issuers have a fixed date for both the due and statement the same for all cards issued from that issuer. 

Others set your due date by when you were approved for the card and then set a statement date from that date.  Some use a set number of days between due & statement, others like a statement date that is in each month and near end of month or early in next (27,28,1,2).  Others like last day of month as the statement date (28,30,31).

As @Varsity_Lu said many will let you move your due date, which might or might not move your statement date depending on the institution.

If you post a question about a specific institution members might have more info how that institution works.

Have a few that due and statement hit exact same day every cycle, and a few that the statement floats 3-7 days.

Knowing that an institution sets the due date cycle from approval date , you have control even if the institution does not allow due date changes.  The statement date is by the issuers policies and sometimes not something you can move or control.

---

it is synchrony and i feel ashamed for having a card with them