statement closing date differences?

[Varsity_Lu]

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@jupiterjet wrote:it is synchrony and i feel ashamed for having a card with them

Don't feel bad.  My OnePay Synch card has been the best rewards card this past year for me.  11 months in and I've gotten $949.56 from them.  I'll take them for well over a grand in a 12 month span.  And that includes their measley $35 SUB.

[Thomas_Thumb]

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@jupiterjet wrote:

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@Kforce wrote:

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.

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

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As you should be, 😄

[TrapLine]

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@Kforce wrote:

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@TrapLine wrote:

@Kforce 

Find your follow back of interest.

 I have talked with the various financials about changing my checking and saving statements cutoff dates and have not found one institution willing to do that?!

I prefer the issuers with true monthly cycles

Never moved checking or savings cycle date however have found good places for Hy-Savings,

with  1st --> EOM  (True monthly cycles), not dependant on when you open your account.

Have never figured out why all financial institutions are not like this.  

Makes no sense to have mid month cycles because you opened  the account on the 11th.

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Thanks for the additional insight.

As with everything ... nothing is for sure.

Do share with you my preferance for a true calendar monthly cycle. Did observe something, all of my credit union memberships do use the calendar month close ... oops, just caught one, their checking uses the account opening and savings with CDs following the calendar month.

[Kforce]

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@TrapLine wrote:

As with everything ... nothing is for sure.

Do share with you my preferance for a true calendar monthly cycle. Did observe something, all of my credit union memberships do use the calendar month close ... oops, just caught Navy Federal, their checking uses the account opening and savings with CDs following the calendar month.

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Have statements from 15 institutions, only "Navy Federal"  and "US Bank" are off cycle reporting.

[TrapLine]

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@Kforce wrote:

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@TrapLine wrote:

As with everything ... nothing is for sure.

Do share with you my preferance for a true calendar monthly cycle. Did observe something, all of my credit union memberships do use the calendar month close ... oops, just caught Navy Federal, their checking uses the account opening and savings with CDs following the calendar month.

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Have statements from 15 institutions, only "Navy Federal"  and "US Bank" are off cycle reporting.

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This has been an interesting thread. Since you have a good fifteen samples, I feel the two you mentioned above are outside the norm. In truth, as to federally chartered banks, I have not been with any for many years so, I lack the history on what they did.

[14YHWH]

As others stated, the statement closing date depends on the financial institution.

Based on the data I've personally collected, below are some examples of the differences from each bank: 

1. Citibank - if the scheduled closing date is on a weekend OR the Friday before Thanksgiving, the statement closing date is changed to the following Monday

2. BofA - they don't care about holidays or weekends (based on my credit cards), they always close on the same date

3. Synchrony, American Express and Bread Financial - if the scheduled closing date is on a Saturday, the closing date is changed to the preceding Friday

I don't mean to hijack the OP with the idea of an AI Agent, but I've been thinking about creating one for a while because it may be helpful for peoplel here.

All you would have to enter in ChatGPT is your bank name and month (and maybe the previous statement closing date - depending on the bank) and the AI Agent will automatically calculate the current statement closing date. 

[MrsCHX]

While I have all of my cards on autopay, I still have a chart with issuer, APR, statement date and due date. 

I have a dozen cards from varying issuers. Looking at my major cards only, my dates don't bear out what you've posted. Maybe it's just happenstance with when your cards were issued. 

my Amex and Cap One cards close the 10-13th and are due the 3rd-9th. PenFed is similar - closes 16th, due 13th. 

my Misson Lane closes on the 16th and is due the 12th. 

As a matter of fact, only 2 of my cards have stmt dates early in the month. Most are mid month.  

[redpat]

The main reason that some lenders including sub-prime is the lag of clearing transactions from third parties processors.

Under the Federal card act issuers must give cardholders at least 21 days from statement cut date to due date.  

[NoMoreE46]

My due dates are set for the 15th and 28th.  

There are two issuer of my cards that are not date consistent - Citi and Apple Card.  The Apple Card  is very easy as it is always the last calendar day of the month.  There is an old thread trying to determine how Citi does its dates.