The day your statement closes, as in the day they charge interest, is that what’s reported to CRA’s? Like my statement closes on the 9th, I was going to pay card off on the 9th though (because payday
) so was wondering if this would show as 0 balance maybe plus interest or would it show the balance plus interest then would report the payment next cycle.
) so was wondering if this would show as 0 balance maybe plus interest or would it show the balance plus interest then would report the payment next cycle.
For all my cards its the balance on the statement cut date that is reported. The exception is Discover which seems to report the balance on the date they report which is usually 3-5 days after the statement cut.
@Anonymous wrote:
The day your statement closes, as in the day they charge interest, is that what’s reported to CRA’s? Like my statement closes on the 9th, I was going to pay card off on the 9th though (because payday
Usually the balance on the statement date is what gets reported, but not always. There are exceptions.
I have one account that reports on the 1st, one that reports on the 5th, several that will report every time the balance drops to zero, etc.
@Anonymous wrote:
@dynamicvb wrote:For all my cards its the balance on the statement cut date that is reported. The exception is Discover which seems to report the balance on the date they report which is usually 3-5 days after the statement cut.
That sounds unusual to me. My Discover card closes its statement one day after Payment Due date. And the balance at Statement Close is the same as the balance reported to the CRAs.
On my Discover account, as well, the statement balance is always the reported balance.
Did you use the Discover or make a payment after the statement cut? There was a long thread a while back where this was happening to quite a few people which is made me start watching it and realized it was happening to me too. I tried to find the thread but could not, perhaps its just a glitch that affects some. I have not seen this in a few months since I haven't really used the card and I'm working on paying the balance down so the balance has not changed between the cut date and when they report.
