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@Anonymous wrote:
I recently got the opensky secured card and need a little help understanding my statement and how to use it.
What exactly is the statement closing date mean?
Example: my card due date is the 17th. The closing date is the 20th. I used it on the 2nd, and paid it off on the 6th.
If I use it again before the 17 will I still have to have an additional payment?
I'm sorry that sounds really confusing and stupid but I am confused lol
Thanks everyone!
The Statement Close date is the day the monthly billing cycle for the use of the card ends, and a statement is cut/or generated. It is also usually the date the credit card reports to the three major credit bureaus.
If you continue using the card, a statement amounting to the value of the unpaid purchases made will be prepared on the 20th. Then partial, or preferably, full payment of the amount shown on the statement must be paid by the 17th of next month.
If you use the card again you can elect to either pay off the balance by the 20th of this month so that a zero balance will report to the credit bureaus; or you can chose to let a statement cut with the charges, then pay it by the 17th of next month.
@Anonymous wrote:
Thanks so much for the detailed and helpful response!
So if I use it again, say today, will I have a minimum payment due this month?
Also, is it better to carry a balance or have it paid off when the statement cuts? (Better for my credit score)
Using the dates you gave earlier as examples, here is what will happen.
1. If you use the card again and do not pay the charge(s) on or before the 20th of this month, you will have a minimum payment that must be paid by the 17th of next month.
2. Carrying a balance means that eventually the card issuer will charge you interest; something that many people try to avoid. The normal course of action is to use the card, wait for the statement to be prepared on the 20th, then pay off the entire balance by the 17th of next month. Doing so will show use of the card, but you will also avoid paying interest.