Download //FREE\ Kotak Bank Credit Card Statement

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A credit card billing cycle is the time between monthly statements of your card. This is the time you can use your credit card. How to know billing cycle of credit card is over? Well, it ends on a specific date, known as the statement closing date. Following the closing date the card issuer prepares your credit card statement. So know what is a billing cycle to use your credit card smartly.

Download Kotak Bank Credit Card Statement

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Every credit card user has to pay the used credit balance to the credit card issuer. Usually, credit card issuers collect monthly payments from users. The card billing cycle is a monthly period within which the credit card bill is generated. There is no compulsion that the billing cycle will last from the first day of the month to the last. The billing cycle can start from any day in the month and lasts for 30/31 days. The credit card bill statement is mailed to the user for every billing cycle. If the credit card bill for any billing cycle is not paid, penalties/late charges might follow. In addition, all the payments, cash withdrawals, and purchases done with the credit card in the previous billing cycle are forwarded to the user. Billing cycles enable credit card issuers to collect credit card payments easily. Card billing cycles can differ from one issuer to another. The billing cycle can also be different for each credit card user.

Let us understand the concept of the card billing cycle with an example. Consider the billing cycle of a credit card user ends on the 5th of every month. This means the billing cycle will start the next day (the 6th of every month). All transactions between the 6th of the previous month and the 5th of the current month will be shown in the credit card bill statement. Likewise, the credit card statement will mention all transactions and purchases made within this period. Any transaction occurring on/after the 5th of the current month will be counted in the next/upcoming billing cycle. Credit card issuers take the billing cycle seriously and do not change it automatically. However, the credit card user can request the issuer to change the billing cycle.

The last date of the billing cycle is referred to as the statement date. Any credit card transaction after the statement date will be counted in the next cycle. Why should credit card users keep the statement date in mind? The statement date invites the credit card bill for the previous billing cycle. After the statement date, credit card users have two choices, that are:

The billing date is when your card statement is generated by the issuer. Typically it is the last day of your billing cycle. Suppose your card statement is generated on the 7th of each month, the billing cycle will start from the 8th of each month. And the cycle continues till the 7th of each month. So your credit card due date (billing date) is the 7th of every month.

Every credit card has an associated billing cycle. The credit card payment due date is usually at the end of the billing cycle. For some reason, you may need to change your credit card due date. Most banks and credit card issuers allow users to change their credit card payment due date. However, you may have to place a request for changing your credit card due date. Credit card issuers usually allow only a few deadline changes in a year.

If you are having issues with changing your due date online, you can reach out to the credit card issuer. The customer support of the credit card issuer can help you change the credit card due date. For some banks, you cannot select 29th, 30th, or 31st as your credit card payment due date. It is because these dates do not appear every month. Your credit card due date remains the same for each month or billing cycle. You are free to choose any due date from 1st to 28th for your credit card payment.

When you change your credit card due date, the statement closing date does not need to change. Your closing statement is provided by the credit card issuer. You get to know about the credit utilization via the closing statement.

Credit cards are being used prominently by customers, especially the millennial population and businesses. The Indian credit card industry has recorded a Compound Annual Growth Rate (CAGR) of 23% in the last three years. The number of credit cards in use crossed the 78 million mark in July 2022. Talking about overall credit card spending, it reached its highest level at Rs. 1.14 lakh crore in May 2022, an increase of 118% over May 2021. Kotak Bank is one of the banks that witnessed the highest month-on-month M-o-M growth at 15%. ff782bc1db