Are you aware of how credit card billing cycles work? Let's take a look at an example to help you understand better.
IDFC FIRST Bank
A billing cycle is the time period between two consecutive billings, usually lasting 30 days.
IDFC FIRST Bank
Consider this example: Sarah, a busy professional, loves to shop online. She has a credit card billing cycle from the 24th of each month to the 23rd of the following month.
IDFC FIRST Bank
Now, let's say Sarah makes a purchase of ₹100 on the 20th May 2024. In which statement cycle will she be billed for it?
IDFC FIRST Bank
Since the transaction took place in the 24th April to 23rd May billing cycle, it will be billed in her May credit card statement generated on 24th May 2024.
IDFC FIRST Bank
Payment date
Sarah, being an IDFC FIRST Bank Credit Card customer, gets 18 days to pay her credit card bill after she receives her statement.
So her payment due date will be 11th June 2024.
IDFC FIRST Bank
Interest charges
Sarah won't be charged any interest if she pays her full balance by the due date.
IDFC FIRST Bank
Want to keep track of your credit card billing cycle and payments? Just download our mobile app and check your statement anytime, anywhere.