What is a credit card billing cycle?

A credit card billing cycle is the period between two consecutive statement closing dates, typically lasting 28 to 31 days. During this cycle, all your purchases, cash withdrawals, interest charges, and payments are recorded. Key aspects of the billing cycle include:

• Statement Closing Date: The day the cycle ends and your bill is generated.
• Grace Period: A interest-free window of about 20 to 25 days from the statement date to the payment due date.
• Payment Due Date: The final deadline to pay at least the minimum amount to avoid late fees.