Help in understanding Credit Card statement, Billing Date and Billing Cycle

[Riya Sharma]

Over the last two years I have gotten to know pretty much everything there is regarding Credit Cards except I have yet to fully understand how a Billing Cycle works. For an example I will be using the two credit cards from Axis that I own. I was planning to call this week to get their statement dates aligned to the same day for my payment convenience.

Axis Atlas - Statement Generation date is 18th May, and Bill due date is 7th June
Axis Privilege - Statement Generation date is 10th May, and Bill due date is 30th May

How many days of Interest Free period am I getting on these cards? Which date would be preferable to set as the due date for both of these cards? Is it possible to even change this with Axis? And is the amount of interest free period the same? Or can it be extended by choosing different dates which extent this period?

 

[Aniket]

Over the last two years I have gotten to know pretty much everything there is regarding Credit Cards except I have yet to fully understand how a Billing Cycle works. For an example I will be using the two credit cards from Axis that I own. I was planning to call this week to get their statement dates aligned to the same day for my payment convenience.

Axis Atlas - Statement Generation date is 18th May, and Bill due date is 7th June
Axis Privilege - Statement Generation date is 10th May, and Bill due date is 30th May

How many days of Interest Free period am I getting on these cards?

@OverdosingOnCopium 50 days in total, if I am correct.

Which date would be preferable to set as the due date for both of these cards?

It depends upon you, it's your call. When it's convenient and eay to pay off for you.

Is it possible to even change this with Axis?

Yes, as per RBI, every bank must allow, atleast once. In this, ICICI seems good in customer's/ cardholder's favour.

And is the amount of interest free period the same? Or can it be extended by choosing different dates which extent this period?

Yes it's same, though it varies from card to card and bank to bank. No, it can't be extended choosing different dates.

You can mark my answer as the solution, clicking on ✅ box at the bottom of my comment, if you find helpful and best.

 

[praful47]

This month credit card bill was ₹2046.90
I paid ₹2047 .
That ₹.10 is showing negative.
What will happen with this - ₹.10 ??

 

[Tejo]

Axis Atlas - Statement Generation date is 18th May, and Bill due date is 7th June
Axis Privilege - Statement Generation date is 10th May, and Bill due date is 30th May

How many days of Interest Free period am I getting on these cards?

Statement date is 18th and it's fixed ....

Free period - from Statement date I.e 18th ...to next month 17th. So it will upto (31,30,29,28)days+DueTime+3daysRbiGracePeriod

For Axis, Due time will be 3 weeks I.e 21days.

So it will be around upto 55 days ....

*You can change Sta. Date by requesting, they will give options you need to choose the statement date.

*I advise to maintain statement dates alternately else you might one Day end up due to all dues at Same time.

* Free interest period is not same always it depends on month and the bank.

* you can't extend Free interest period by changing statement date.

 

[HumorSimpson]

This month credit card bill was ₹2046.90
I paid ₹2047 .
That ₹.10 is showing negative.
What will happen with this - ₹.10 ??

Nothing. In next bill 0.1 will be deducted

 

[Aniket]

This month credit card bill was ₹2046.90
I paid ₹2047 .
That ₹.10 is showing negative.
What will happen with this - ₹.10 ??

It will get adjusted in next upcoming billing cycle, or else you can request to refund in your banking account. 😂

 

[Tejo]

This month credit card bill was ₹2046.90
I paid ₹2047 .
That ₹.10 is showing negative.
What will happen with this - ₹.10 ??

On your next Billing cycle it will be settled against the transactions you made else you can request refund to the bank account if it's big amount even if you are not using that credit card .

 

[Aniket]

You can mark my answer as the solution, clicking on ✅ box at the bottom of my comment, if you find helpful and best.

@OverdosingOnCopium You have marked it as best answer, solution can be marked by clicking on tick button ✅ right to up vote button as shown is attached screenshot. ⏬

Edit: Thanks

 

[its_karan]

Is it possible to even change this with Axis?

You can do once, Just call the CC they will do it

Just for your Info Ill attach the RBI Circular below

Then a clock starts for 1 year(Axis Cooling period)

Which date would be preferable to set as the due date for both of these cards?

Make it 10th for both card is what I suggest

Axis Atlas - Statement Generation date is 18th May, and Bill due date is 7th June
Axis Privilege - Statement Generation date is 10th May, and Bill due date is 30th May

This way you would be paying the billed amount before the Cibil Month End Reporting date of Axis

Somewhere in the Community:

Banks should provide atleast once Billing Cycle Change:

Reserve Bank of India - Frequently Asked Questions

View attachment 53306

 

[Aniket]

@Tejo bro 3 days grace period is provided by RBI guidelines but I think we shouldn't take it for granted.

We can definitely use this, but in the case when somehow we missed to pay, and but paid within 3 days after due date.

Though we need to fight in most of the cases, to reverse late payment charges, though usually they don't report to credit bureaus. Most of the bank has not incorporated, such guidelines in their system upto now.

That's why, I haven't considered 3 days as grace period, instead take upto due date for intrest free period.

 

[Aniket]

You can do once, Just call the CC they will do it

Just for your Info Ill attach the RBI Circular below

Then a clock starts for 1 year(Axis Cooling period)

Make it 10th for both card is what I suggest

This way you would be paying the billed amount before the Cibil Month End Reporting date of Axis

Somewhere in the Community:

Banks should provide atleast once Billing Cycle Change:

Reserve Bank of India - Frequently Asked Questions

View attachment 53306

This list needs to be updated now.

 

[Riya Sharma]

*I advise to maintain statement dates alternately else you might one Day end up due to all dues at Same time.

I do agree with this but in this case both of the cards are from Axis Bank and have a shared credit limit I don't think this matters, right?

 

[Aniket]

I do agree with this but in this case both of the cards are from Axis Bank and have a shared credit limit I don't think this matters, right?

Yes it does matter, since both are different and reported differently.

You are the only one who can make decision on this based on your convenience, situation, how you handle due date, cash inflow period in you account and considering other important factors.

 

[Riya Sharma]

Yes it does matter, since both are different and reported differently.

You are the only one who can make decision on this based on your convenience, situation, how you handle due date, cash inflow period in you account and considering other important factors.

I definitely won't have any problem with paying off my bills. So it won't matter other than that right?

 

[Aniket]

I definitely won't have any problem with paying off my bills.

Ok great.

So it won't matter other than that right?

Yes, it won't matter then.

 

[Riya Sharma]

Okay, it has been done. Both get generated on the 18th now. It took like 3 minutes on the call and she informed that I won't be able to change it again for another 12 months.

 

[its_karan]

she informed that I won't be able to change it again for another 12 months.

You can do once, Just call the CC they will do it

Just for your Info Ill attach the RBI Circular below

Then a clock starts for 1 year(Axis Cooling period)

It's good your issue got resolved.

 

[pothi]

Axis Atlas - Statement Generation date is 18th May, and Bill due date is 7th June
Axis Privilege - Statement Generation date is 10th May, and Bill due date is 30th May

You might be interested in knowing possible billing cycle dates...

What are the possible billing cycle dates for my credit card

Credit Card,credit cards,statement,physical statement,estatement,credit card statement,credit card estatement,What are the possible billing cycle dates for my credit card,possible billing cycles,billing cycles

application.axisbank.co.in

Once changed, you can't revert to original dates as they don't fall within the possible billing cycle dates in your particular situation.

 

[Riya Sharma]

You might be interested in knowing possible billing cycle dates...

What are the possible billing cycle dates for my credit card

Credit Card,credit cards,statement,physical statement,estatement,credit card statement,credit card estatement,What are the possible billing cycle dates for my credit card,possible billing cycles,billing cycles

application.axisbank.co.in

Once changed, you can't revert to original dates as they don't fall within the possible billing cycle dates in your particular situation.

that's weird. Both of mine are now on the 18th and there it says: Other Cards - 1st,12th,13th,15th,20th,22nd and 25th of every month

 

[pothi]

that's weird. Both of mine are now on the 18th

Axis is always weird. Once upon a time, I had two cards with the billing cycle on 18th and 25th. I asked the customer care to change from 25th to 18th. They refused and ended up changing the other card from 18th to 25th.