4 dates that affect your credit cards

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When you have a credit card, there are 4 important dates that you should know that are crucial for your usage.

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These dates are important so you can avoid late fees, penalties, and interest charges while handling your credit.

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1. Billing cycle: This is the period when all purchases and charges are attributed to a single monthly bill.

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2. Statement closing date: The date when your credit card statement is generated with the previous month's expenses.

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3. Payment due date: The last day to make the minimum payment to avoid late fees and other penalties.

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4. Annual fees due date: If your card comes with an annual fee, you'll need to pay this once a year.

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The period between closing date and due date is the grace period where you must make your balance payment.

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Making balance payments on time and in full will help you avoid additional charges and improve your credit score.

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In case you have made a late payment, try to stay on track with future payments to work on building your score back.

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