Due Date
GeneralGlossary term
Definition
The date by which the minimum payment must be received to avoid late fees and maintain grace period. Typically 21-25 days after statement closing date, as required by law.
Related terms
- Minimum PaymentThe smallest amount you must pay each month to keep the account in good standing, typically 1-3% of the balance or $25-35, whichever is greater. Paying only the minimum results in expensive long-term interest.
- Late FeeA penalty charged when the minimum payment isn't received by the due date. Can be up to $41 for repeated late payments. Also triggers penalty APR and damages credit score.
- Grace PeriodA period after a payment due date during which you can pay without penalty. Credit cards typically offer 21-25 days; student loans often offer 6 months after graduation.
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