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Credit cards without surprises: closing date, due date and installments

A credit card is not extra money: it is next month's money. Understanding three dates avoids most surprises.

Closing date

The day the statement closes. Purchases before it go on the current statement; purchases from that day on go to the next one.

Due date

The payment date. Paying only the minimum moves the rest into revolving credit, one of the most expensive forms of debt. If you cannot pay in full, talk to your bank about a lower-interest plan and stop using the card until things are balanced.

Installments

Each installment occupies future statements. Several small installment purchases can tie up a large share of your income for months. Before splitting a purchase, ask: “does this fit alongside the installments I already have?”.

How Meu Gasto helps

• Installment purchases are placed on the right statements automatically.
• Available credit accounts for all future installments.
• Paying the statement is recorded as a transfer, so spending is never counted twice in reports.