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I want to make alerts/forcasts for my credit card payments and I'm trying to figure out how the closing dates for my statements work.

Here are the dates from my past several statements. The format is:

opening date - closing date: payment due date

28 aoû 2019 - 27 sep 2019: 23 oct 2019 
27 jul 2019 - 27 aoû 2019: 23 sep 2019 
28 jui 2019 - 26 jul 2019: 16 aoû 2019 
29 mai 2019 - 27 jui 2019: 18 jul 2019 
27 avr 2019 - 28 mai 2019: 18 jui 2019 
28 mar 2019 - 26 avr 2019: 17 mai 2019 
28 fév 2019 - 27 mar 2019: 17 avr 2019 
29 jan 2019 - 27 fév 2019: 25 mar 2019 
01 jan 2019 - 28 jan 2019: 18 fév 2019

The only thing I could understand is that the due date is always 3 full weeks after the closing date... except when it is not (25 march, 23 september and 23 october are the exceptions). I do realize that the date varies between 26 and 28, but it doesn't seem to depend on the length of the month...

What I would like is given a date which corresponds to the beginning of a statement period, calculate the end of the period, the payment due date, the beginning of the next period and so forth...

Any help is welcome.

Igor Deruga
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2 Answers2

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Only part of an answer: your closing date seems to be the 27th except when the 27th is Sat/sam (Apr/avr and Jul) it is moved to the the previous day = 26th Fri/ven, and when the 27th is Sun/dim (Jan) it is moved to the following day = 28th Mon/lun -- check if that happens this month also (Oct). The exception is 27th May/mai which is Mon/lun and moved to 28th Tue/mar; that Mon is Memorial Day holiday in the US, but I haven't heard of Canada following the US on this point (or even part of it). Unless maybe the bank issuing your card operates crossborder and obeys holidays for both countries.

dave_thompson_085
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There is no clear rule to deduct your next pay due date, only an 'earliest possible date', because the process in the bank includes arbitrary delays.

  • Your 'opening date' is simply the day after the previous 'closing date'.
  • The 'closing date' is either - depending on the bank's procedure - always the Nth day of the month, or always the Mth business day of the month, postponed (or pulled earlier) onto the next (or previous) business day, if it falls on a non-business day. Either way, for you, the earliest possible is the 26th. In February, they might need to work harder, as it has less days, so it might come a day earlier; but most banks don't use N>28 to avoid this issue.
  • Your 'payment due date' is at least P days after closing (the number is typically P=20, but it depends on your contract, so check it), again moved to the next business day if needed. It looks like the calculation is done when the prepare your statement, which is 0 to Q days after the closing date, depending on how busy the bank is. Therefore, it is often several days more than P days after closing, but you cannot rely on it, next month, it could be exactly P days after.

For you, that means the 26th + P is the earliest possible 'payment due date'.

Aganju
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