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A financial statement is a record of your account generated by a bank,... ...more
The billing period is the time period between the last statement date and the current statement date. During the billing period, which is typically about 28 days, the purchases, cash advances and other debits to your credit card account accumulate. Once the billing period ends, a statement is issued and payment is due. If you do not pay your balance in full or on time, interest begins to accrue, along with possible fines. It is important to keep an eye on billing period dates, as credit card companies may change their billing periods which can cause unexpected financial charges.