There are around 65,000,000 credit cards in Turkey. By design, a credit card follows a process in which customers are granted a line of credit for their spending, they spend against the assigned limit, a statement is generated based on that spending, and the customer then pays the resulting statement balance.
So what is a statement and how does the process work?
A credit card statement is a document that shows a summary of the spending made with the credit card. The credit card statement includes information such as the spending made before the statement closing date, any outstanding balance carried over from the previous period, the minimum payment amount, the due date and the statement closing date, and a breakdown of spending.
In addition, any change in the services or fees offered by the bank, as well as information about points and usage associated with the card, is also included in the statement.
What is the Statement Closing Date?
During the credit card application process, the customer's statement closing period and due date information is collected (for example, the statement closes on the 10th of each month and the due date is the 20th). The due date is generally 10 days after the statement closing date. If the closing date falls on a holiday, the closing date for that month is set as the first business day after the holiday.
Spending made after the statement closing date is listed in the next statement.
