Should credit card companies inform us on the statement cycle during card activation?
Anyway, I was relieved to get my card on 30 Sept because I needed to pay a payment of >$1k. I immediately activated my card and used it for my purchase. And, I'm now waiting for them to mail me the letter of redemption :)
Days later, on 5 Oct, I received a letter from HSBC informing me to pay the bill.
1st thought - ask you to process my credit card application you take so long, ask me to pay money, so efficient
2nd thought - I made my purchase on 30 Sept, and I received the bill within a few days? When is the statement cycle?
Turns out, the statement cycle for my HSBC card is from 5 Sep to 3 Oct and the posting date of my transaction was on 3 Oct.
I just thought that it would be so much better if all banks list out their statement cycles for transparency sake. In the case of using the HSBC card, my intention was just to make a one-time spend and get the luggage. But what if, I wanted to accumulate my spends within a statement cycle to receive rebates?
The same point goes for my BOC Family Card. I wanted to accumulate $500 spend to receive 7% rebates on dining and 5% on groceries. I even went to NTUC just to buy vouchers to hit the $500 cap. But, crap, the posting date for my NTUC vouchers exceeded the statement cycle date. And, I lost out on the rebates for my previous dining spends :( If only I knew that my statement cycle was from 24 Aug to 23 Sep.