How do I know my first credit card billing cycle?

Your first credit card payment is due 21-25 days after the end of the first billing cycle in most cases. The first cycle lasts about a month from when you open your credit card, and the account statement issued at the end of this first billing period provides the due date, the balance owed, and the minimum payment due.

If you don’t pay at least the minimum payment by the due date, your payment will be considered late. It won’t affect your credit score for another 30 days, but it will accrue interest in that time, and you’ll usually get hit with a penalty fee and lose any promotional APR on the card.

If you don’t pay the full balance listed on your monthly statement by the due date, your purchases will accrue interest daily. You will need to pay the bill in full for two consecutive months to regain your account’s grace period. With the grace period intact, interest will not accrue during the time between when your monthly statement is generated and when your payment is due.

It’s never good to miss your first payment on a credit card, so you may want to set up autopay, which pulls the funds from your bank account each month so that you never miss a payment. Take a look at WalletHub’s guide on paying credit card bills to ensure your first payment goes smoothly.