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Closing Balance means the Total Amount Owing on the most recent Credit Card statement which lists Purchases during the recent month. This is the amount to pay to clear the entire Credit Card debt for the recent month. A Credit Cardholder needs to pay its Closing Balance by the Payment Due Date each month to avoid being charged interest on any Purchases during that month, and perhaps also avoid forfeiting their Interest Free Period on any Purchases for the subsequent two months. |
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