When you create a program using Create program or Create program (async), you set the due_dates field to an array of due date objects. When you create an account in the program, you assign one of these due date objects to it.

Each due date object contains a day field, which represents the day of the month for the due date. This is the nominal date by which the cardholder must pay the minimum amount due (MAD) to avoid accruing late charges. The actual date is the real due date, which could be the later than the due date. For information about how the real due date is determined, refer to Defining a grace period and Calculating the real due date.

The day of the month that a cycle ends is called the cycle closing date. This is specified using the Number of days before due date to set the closing date of the statement program parameter, which you can set in the Pismo Control Center. The value of this parameter is subtracted from the due date to determine the cycle closing date. In other words,

day - Number of days before due date to set the closing date of the statement = cycle closing date

Defining a grace period

You have the option of giving the cardholder some extra time beyond the due date to pay the MAD before late charges start to accrue. This extra time is called a grace period.

• Set a default grace period for all the accounts in a program using the Defines the number of additional grace days granted to the program program parameter.
• Set a grace period for specific accounts using the grace_period_days field of the Update program due date endpoint. This grace period overrides the default program grace period.
• If you want to create a new due date object and associate a grace period with it at the same time, use the Save program due date endpoint. After creating the due date object, you must assign it to one or more accounts. You can assign a due date when you create a new account or assign it to an existing account using the Update statements due date endpoint. This grace period overrides the default program grace period.

Calculating the real due date

The Pismo platform calculates the real due date by first adding the grace period to the due date. If the resulting date is a business day, then this is the real due date. However, if the resulting date falls on a holiday, the platform uses the next closest future business date. For more information about holidays, refer to Calendars and holidays in-credit card accounts.

To sum up, the real due date is calculated using the following formula.

Due date + Grace period + adjustment for holidays = Real due date