For Yearly Memberships, you can pick a month and day that the membership will expire. The membership expires at the end of the day selected.
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For Monthly Memberships, pick a day only. If you choose the 31st as the "Expires On" date, then the membership will use the maximum number of days in that month.
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Prorating will adjust the price of the membership to the number of days received.

Auto Renew will create a new membership on the day after the "Expires On" date has passed.

For Daily Memberships, no membership renewal date is allowed to be set.