Due Dates
From LoveToKnow Creditcards
It is important that you understand your credit card due dates if you are trying to use your credit cards wisely and take control of your finances.
Introduction to Credit Card Due Dates
Not only do you need to know the dates your payments are due, you also need to be sure the credit card company will post your payment to your credit card account on the day it arrives. Some credit card companies will wait until the next business day to post your payment. This may mean that your payment is actually credited to your account after the date the payment was due.
Some credit card companies have a policy where payments are never due on holidays or weekends. If you are not certain of your credit cards’ policies regarding due dates, contact the credit card company directly to learn more about their specific policies on your specific card.
The due date on your credit card is defined as the day in which your payment must be received by your creditor. After the due date, late fees can be assessed against you. Also, late payments received by the creditor after the date payments are due are usually reported to the three major credit reporting agencies. This will lower your overall credit rating and lead to other creditors charging you a higher interest rate or denying you credit because of a low credit score.
Visit www.equifax.com, www.experian.com, and www.transunion.com to obtain your credit reports and learn if late payments have affecting your credit rating.
Changing Your Due Dates
Changing the date your payment is due is often a helpful technique in managing your credit cards. It may make sense for you to spread your due dates around so that they are not all due at the same time of the month. This will make it much easier to pay your bills in a timely manner.
Some credit card companies will let you balance out your monthly payments by changing the due dates on your credit cards. You should call the customer service number on your bill and ask if they can change the date that your payments are due. If you explain your situation, they are most likely to agree to your request.
Don’t Ignore Important Dates
Be certain not to ignore important dates. Make sure that you pay your bills on time, especially if the credit card company changed your due dates based on your request. Don’t expect the change to be a quick-fix if you are truly having financial problems and simply cannot pay your expenses each month. If this is the case, you have bigger problems and changing your due dates will not help the matter too much.
Also, be aware that it usually takes one full billing cycle, and could take up to two billing cycles, for the change to your due dates to be reflected on your account. In the meanwhile, do not ignore these important dates. If you do, you may be charged additional late fees and substantial additional charges that will make it even more difficult to pay your expenses each month. You may even be faced with a negative notation on your credit report. This will also lower your overall credit score and cause other creditors to charge you a higher interest rate or deny you credit altogether.
It should be noted if you currently carry a balance on your credit card, changing the due date by a few days might end up costing you more money in the long run. On the next bill after the date change, finance changes will continue to accrue for those additional days where you pushed the date forward. For example, if you move your date 10 days forward, then you will have to pay 40 days of finance charges on your next bill, when normally you would have only paid the 30 days.
Conclusion
There are no easy paths to financial security. Managing your credit card payments may not be easy, but once you conquer your monthly due dates, you will be far on the road towards financial freedom.
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