With credit cards, people can pay bills, fulfil daily needs, shop, clear debts, make online transactions, and more. The credit balance spent throughout a billing cycle is returned to the card issuer. Card issuers provide a due date to each cardholder for paying off the bills. Sometimes, cardholders may have an issue with the due date/last date of paying off the credit card bill. It is because they have other bills lined up on the same day. The issuer offers assistance for any issues with making credit card online payments. Read on to know how to change the due date for paying off the credit card bill.
Understanding the concept of credit card due date
The due date is nothing but the last date of submitting the credit card bill. It always occurs after the credit statement date. At the end of the billing cycle, the user’s credit statement is published. The credit statement includes all card transactions, payments, and swipes (at POS machines). The credit limit utilised by the cardholder will be mentioned in the credit statement.
After the credit statement is published, an interest-free period is offered to the cardholder. During the interest-free or grace period, no penalty or interest charges are levied on the cardholder. The due date is the exact date when the grace period for paying off the credit card bill ends. Once the grace period ends, the due date also ends for a cardholder.
What’s the significance of the due date for cardholders? Well, the due date indicates when the credit card bill should be paid off. Before the due date, cardholders can choose the pay the minimum due amount and escape interest charges. People can also choose to pay off the entire credit card bill before the due date.
Sometimes, people are caught in situations where all the bills come on the same day. For example, the credit card bill comes on Monday, and the electricity bill arrives on Tuesday. On the same day, other utility bills are forwarded to the individual, thus making life more difficult. To manage finances and maintain cash flow, the due date is changed. Let us learn about changing the credit card due date when required.
Read Also: 10 best mobiles under 15000 to buy (2024)
Modifying the credit card due date
Many people think that they are stuck with their credit card due date. Well, it depends on the credit card issuer that sets the credit card due date. While some issuers are hesitant to change the due date, some allow changes. Therefore, it is better to ask the credit card issuer for their policy regarding the due date of bills. Individuals have to simply forward a request if the issuer allows changing the due date.
A request to change the credit card may not be approved instantly. It might take one or two billing cycles to modify the due date. Meanwhile, the credit card user should submit the bill timely to the issuer. Changing the credit card due date isn’t a strategy to reduce your overall expenses. Instead, it is a way to improve the cash flow and remove the hassle of paying all bills on the same day. Even after changing the due date, the user makes the credit card payment online after the same number of days.
Some credit card issuers allow users to make changes in the due date only if they have paid bills in a timely manner. Some issuers look at the credit history and score to allow changes in the due date. In short, cardholders must pay bills before the due date to get the maximum response from the issuer. Issuers might pay extra attention to users that pay bills timely and possess a good credit history.
As stated in the Credit Card Act 2009, the due date should go from month to month. If the due date coincides with a national holiday, the cardholder can make the payment on the next business day. After changing the due date, the credit card bill might go a little higher than expected. It is because it might include expenses from the new date. It happens because the payment is shifted further in the month. For any issues with credit card due dates, cardholders can always reach out to their issuers.
Tips for changing the credit card due date
Which date is perfect for receiving the credit card bill? Well, the best day is the day an individual receives their paycheck. The credit card due date should be aligned with the paycheck day for better results. By doing so, card users will not face cash flow problems. By shifting the credit card due date, cardholders can make timely payments. Timely payments will further lead to a healthy credit score and credit report. Choose a due date for credit card payment online now!
