Changing Payment Date |
By Alexander Carl on March 29, 2010
.jpg.aspx?width=75&height=75) Here’s a cool little fact: for most credit cards, you can change the payment due date.
Why would I do this? For one, you can arrange it so that all your credit cards are due on the same day. This takes pressure off having to remember which one is which, and you can pay all in one fellow swoop.
If your budget is tight, you can balance your payments with your paycheck. If simultaneous mortgage/rent, utilities, and credit card payments tend to drain your accounts, moving due dates can create a buffer in your savings.
However, this is not a credit card debt solution. A different due date won’t lighten your debt, or make a hefty bill any easier to pay.
Does it affect my credit score? No. But if you forget your new due date and pay at the old time, that counts as a late payment. There’s no grace period for slip ups.
How do I do it? All you need to do is call your creditor’s customer service and ask for a due date change. That’s it.
So, what’s the catch? You need to find out the fine print when talking over the telephone. Here are some questions worth asking:
How many times a year can I change my due date?
Every issuer has a somewhat different policy. Citibank allows only one change per year. Others offer more opportunities. In fact, American Express lets you pay your bill any time before its closing date, so you don’t even need to make an official change.
How far away from my current due date can I shift the payment?
A change to a Discover card must be more than five days from the current due date. MBNA (issuer of MasterCard) is extremely flexible. Your creditor might be somewhere in between.
How many billing cycles will it be before this takes effect?
Typically, it is at least two. If the issuer isn’t able to provide a precise answer, you need to examine your bills extremely carefully to make sure you’re not paying on the wrong date.
And don’t forget interest. It will continue to accrue, including the period after a date change.
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