If you have many pay dates throughout the month, you may experience cash flow issues if all of your bills are due on or around the same date. Changing your credit card's due date will assist in easing this strain on your finances.
Changing the due date on a credit card is usually a simple matter of calling the customer support number shown on the back of the card. Credit card companies such as Capital One allow customers to modify their payment due date through their website or mobile app.
How To Move Your Credit Card Payment Date
Choosing a new credit card due date that works best with your budget is the first step in rescheduling your payments. Certain payments are due on the first of the month or shortly afterward, and some bills are due around the 15th of the month or shortly after that is ideal if you get paid every two weeks.
This helps you to better coordinate your paydays with your due dates. Determine the monthly amount and due date for all of your bills. You should move your credit card payment due date to a time of the month when you will be making the smallest payment. That way, you will only have a few big bills coming due at a time.
After The Alteration
However, please note that your change due date may not take effect for a few billing cycles. Keep an eye on the due date printed on your monthly billing statement. When the new due date takes effect, subsequent monthly payments will be payable on that day.
If your new billing period is longer than usual, the financing charge that appears on your first statement after making the adjustment might be more than you expected. You need not fret. On your next statement, your minimum payment and finance charge will be closer to their usual values.
If The Due Date Cannot be Advised
Changing your payment schedule is an option if your credit card company won't let you alter your payment due date. If your bill is due on the 17th of the month, you may use funds from your first paycheck of the month rather than those from your second.
Rather than waiting for your paper bill to arrive in the mail, you may confirm the amount due as soon as your online billing statement is ready. Another option is altering the date you pay your phone or electricity bill. Your first payment following a change in the due date of one of these services may involve prorated costs.
Last Date of Statement
A statement's closure date is independent of the day payments are due. After the closure date, your credit card issuer will report your credit usage to the credit agencies. Your credit score is partially determined by how much of your available credit you are using.
A higher credit score is correlated with a larger available credit balance. For example, if your statement closure date is the 28th of the month, your card issuer will submit your balance to the credit bureau as of that day.
The credit usage percentage of your score will always be based on your closing balance, regardless of when you pay your bill or what your average balance is for the month. Consider this when you choose when is most convenient to make your payment.
What To Do If Your Due Date Is Fixed
You have choices even if your credit card issuer won't budge on the due date. You just have to take issues into your own hands. Imagine you have several expenses, including rent, a vehicle, and credit card payments, all due on the first of the month, but you only get paid twice a month, on the first and the 15th.
If you have a credit card bill due on the first of the month but getting paid on the 15th, it is preferable to pay it as soon as you have your money. Even if your paycheck doesn't arrive on the 15th, you can choose a specific day that is convenient for you.
This will provide breathing room before your payments are due at the start of the month. Simply said, don't pay in advance. Credit card companies can treat payments made at the end of the billing cycle as an additional installment against the balance due on your current statement.
