How To Change Due Dates
Once youve decided when you want to pay, its time to contact creditors and ask for a change.
Most of the time this can be done with a phone call, says Harry Daniels Jr., a certified financial planner at Duggan Joiner & Company in Florida.
However, Daniels says sometimes creditors want a written request or sometimes the change can be made online. The process depends on the kind of bills and the company youre dealing with.
Analyze Your Spending Habits To Maximize Your Rewards
Take a look at the past few months of your spending and categorize it as best you can. Ask yourself the following questions: Do you spend a lot on gas and groceries? How often do you travel? Can you put work-related purchases on a credit card and then get reimbursed by your company?
Once you figure out which categories you’re spending the most in, start researching different credit card options that fit your needs. After analyzing your spending, you may find that you want to use two credit cards to maximize rewards. However, while juggling cards can help you earn more rewards, don’t get so distracted you end up spending more than you usually would.
Reasons To Change Your Due Date:
There can be several reasons to change the due date of the credit card for example,
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Rule #: Pay In Full On Time
Before proceeding any further, there is actually one simple answer thats true for all credit card users, no matter the circumstance: Pay in full, on time. Contrary to an enduring myth, carrying credit card debt past the end of the billing period is not good for credit scoresits usually the opposite. Paying whats owed and being consistent about it are two of the most important factors on a favorable credit report.
Carrying a balance from month to month is often costly. The only real benefit is the capital thats been temporarily extended to the cardholder. With interest rates commonly exceeding 15%, credit cards are an inefficient way to borrow money for longer than a month or two. As such, the first step in timing payments should be simply ensuring that bills stay small enough to be paid reliably.
Ensuring bills remain reasonable is easier said than done and the numbers prove it the average U.S. adult with a credit card carries an ongoing balance of over $5,300. Even for responsible people, Rule #1 can devolve into simply meeting a mandatory minimum to avoid penalty fees. Luckily, any credit card user, no matter their credit score or level of debt, can still adjust the timing of payments to help a financial situation.
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How Your Credit Card Billing Cycle Works
Simply knowing its possible to change your credit cards due date is only half the battle. You also need to figure out when your ideal due date might be.
Before you can decide, you need to understand how your billing cycle works. Credit cards tend to offer billing cycles of 20 to 45 days, but they usually fall around 30 days. The catch is these cycles can begin and end any time of the month, which is why your due date could ultimately be the 1st, 13th or 29th, depending on your card.
Your credit card due date will occur after your billing cycle ends, and the time between your statement closing date and your due date is your grace period. Thanks to the , credit card issuers must give cardholders this 21-day period to pay their credit card bill once their monthly statement closes.
However, you should also note that you dont always get a grace period. Not only do some credit cards not offer one, but youll give up your grace period on funds you take out when you use your credit card for a cash advance.
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Determining Your Next Credit Card Statement Closing Date
Some credit cards include the next closing date on your credit card billing statement, but not all of them do. If your statement doesn’t include the next closing date, you can calculate it with relative ease.
You’ll need two things from your current bill: your last statement closing date and the number of days in your billing cycle. Starting from the last statement closing date, count forward the number of days in the billing cycle. The day you land on is your next statement closing date.
For example, if your last statement closing date was March 1, and you have 28 days in your billing cycle, your next statement closing date will be March 29.
When Should You Change Due Dates On Bills
Changing due dates on bills isnt a big deal in most cases, so if youre unhappy with your current payment schedule, try to modify it. There may be a few reasons you decide to make a change in due dates.
- So that all your bills are conveniently due at the same time
- So that due dates are spread out and you dont need to spend as much money at once
- So that due dates are better aligned with your paydays
Its best to take action if youre worried your current payment schedule will cause you to forget to pay on time, or to pay at all remember that a missed payment can damage your credit scores.
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What Is The Difference Between All Of The Balances Listed On My Account Summary Page
Statement Balance: This is the Total Balance from your previous billing statement and does not include any transactions made after that closing date. No amounts under dispute have been deducted from this balance.
Remaining Statement Balance: This reflects any payments or credits since your previous billing statement. Any amounts under dispute have been deducted from this balance.
Total Balance: This reflects any charges since your previous billing statement. No amounts under dispute have been deducted from this balance. Activity within the last 24 hours may not be reflected.
Calculating Your Account Statement Closing Date
Knowing your account statement closing date can be useful if you want to pay down your balance before your billing cycle ends. This is especially important if you want to reduce your balance for credit reporting purposes.
Having a low or zero balance listed on your credit report will improve your credit utilization percentage and could improve your credit score.
Your doesnt typically include the upcoming closing date, which can make it tricky to time your credit card payments just right. You can calculate it by adding the number of days in your billing cycle to the previous account statement closing date .
For example, say your previous credit card statement had an account closing date of April 2, and there are 29 days in your billing cycle. Your next account statement closing date would be May 1. All the transactions between April 3 and May 1 will be included on your next credit card billing statement.
The length of your billing cycle may be different for all your credit cards. If you don’t see the length of the billing cycle on your credit card statement, you can calculate it by subtracting the dates in your most recent billing cycle.
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When To Schedule Your New Due Dates
The first step to changing due dates on monthly bills is to figure out what pay dates to modify.
First, list out all your monthly bills and current due dates, advises Lauren Rilling, financial coach and founder of The Determined Dollar.
This lets you know your starting point so that you can decide which dates to change.
Next, Rilling suggests creating a household budget and paycheck-allocation plan to determine when to pay bills.
Your monthly budget is the plan for how you will spend the money, and the allocation plan is when the money gets spent, she says.
Based on when you get paid and when the bills are due, you may decide you want
- All bills due after your last monthly payday so that you can pay everything at the same time
- All your bills due after your first payday so that you can pay them and use your second check for saving and spending
- Half your bills due after your first biweekly paycheck and the other half due after the second, to space payments evenly
- A quarter of your bills due each week so that you can pay as a weekly check arrives
Theres no right or wrong way the key is to figure out your spending and saving habits, and what works for you. Rilling says that having a plan can help you stay on top of your bills.
How To Change Your Chase Payment Date
In the past, whenever I wanted to change a payment date I had to call the card issuer. Luckily a few card issuers now let you change your statement date online. Yep, you guessed it, Chase is one such issuer.
You can change your Chase credit card payment dates online via the Chase website. After logging on to the Chase website you should see a listing of your active card accounts. When you click on a card youll see your current balance as well as some other account information. On the far right corner of the tile youll see a drop down titled Things You Can Do. At the bottom of that drop down youll find an option titled Update Settings & Preferences. When you click the settings and preferences option you will again find another list of options.
The first option under the second drop down should say Payment Due Date. Clicking this option brings you to a page which allows you to set your payment due date. When you click this option Chase gives you a brief disclaimer on how changing your due date affects your account. Next, youll be on a page with a list of numbers to chose from. I personally chose the 15th of each month, but feel free to set your payment due date to whichever date makes sense to you.
If the above steps arent clear or seem too complicated just know that you can always call Chase and have them adjust these dates over the phone.
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To Pay Less Interest On Debt Pay Asap
Credit card users who always follow Rule #1 need never worry about paying interest. But for those carrying a balance, its important to know how the amount of interest owed is determined. Each month, credit card companies take an average of the balance owed by a cardholder on each day of the billing period. This is known as an average daily balance. This number is applied to the cardholders specific interest rate.
Out of convenience, cardholders in debt sometimes wait until the due date of their next bill to finish paying off the previous months balance. This means that for every day the payee might have had the money to pay even part of that bill off they were still on record as owing the full value of their balance. If instead they paid off their balance halfway through the billing period, their average daily balance for that period would drop by half. If halfway through the period they were able to pay off, say, only a quarter of their debt, they could still reduce their average daily balance by over 12%. Any amount paid down at any time during the period can reduce the daily average balance.
Rather than deciding to pay at the beginning or the end of their billing period, cardholders in debt should simply keep working away at what they owe as they can, knowing that its not just the total paid off at the end of the month that matters, but the timing, too.
How Can You Avoid Paying Your Credit Card Bill Late
In addition to changing your credit card statement due date, consider the following strategies for avoiding late payments:
Set up automatic payments with your bank or credit card issuer. Automatic payments are free and simple to configure. You can direct your bank or issuer to withdraw the minimum payment amount, the full statement amount or another amount that you choose on the same date each month.
Keep your credit utilization low. By making consistent on-time payments and keeping your credit card balances low, you can maintain a favorable utilization ratio.
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When To Change Your Credit Card Due Date
It might make sense to change your billing date for a few reasons:
You can get all bill money out of your account simultaneously, so you wont spend it on anything else.
You wont have to track multiple due dates if everything is due on one or two days of the month.
Alternately, if you have too many bills due at or around the same time, spacing out your payment schedule can relieve some monetary strain.
Changing your bill date wont hurt your credit, but it’s important to note that such a change will not go into effect immediately. If you adjust your due date for a Capital One credit card, for instance, it can take up to two months for your new billing date to be reflected. Even once you’ve requested or officially made the change to your due date, you’ll still want to monitor your payment schedule closely in order to avoid incurring late fees.
Change Credit Card Due Dates
Since I refuse to use auto-pay Ive instead decided to change all of my credit card due dates to the same day. Doing this is pretty easy and it should only take a few minutes per card. Typically, the date that a card issuer approves you for a credit card dictates your statement closing date. So if you are approved for a card on the 25th of the month your statement date could be the 25th going forward.
Because I like to have all my due dates on the same day I immediately call the card issuer and have them adjust my statement date to the 15th of the month after Im approved for a card. Some card issuers only let you choose even days while others only allow odd days, but either way I try to set up all payment dates for as close to the 15th of the month as possible.
Doing this has simplified everything so that I no longer worry about missing a payment. Toward the end of the month I log into my credit card portals, review charges, and pay off each card in full. By doing this I have never missed a payment date and Ive found a few instances of fraud. I dont really like when I find fraud on my account because I then have to get a new card, etc., but Id rather that then pay for charges that I didnt authorize.
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When You Should Change Your Bill Due Date
If you struggle to have cash on hand when your due date rolls around, most card issuers allow you to change the day your payment is due. This allows you to select a day that works best for you , which could help you make full payments every month.
On the other hand, if you can’t pay in full because of overspending, consider cutting back on non-essential expenses, such as streaming subscriptions or gym memberships.
And if you’re falling behind on payments because of a temporary layoff or cut-back on your working hours, you may want to consider using a 0% APR card so you can pay off debt over time with more flexibility on when the entire balance is due.
Cards like the Chase Freedom® and Wells Fargo Cash Wise Visa® card can help you finance new purchases without interest for 15 months . Keep in mind that these cards require good or excellent credit. And while they can help you temporarily avoid interest charges, you’ll still need to make minimum payments during the no-interest period.
Information about the Chase Freedom® and Wells Fargo Cash Wise Visa® cardhas been collected independently by Select and has not been reviewed or provided by the issuers of the cards prior to publication.
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