Why Should you Change your Credit Card Due Dates?
When you opt for a new credit card, you should note the billing date as well as the payment due date because it is among the most important thing. Billing date is also known as statement date is basically the date on which the credit card provider will create the credit card statement for the last billing cycle. And then, the lender will send the statement to your registered email address. Whereas, the due date is basically the deadline for clearing your outstanding credit card bills for that particular billing cycle.
Sometimes, a few factors such as job loss, new marital status, job change, and any sort of financial emergency can affect your cash flow schedule and you might face some difficulties to clear the payments by the due date of payment. Not only this, but it can also be very difficult to keep track of payment due dates because of multiple credit cards and chances are high that you might miss the credit card payments.
Did you know that you have the privilege to change the due date on your credit card?
Well, yes you read it right. Though in the starting, you don’t get the convenience to set your billing cycle, you can consider changing it later by just contacting your lender later. Being able to change due date provides you control and the utmost flexibility as you can pay off your credit card outstanding bill as per your convenience. This is just one reason out of many. To know more reasons for changing the due date, keep reading this article further.
To Line Up Your Credit Card Payment with Your Pay Day
Let’s admit the fact that we all have a lot of expenses throughout the month. It could be your rent, loan repayment, monthly installments, and any other debts that you need to clear by the end of the month. With so many dues on us, the money in hand doesn’t last for many days after the salary gets credited into our bank account. So, if your pay comes on the last working day of the month and credit card bills are due near about the 15th, clearing your outstanding credit card bills can be difficult for you specifically if you are not good at managing your finances or you spend more than you earn. Missing credit card payments will result in late payment charges and some other finance charges. In such situations, it is better to change your billing cycle so that the payment due date falls around the starting of the month.
To Ensure You Make Credit Card Payment on Time
Well, it’s only you who have an idea about your payment cycles as well as cash inflow. Thus, you should ideally plan your expenditures near the day you get your salary in order to make the most of it. Moreover, the main purpose of changing due dates is to ensure you should never miss your payment and pay your bill always at the right time because late payment will take a toll on your credit score.
To Sync Your Due Dates With Other Bills for Utmost Convenience
If you are among those people who find it difficult to remember different payment due dates of multiple credit cards or you won’t mind paying all of your bills at one time then you should definitely consider changing your credit card due dates. You just need to change the due date in a manner so that all of your due dates fall on the same date in a month. By doing so, you will not have to remember multiple due dates and also you will be getting rid of all your outstanding bills at one time.
To Separate Your Bill Due Date From Other Payments
On the contrary to the above-mentioned point, there are a few people who just like to keep the due date separated from other bills. Because receiving multiple bills on the same date can be problematic for some individuals. Also, there are chances that you might end up paying only the minimum due amount since the entire month would be left in front of you and there are many expenses for which you have to save money. In such a situation, you can consider changing your credit card due date as per your convenience.
There you have some valid reasons why you must consider changing your credit card due date. Just keep one thing in mind that the main purpose of changing the due date is to make a credit card payment at the right time. So, just take the decision as per your convenience and clear your bills by the due date to avoid late payment fees and maintain a good credit score.