Can I Decide When My Payment Is Due?
Over the last fifteen years, the single fastest growing segment of the job market across the United States has been low paying, service oriented jobs. While every community is happy to have new jobs, it is safe to say that most folks would rather have a high paying career than a minimum wage job. Since more and more folks are living this kind of lifestyle, having the ability to change when your credit card payments are due can be huge. If your due date happens to fall around the same time as your rent or mortgage, you might not have a single dollar to spare. But you can change your due date. Here are a few basic steps you can take to make yourself a little more financially comfortable.
The first thing you should do is to make a budget. A clear and easy to follow budget shows you when and how you have money coming into your life and how and where you have money leaving you. Most folks pay their rent or mortgage at the first of the money. Utilities are usually sprinkled throughout the month and much like credit card statements, the due dates tend to wander a bit throughout the month. You also have some bills that are due the same day of the month, say on the 15th or the 20th, every month, no matter what. By mapping out your expenses and marking the dates in which you get paid, you can find loopholes or days when there is a better chance you’ll have some extra money lying around for your credit card bills.
But be careful, you must figure in time for processing. Many credit cards these days have special clauses that allow the credit card company to jack up your rates to unreasonable levels if your payment is even one day late. And once your rate has been put to 23 percent, or sometimes higher, the credit card company is very hesitant to lower it. So if you have a week with no bills due, and you get paid on the 15th, try to get your credit card payment date set for the 23rd or the 24th. This allows time for the money to be deposited in your bank account, your check to be written on the 15th or 16th and enough time for the good ole US Postal Service to do their best. Even if you pay your credit card bills online through the card’s website, you need to allow at least 2-3 business days for the transaction to clear. Some card companies are extra sneaky and will charge you a late fee and jack up your interest rates if the transaction hasn’t cleared yet, even though you physically entered it by the due date. Don’t tempt fate, make sure you get your payments in on time!
As for actually changing your date, all you need to do is call your credit card company and ask. But be prepared, not every card company is as flexible as the other. In a recent survey, some card companies were shown to let you change your date straight away to any day of the month. Some card companies had restrictions on which days you could change it to and others (usually sub-prime cards) refused any movement at all, noting that all of their card holders have the same date.