Should I Change My Credit Card Due Date?
Changing your credit card due date can help you align your credit card bill with other bills as well as the timing of your paychecks, making it easier to pay your monthly bills on time.
Maybe your original credit card due date is the day before you get paid every month, when your account is low. Or maybe it falls on the same date as three or four of your other bills and you’d prefer to stagger it. Whatever the reason, if you’re thinking you’d benefit from a different due date, know that you’re not always stuck with the payment deadlines you’re given from the credit card issuer. Many allow cardholders to move their due date so they can better manage their finances.
1. Why should you move your due date?
Since payment history makes up 35 percent of your FICO® Score1, you never want to miss a credit card bill. For peace of mind, you may want to consider planning to pay your credit card bill around the time your paycheck comes in.
Say you get paid on the first and fifteenth of every month — you might choose to schedule payment on or immediately after either date. That way you know the money will be in your account and you can prioritize paying on time.
This also lets you stagger deadlines for other expenses if you’re paid twice a month. For example, if other bills — phone, internet, car insurance, etc. — are all due around the time you get your first monthly paycheck (say, the first of the month), you can move your credit card due date closer to your second one (maybe around the fifteenth or shortly thereafter).
The easiest way to change your due date is to simply call your issuer and ask. You can find your issuer’s customer service phone number on the back of your credit card. Another way might be logging into your online account and doing a request there.
While not all issuers allow you to move this date, it’s still worth asking if you think moving the payment due date will help you to pay on time. It is, after all, in your issuer’s best interest to have you pay your bill when it’s due.
3. What if you can’t change your due date?
If you can’t change your due date, all is not lost. While it may be easiest to pay on time by moving your due date, you can go about this the old-fashioned way: smart budgeting techniques and discipline.
If that won’t work and you’re really concerned about not having enough money to pay a credit card bill that falls a week or more away from a paycheck, consider making a payment a week or two early, after you’ve received your statement, when you have the funds available. Or, set up a separate bank account where you automatically transfer your card’s minimum payment after your check lands in your account. That’s easy to do online and could be a simple solution if you’re on a tight budget.