When Should You Change Your Credit Card Payment Date?

You may wonder how anyone could benefit from changing a credit card billing due date. Depending on your situation, this may be worth doing.

Everyone works on a different schedule. That's why many banks give you the option to pick your card billing date. Choosing the date that best works for you can provide convenience and other benefits.

Of course, missing a payment can be very costly. You can incur high interest rate charges on any balance you are carrying. You can be subject to fees. And, your credit score can get dinged – which can hurt your ability to get good credit terms in the future.

Here are some reasons you might want to change your billing date.

You prefer to pay all your bills on the same day each month

Perhaps it simplifies your life to having a single day each month when you pay all your bills. Many folks do. In this case, you want to make sure that your credit card bill arrives with plenty of time for you to make payment, without risking missing the due date.

You need to spread out your expenditures

You might find it difficult to pay all your bills at once. If you have a cash flow issue, you may need to spread out your various payments (rent/mortgage, car loan, utilities, credit cards, etc.) so that you're more likely to have the funds when they are due. If this is the case, clearly you'll be able to benefit from shifting the payment date for your credit cards to a date best suited to your income schedule.

To maintain a good credit score

Credit card issuers send a report of current balances of their customers to the major credit bureaus every month. This information is used to calculate credit utilization ratio. A lower credit utilization ratio is always preferred because the less you owe, the less risky you appear. Even though you pay your balance in full every month, you might not have a zero dollar balance in the report. This is because your bank sends your information to the credit bureaus on a specific day every month. If this date is immediately before your payment date, your credit report will still show an outstanding balance. To avoid this situation, you can ask your issuer which day they file their report with the credit bureaus and then ask them to adjust your payment date accordingly.

If the above convinces you of the benefits of a custom card payment date for your particular situation, then you should call your credit card issuer and look into the possibility of changing it. Not all payment due dates may be available. Once altered, your new due date will take effect with the next billing cycle, and will be reflected on your next statement. Note that the interest charges, and your minimum payment, may increase on your first statement due to a one-time change in the number of days of your next billing cycle.

One way in which you can make your life simpler is by changing your credit card billing due date. Another way is to call us at Fund&Grow! Our team can help any individual or business with good credit get $50,000 – $250,000 at 0% interest over the course of our 12 month program, with no back-end fees. Moreover, we offer a money-back guarantee on services for those who don't qualify! Call us at (800) 996-0270 to learn more about this today!