Credit Card Due Date

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Credit Card Due Date

Postby Julius » Fri Jan 08, 2016 11:51 am

Why is it that the due date on my credit card is back on January 7th, but the current date is January 8th? Also to note, if I were to make a charge today on my card, the payment due tends to have a 50/50 chance of falling back on the 7th of the current month instead of the 7th of the next month. Is this a trap that credit card providers pull to sneak in late payments? I usually have to wait 3 days past the due date before I can put any charges on the card.

I have also noticed that if I were to make the payment within 3 days of the due date, it will not get processed until after the due date, unless I were to pay it off at the bank. If I were to make a charge on the card after the due date, when the payment I made hasn't been processed, the charge after the due date gets rolled back onto the previous due date versus the next due date. I once had over $200 charged on the card in the middle of a month and the due date was still back to the 7th of that month instead of the next month. From this I have made it a habit to make the payments at least 5 days before the due date, but the problem in the above question still persists when there is nothing due on the card.

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Re: Credit Card Due Date

Postby thom02099 » Fri Jan 08, 2016 4:57 pm

What card are you referring to?

Also, it's not clear what you're trying to say/ask here: Why is it that the due date on my credit card is back on January 7th, but the current date is January 8th?

Every card that I have (and I have many), has a statement, when making a payment, that payments made before XX:XX time (EST/PST/CST/MST - depending on where they are) will post to the same day.

Discover, for example, has this statement clearly posted: If you make your payment by 12:00 midnight ET, it will be credited to your account today.

It may take several days to update and/or clear your bank, but it will still show as paid as noted above. There are some credit card issuers that update real time, as soon as you make your payment on line. AMEX, for me, usually takes 24hours before my accounts update.

I usually make my payments on the day before the payment due date. Some folks have auto-pay set up. That's something that you might want to consider.
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Re: Credit Card Due Date

Postby ingramjuan » Fri Jan 08, 2016 9:57 pm

Julius wrote:Why is it that the due date on my credit card is back on January 7th, but the current date is January 8th?

What credit card do you have?
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Re: Credit Card Due Date

Postby Tubpbs » Fri Jan 08, 2016 11:34 pm

To me, this just sounds like you're very confused about how your credit card works...

You seem to be ignoring your closing date when thinking about this. There is a closing date and a payment due date. From the CARD Act of 2009, there is some rule you have 22 or 25 or something days to pay after your closing date. So let's say your closing date is the 1st of the month usually. You have to pay by the 25th ( for arguments sake, not necessarily exactly right). Let's say your balance as of the closing date is $500. If you make another $400 of charges between the closing date and the due date of the payment, you don't have to pay them until the next payment due date. Obviously it will go into your open balance with the creditor but you don't have to pay it until that statement has closed and your due date for the next statement is reached.

It's possible I'm misunderstanding the confusion, but I do not think so. Let me know.
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Re: Credit Card Due Date

Postby takeshi » Mon Jan 11, 2016 10:50 am

+1 Sounds like you're confused and/or mis-stating -- possibly conflating the statement date and the due date. Which card is this? Post a scan/screenshot of your statement and blank out any data you don't want to share such as account number, amounts, merchants, etc and we can help you to understand.

Your due date will always be a date in the future. Creditors certainly have deadlines for processing payments but typically the cutoff is around 3pm on the same day. It really depends on the creditor.

It is possible in some cases for a charge made right around or just after statement close to fall in the cycle that just closed.

It's certainly possible that you have a predatory creditor but without more information it's impossible to say.

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