Paying your credit card bill on time each month is crucial in maintaining a good credit score and avoiding penalties. Your payment due date is determined by your credit card issuer, and is typically located on your monthly billing statement. It is important to note that payments must be received by a certain time on the due date, as determined by your issuer, which may be as early as 5 PM or as late as 11:59 PM Eastern Time. To ensure that your payment is made on time, it is a good idea to mark the due date on a calendar and to confirm the exact time that payments must be made with your issuer.
Making your payment before the due date is also acceptable and can help you avoid any credit card late payment charges penalties. However, it is important to be mindful of the timing of payments so that they are applied to the correct billing cycle. Additionally, some credit card issuers may allow for more than one payment to be made per month, as long as the minimum payment is made on or before the due date.
It is also worth noting that if the payment due date falls on a non-business day, such as a weekend or holiday, payments can typically still be made through automated methods such as online or by phone. However, if mailing a payment, it is best to send it in advance to account for any delays.
Missing a payment due date can result in late payment penalties, such as a late fee and an increase in interest rate. Additionally, rewards credit card payment holders may also forfeit rewards for missing a payment. If a payment is missed, it is important to make the payment as soon as possible and to contact the issuer to inquire about waiving any late fees. Waiting to make a missed payment can result in a 30-day late payment appearing on your credit report, damaging your credit score.
Furthermore, most credit card issuers allow for the payment due date to be changed to a more convenient date for the cardholder. This can be done by calling the issuer and selecting a new due date that works best with your paydays and other bills. It is important to confirm the new due date on your next billing statement and to update your calendar accordingly.
Read More: How to Automate Credit Card Payments
To conclude, it is important to be aware of your credit card payment due date and to make payments on time to avoid any penalties or damage to your credit score. Additionally, it is possible to change the payment due date to a more convenient date and to make more than one payment per month. Remember, the key is to pay attention to the due date and the time of the payment and to reach out to the issuer if you have any questions.
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