Change Your Credit Card Payment Due Date (cont'd.)
Guest: Polonius
SENIOR MEMBER (Member for 2 yrs.+)
Post subject: Change Your Credit Card Payment Due Date
Posted: Wed Mar 22, 2006 2:06 am
There are two different dates involved here--the statement closing date and the payment due date. The Chase on-line option only lets you change the payment due date--but that automatically changes the statement closing date too. I'm making the assumption that the statement closing date will be the same number of days after the payment due date. (That could vary month to month. In my experience, the date does not make any distinction between business days and non-business days.)
Let me give another example. I'm looking at a statement from Citibank with a payment due date of April 6 and a statement closing date of March 14th. My statement on that card always closes on the 14th day of the month. If I've got a balance transfer worded that same as above, I'd want the statement closing date to be just about the last day of the month--but that last day could be the 30th or the 31st or even the 28th depending on the month. So the statement closing date is eight days after the payment due date. I'd want the statement closing date to be August 31st; so that would make the payment due date August 23rd. BUT the bank might not have a fixed date each month but measure it 30 days from the previous due date. So I'd play it safe and set the due date to the 22nd or even the 21st just to make sure.
And then the fun begins. You still make your minimum payment by whatever the due date is (in this case, say August 21st). But you can send in the REST of your payment to reach the bank on or before the 31st. As long as your statement closing date remains in August, you're not affected by that "Sept 1" stipulation in my first post.
It's not a big deal--but it only takes a minute to change the date in your favor when you decide to use one of these offers.
_________________
Polonius
"Neither a borrower, nor a lender be; For loan oft loses both itself and friend"
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: bullwinkle29
Posted: Wed Mar 22, 2006 8:25 pm
inteeresting, but still confussed
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: Polonius
SENIOR MEMBER (Member for 2 yrs.+)
Posted: Thu Mar 23, 2006 9:31 am
OK, bullwinkle29, let me try again. The point is that the BT offer will expire. You want it to last as long as you can make it last. If it says it will expire on the first day of your billing cycle which includes Sept 1, then it expires on or BEFORE Sept 1. If you get billed on the second of each month, as in my example, you have to pay it off in full before your August 2nd statement billing date, because that billing cycle runs from August 2nd through September 1 and so it includes Sept 1. In other words, with that wording, your offer ends August 1st.
My suggestion is to just change the billing cycle date so "the first day of your billing cycle which includes Sept 1" IS Sept 1. That way you get the bt offer through August 31st--and thus get an extra month on it.
The rest of the post is just how to calculate the dates involved, plus the observation that you only need to make the minimum payment by the payment due date. As long as the rest arrives before the statement closing date, you still get the benefit of the offer.
_________________
Polonius
"Neither a borrower, nor a lender be; For loan oft loses both itself and friend"
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: maddybeagle
Credit Expert (100+ Posts)
Posted: Fri Mar 31, 2006 12:49 pm
thanks polonious for coming up with this idea. I got my statement close date changed from the 22nd to the 28th, which is great since chase has offered this bt op. and I have taken it x2 on my higher limit card.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: Polonius
SENIOR MEMBER (Member for 2 yrs.+)
Posted: Fri Mar 31, 2006 6:13 pm
Chase won't let you change the date a second time until 180 days after your first date change. Still, that's not bad at all.
_________________
Polonius
"Neither a borrower, nor a lender be; For loan oft loses both itself and friend"
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
SENIOR MEMBER (Member for 2 yrs.+)
Post subject: Change Your Credit Card Payment Due Date
Posted: Wed Mar 22, 2006 2:06 am
There are two different dates involved here--the statement closing date and the payment due date. The Chase on-line option only lets you change the payment due date--but that automatically changes the statement closing date too. I'm making the assumption that the statement closing date will be the same number of days after the payment due date. (That could vary month to month. In my experience, the date does not make any distinction between business days and non-business days.)
Let me give another example. I'm looking at a statement from Citibank with a payment due date of April 6 and a statement closing date of March 14th. My statement on that card always closes on the 14th day of the month. If I've got a balance transfer worded that same as above, I'd want the statement closing date to be just about the last day of the month--but that last day could be the 30th or the 31st or even the 28th depending on the month. So the statement closing date is eight days after the payment due date. I'd want the statement closing date to be August 31st; so that would make the payment due date August 23rd. BUT the bank might not have a fixed date each month but measure it 30 days from the previous due date. So I'd play it safe and set the due date to the 22nd or even the 21st just to make sure.
And then the fun begins. You still make your minimum payment by whatever the due date is (in this case, say August 21st). But you can send in the REST of your payment to reach the bank on or before the 31st. As long as your statement closing date remains in August, you're not affected by that "Sept 1" stipulation in my first post.
It's not a big deal--but it only takes a minute to change the date in your favor when you decide to use one of these offers.
_________________
Polonius
"Neither a borrower, nor a lender be; For loan oft loses both itself and friend"
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: bullwinkle29
Posted: Wed Mar 22, 2006 8:25 pm
inteeresting, but still confussed
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: Polonius
SENIOR MEMBER (Member for 2 yrs.+)
Posted: Thu Mar 23, 2006 9:31 am
OK, bullwinkle29, let me try again. The point is that the BT offer will expire. You want it to last as long as you can make it last. If it says it will expire on the first day of your billing cycle which includes Sept 1, then it expires on or BEFORE Sept 1. If you get billed on the second of each month, as in my example, you have to pay it off in full before your August 2nd statement billing date, because that billing cycle runs from August 2nd through September 1 and so it includes Sept 1. In other words, with that wording, your offer ends August 1st.
My suggestion is to just change the billing cycle date so "the first day of your billing cycle which includes Sept 1" IS Sept 1. That way you get the bt offer through August 31st--and thus get an extra month on it.
The rest of the post is just how to calculate the dates involved, plus the observation that you only need to make the minimum payment by the payment due date. As long as the rest arrives before the statement closing date, you still get the benefit of the offer.
_________________
Polonius
"Neither a borrower, nor a lender be; For loan oft loses both itself and friend"
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: maddybeagle
Credit Expert (100+ Posts)
Posted: Fri Mar 31, 2006 12:49 pm
thanks polonious for coming up with this idea. I got my statement close date changed from the 22nd to the 28th, which is great since chase has offered this bt op. and I have taken it x2 on my higher limit card.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Guest: Polonius
SENIOR MEMBER (Member for 2 yrs.+)
Posted: Fri Mar 31, 2006 6:13 pm
Chase won't let you change the date a second time until 180 days after your first date change. Still, that's not bad at all.
_________________
Polonius
"Neither a borrower, nor a lender be; For loan oft loses both itself and friend"
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
posted by CardRatings.com at 3:51 PM
0 Comments:
Post a Comment
<< Home