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If you are like any average American, your monthly payments need to be balanced. In the beginning or in the end of the month your bills are very hefty and it is difficult to accumulate enough money to pay them all. This happens because alongside with your credit card bills you also need to pay you mortgage or car loan.
There is a way out. You can try to move your bills around. So that they are not so heavy at one part of the month, and so light at another. Your monthly payments can be balanced by changing due dates of credit cards payments.
Some credit card issuers will allow you to change due dates. You can do that simply by phoning your bank's customer service. But before the changes take effect make sure you pay your bills on time. Changing due dates is not a quick process. It will likely take up to two billing cycles. Meanwhile you need to pay on time if you do not want to pay penalty fees.
But different cards have different rules. Some banks will let you choose any date you wish. Others, like American Express, are not so flexible. With American Express the situation is a bit different. Their due date is only a recommendation. And you can make your regular payment before the next month's closing date. The bank will not consider it late. Customers may find it very convenient, because it gives them almost a month long grace period.
Anyway, no matter who your credit card issuer is, the most important thing is communication and your wish to set your payment obligations to rights. Do not be afraid to make the first step and ask to change your due dates. Phone the customer service and explain the situation. Most likely your bank will meet you half way and you will get a positive answer.
Choose the new date very carefully. Make sure you will be able to meet your financial obligations because generally banks will allow you to change due date only once a year. Some credit card issuers will allow you to move the due date only within five days from the current due date. If these 5 days are really crucial for you, only then apply for this change. After the due date is changed, check whether everything is done as you wished.
It is important to note, that this method is good only if you are a well organized person. Those who like to say "I forgot" when it comes to regular payments will not benefit from it.
Well, managing one's personal finances is a real art. Unfortunately not everyone can schedule payments and do everything on time. But if you want to succeed in financial matters it is very important. And what if you cannot? It is never too late to master this art of managing your own finances. And the first thing is to read credit card agreement before making a credit card application.
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Comments• eZine Comments... |
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I should say, all of these banks are not that kind of 'flexible'. And I've never dealt with the bank where they could allow me to change the due date, although I have a great credit score/history, and if they do, it always causes extra charges anyway. Seems like the only thing you can please them with is just paying, paying, and paying again.
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