Posted on Wednesday, 16th February 2011 by Rebecca Ortiz
One of the main difficulties associated with managing multiple credit cards is attempting to synchronize repayments and keep account balances organized efficiently. In fact, some credit card holders have difficulties synchronizing a single credit card payment due date with their salary payments and their regular monthly bills. One aspect of budgeting which is often overlooked by novice cardholders is timing, as bills need to be paid on their due date to avoid fees and interest charges being incurred. For individuals who are having trouble synchronizing their salary/pay checks with credit card repayments, changing the payment due date may be the best solution. The following paragraphs discuss valid reasons to change the payment due date on a credit card account, as well as how to go about the process.
Untimely Pay Checks
Employees who are paid on a monthly basis usually have the most difficulty arranging repayments in synchronicity with their paycheck, as they are forced to budget more strictly and utilize funds in lump sums, rather than having access to ongoing payments throughout the month. Employees who are paid on a daily, weekly, or even biweekly basis, however, have their own difficulties as well, especially when credit card repayments fall around the first of the month, as this is typically when many other bills are also piling up.
Budgeting for Paying Bills on Time
Usually, when someone creates a budget they are simply trying to make their current monthly income pay for all of their expenses adequately. However, most people fail to take into account the payment due date for each bill, and that if the bills are not paid on time late fees can completely negate the benefits of budgeting by causing the cardholder to exceed their budget. This can become especially problematic when all of the bills are due at the same time of the month, as other bills may take precedence over credit card repayments because the consequences of not paying them are more immediate.
Changing the Payment Due Date
Ideally, a cardholder should attempt to set up an arrangement with the credit card company and ensure that the payment due date is suitable for their payment schedule before ever applying for the card. Fortunately, it may still be possible to contact the card issuing company and inquire about a payment due date change via phone, e-mail or in a local branch. It is important to note that it may not be best to have a credit card payment due date around the same time as a lot of other bills that may take precedence over the credit card repayments in times of need.
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Tags: Card, Credit Card
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