There are two dates related to credit cards that you have to worry about. These are the statement date and the due date. Did you know that, with most credit card companies, you can change these dates? Depending on your goals and your current financial situation, there could be benefits to having particular dates. Plus, I think there’s a benefit simply to having your bills aligned to make it easy to remember when to pay them.
I have a lot of accounts, so I am always looking for ways to simplify my finances. One thing that I’m doing right now is aligning my credit card statement dates. I care most about the day the statement is generated, as opposed to when the payment is actually do. This is because I prefer to pay off most of any balance on my credit cards before a statement is generated to keep my credit utilization lower.
Unfortunately, some credit card companies won’t let you change your due date, and others make it a hassle. Chase was by far the easiest of my credit cards to change. They allow you to simply change it within their website. When changing your date at Chase, they allow you to change your due date, so you’ll need to look at your recent statement date and corresponding due date and perform a quick calculation if you’re looking to change your statement date rather than your due date.
Online, Citi told me that my card wasn’t eligible to be changed at this time. Not sure what that means or what determines whether I’m eligible. And American Express wants me to call them. I guess I’ll give them a call next.
Typically the changes will take place in a future billing cycle, so it’s not a way for you to delay your current payment if you’re having some cash issues. The process of changing your statement date or due date is meant to help you better time your payments, with many people choosing to sync their due date with their paycheck.