What is the credit card payment date?
0% credit cards can give customers a way to purchase goods and services. Customers can make a purchase today, and then pay for these transactions at a later date.
After you have made a successful credit card application, your credit card company will send you a statement, every month.
The credit card statement will show all the transactions that you have made, using your card, in the period since your last statement. This statement will also show any balance transfers made, as well as all purchases made using the card.
This monthly statement will also show the date that a payment is due, or the due date as it is often know. This credit card payment date, is the date by which you must make a payment to the credit card company.
Credit Card Payment Due Date
The credit card payment due date is the date by which the card company must have received at least the minimum card payment shown on your monthly statement.
Missing the credit card payment due date is likely to be costly:-
- Many credit card companies will charge the customer a default fee, often £12, when a payment is late
- Many UK credit card companies now have in their terms and conditions that they will remove any 0% introductory rates you may have on the card, if you do not make the monthly payment on time. This could be especially costly if you have a large credit limit, a credit card with a £10000 limit, for example
- Repeated late payments may also affect your credit rating going forward
For these reasons, it is vital that credit card customers always remember the date for the credit card due date.
Credit Card Payment Date
The credit card payment date is the date on which a customers monthly payment must reach the credit card company. As a customer you will need to make that payment in advance of this date. This is to ensure that you allow enough time for the payment to reach the credit card company.
If you are paying by post, then you need to allow plenty of time for the cheque to reach the credit card company. Remember also that it may then take an additional couple of days for the cheque to then clear.
When paying by internet banking, allow for the time it takes for a payment to be made from your bank to the credit card company bank. You should not assume that the payment will be made on the same day.
If your card payment date falls on a weekend or on a bank holiday, then you also need to make the payment earlier. This is to ensure that the payment is received before the due date.
We would always recommend that you setup a direct debit for at least the minimum monthly payment amount. This will ensure that you never miss a credit card due date.
You can always pay more than the minimum payment by making additional payment at any time. Direct debit is the simplest and most convenient way to pay your credit card bill
Read more of our Credit Card Tips