0% credit cards can give customers a way to purchase goods and services today and pay for these transactions at a later date.
Every month your credit card company will send you a monthly statement.
The credit card statement will show all the transactions that you have made in the period since your last statement. This statement will also show any balance transfers as well as all purchases made using the card.
This credit card statement will also show the credit card payment date, or due date as it is often know. The credit card payment date is the date by which you must make a payment to the credit card company.
Credit Card Due Date
The credit card due date is the date by which the credit card company must have received at least the minimum payment shown on your monthly statement.
Missing the credit card 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
- Some credit card companies 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
- Repeated late payments may also affect your credit rating going forward
For these reasons, it is vital that credit card customers always remember when the credit card payment date is due.
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 take a couple of days for the cheque to 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 credit card payment date falls on a weekend or on a bank holiday, then you also need to make the payment earlier 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 with an additional payment at any time.
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