January 27, 2020

Change Credit Card Due Date

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Changing your payment due dates can help you manage cash flow and take control of your billing cycle. What's the easiest way to do it? And are there any downsides? Read on to find out.

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How to Change Your Credit Card Due Date

The exact process to change your due date will depend on the bank or credit card provider. Here are two ways that usually work:

Go Online
Start with the credit card provider's website or online portal. You'll likely find the option under a section called Settings, Payments, or Services, if it's available.

Call Customer Service
You can also call the provider directly to request a payment due date. They'll let you know if it's possible and then adjust it for you. If you have questions during the process, they'll be able to help you.

Keep reading to learn more.

Go Beyond Credit Cards
Sometimes, you can adjust your payment due dates for utilities, cell phone bills, and subscription services. Reach out to the payment or billing departments to explore your options (more on this below).

Before You Change Your Due Date

The first thing to consider is why you're changing the date. If you're always strapped for cash, you may end up making only the minimum payment every month. That means you'll be paying more interest over time.

Decide if you want to:

  • Pay all your bills at the same time
  • Spread out payments to give yourself a financial cushion
  • Align due dates with your payday

Here are some other things to take into account:

Restrictions Will Apply
You may be limited to changing the date only every few months or possibly just one time over the life of the account. Be certain of when you'd like your payments due before committing.

Make Sure You're Paid Up
Past due balances might have to be paid off before you switch payment dates. Creditors will want to see your account in good standing.

Can you change your car insurance due date?
The ability to change your car insurance payment due date will vary by company. Call your car insurance representative to see if they can accommodate the change.

If You Can't Change Your Due Date

Not all types of accounts let you change your payment due date. But there are other ways to take control of your cash flow. Keep reading to learn some techniques.

Pay Early
Some payments, like your monthly rent, may not be eligible for a due date change. Instead of fighting it, you can make early payments. That way, you're getting the cash out of your account sooner and won't be tempted to use it for other expenses.

Suspend Your Account Briefly
Subscription services, like Netflix, usually base your payment due date on when you signed up for their service. If you temporarily suspend your account, you may be able to reactivate the account on the day that you want your payment to be due.

Some services will save your information and preferences if you have the option to suspend or pause an account rather than cancel it altogether. Before you suspend and reactivate your account, confirm that this will allow you to change your due date.

Switch to Automatic Payments
If your main struggle is remembering your due dates and paying on time, setting up automatic payments could offer a perfect solution. Keep reading to learn about your options.

  • Bank Bill Pay allows you to set up one-time and recurring payments to any merchant through your bank. Bill pay services can send electronic payments or physical checks through the mail.

  • Automatic Payments allow certain merchants to automatically pull payments from an account of your choosing. This is ideal for recurring payments like cell phone bills, utilities, and subscription services.

When using bill pay and automatic payment features, it's important to understand how much money will be entering or leaving your account and when. Always make sure you have enough cash to cover the payments, or you could run into overdraft fees and late payments.

Changing Due Dates to Improve Your Credit Score

Changing your payment due dates won't impact your credit score directly. But it can create better financial habits and improve your score in the long run.

Keep reading to see how your credit may benefit from rearranged payment due dates.

What goes into a credit score?
Here are the factors used to generate your credit score:
  • Payment history
  • Credit utilization
  • Length of credit history
  • Recent inquiries
  • Mix of credit accounts

Balance Reporting & Credit Utilization
If you pay your full balance on the due date, typically around 20 days after the statement close date, you won't minimize your utilization. The more you can pay before the statement closes, the lower your outstanding balance will be when your statement is issued.

Since that's the balance creditors report to the credit bureaus, keeping it low will improve your credit utilization. If your statement closing date falls inconveniently between paychecks, you may be unable to pay it off fully before it closes.

Changing the payment due date, however, will adjust the statement close date. If your statement closes at a better time for your cash flow, you'll be able to pay early and lower your credit utilization.

Payment History
Your payment history is an indication of your financial reliability. This can significantly affect your credit score. If you find that you're paying late or missing payments altogether, adjusting your due dates could help you manage your cash.

Bottom Line

Changing your payment due dates can be a quick and easy process with the help of your financial institution. It can also help you manage your cash flow and ease the financial stress you might feel between paychecks.

Write to Kim Shackleton at feedback@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.

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