Changing Statement Dates

rbulph

Anyone ever thought about the benefits of changing the statement dates on a credit card as a way to money save? If you've got a substantial balance on your card for which your bank has not yet issued a statement, it seems to me that you could request that the statement date be made later. You'll still have the 20 days or whatever to pay the statement before interest gets charged so in total you're getting quite a decent interest free loan.

Any thoughts?

InMyDreams

I have done just that this month with our new card. (I wanted to change the date from a few days before dh's pay goes in to a few days after, for obvious reasons!) This wasn't done to get an extra few extra days' free credit. On the phone I was told that what would happen was that I would get an extra statement a week after the one that was due, to accomodate the change in date, rather than a statement covering 5.5 weeks. In fact that extra statement was never forthcoming, just a letter confirming the date change, so I'm still hoping I won't get a statement on Monday, followed by another the following Monday, or I'll have to do some more messy rearranging of savings to cover it again.

I think you'd just have to be very careful with your timing, and don't rely on what the CS tell you over the phone. As it would only ever be just a one-off and based on you being the sort of user who clears their account every month (otherwise it wouldn't work) I can't imagine it would be worth the hassle tbh.

Bisoy

Hi there. I have 5 credit cards and all of them I asked different lenders to alter the statement date so as to be very convenient when I get paid. Most of my credit cards have a statement date on the 15th and my payment due dates falls on the first week of each month as I get paid every 1st of the month.I set up direct debits so as not to miss any payments whether its the minimum or full amount. Good luck and hope this helps.