Credit Card due dates

IMHO_2

Hi,


I have just applied for a new credit card. Normally I just use the one credit card and pay it off in full every month when it becomes due, but what I want to do is use a second card that has a due date say half way through the month when the other has one say at the beginning of the month. I will still pay both off in full each month but this will help with my household cash flow so to speak.

Does anyone know if it is possible to set a date for each card, or is it set by when you first use it, or when you apply for it or is it something else,

Thank you.

lisyloo

Generally your first statement is about a month after your account is opened.

I would wait to see when it comes and check the payment date (it's the payment date not the statement date that you are interested in).
There is a chance it might fall just right for you.

If it doesn't fall right then simply call up and ask to change the statement date by the relevant amount to put your payment date in the right place.

chexum

Just as lysiloo said. If you have two cards, one issuing statements on the 15th, the other on the 1st, you can split your purchases so that you have 40-45 days minimum for each purchase to pay it in full, as opposed to 20-30 in some cases. Some cards have 59 days for interest free period, others "only" 50 days, you may not get the same one that you're used to. The above scheme makes sure you can use about two weeks more of the interest free period, but it's a one time gain.

You should also realise that all you're getting is just a buffer (on average, half a monthly statement) for two weeks time, but it's borrowing anyway, and you'll need to be much more careful with scheduling the payments after the first cycle.

At least try to get back ahead of the game, and make sure you have funds ready by the time you make the purchases, or it could backfire in the long term. As I mentioned, the cashflow is just a one time gain, after that, it's the same steamroller to run away from...

IMHO_2

Thanks guys, sorted!:T