Statement date & Payment due dates

cw635

Hi. I was wondering if there is a guideline or minimum length of time allowed between statement dates and payment due dates?

My last credit card bill from Aqua (bad, I know, but need to rebuild credit rating...) had a statement date of August 17th and the payment due date of September 3rd. Considering the bank holiday in August that left only 9 banking days between the two. Even if it was posted on 17th it would still need 1 or 2 days to get to me which is cutting things a bit fine when they need 7 days to clear a cheque by post or 5 days if I pay cash at the bank.

My other cards seem to give me longer. What makes it worse is that I didn't even get the statement until Friday the 31st so I had no chance of paying on time. I feel like phoning up to make sure I don't get any charges but I'm worried they'd have heard "but I didn't get a statement" a million times before.

I guess it's my responsibility to know when to make payments and chase it up if no statement arrives but it's never been a problem before.

lisyloo

I was wondering if there is a guideline or minimum length of time allowed between statement dates and payment due dates?

No, lenders can specify whatever terms they like and it's up to you to read and either accept or reject.

Considering the bank holiday in August that left only 9 banking days between the two. Even if it was posted on 17th it would still need 1 or 2 days to get to me which is cutting things a bit fine when they need 7 days to clear a cheque by post or 5 days if I pay cash at the bank.

Do you not get an on-line statement?
Personally I check my credit cards on-line.
I also pay by on-line methods. Either direct debit, BACS or switch which seem to take about 3 days.
You might find it quicker but also less risky (postal delays) if you use more modern methods for payments.

My other cards seem to give me longer.

I would suggest using these other cards then and ditching ones that don't give you long enough.

but I'm worried they'd have heard "but I didn't get a statement" a million times before.

They aren't responsible for royal mail delays and strikes but I wonder why you are relying on paper and snal mail when almost all cards allow you to log on and look on-line.

I guess it's my responsibility to know when to make payments and chase it up if no statement arrives but it's never been a problem before.

My advice is
1) ditch the cards that don't give you very long (unless there's a reason to have them like large cashback).
2) Get statements on-line.
3) Pay on-line or by direct-debit. If you set up a DD it's their responsibility to take the money on time and not yours and you don't have to worry about it each month. If you like you could set up a DD for the minimum and then pay the rest some other way (but on-line is quicker than snail mail).

YorkshireBoy

The "guideline" is your credit agreement. If it says 46 days (the lowest I'm aware of), then the payment due date is 15 days after the statement date (31+15=46).

It could take 2-3 days to prepare and post your statement. Add in 2-3 days for it to arrive (and the odd postal strike here and there), and you might not have time to pay by cheque.

So, put an end to late payment charges forever...set up a direct debit mandate (and for full payment on your Aqua card!).

cw635

Thanks for your reply. Yes I think I'll set up a direct debit like you suggest. I'd love to check statements online but Aqua don't have an online service, just a website with basic info about the card, and no email statements.

I usually pay online through my bank but even that wasn't quick enough this time! I was commenting in general really and some people don't have online banking or for other reasons depend on slower methods.

But yes, I will definitely get rid of it as soon as I can :rolleyes:

YorkshireBoy

cw635 wrote: »

I'd love to check statements online but Aqua don't have an online service, just a website with basic info about the card, and no email statements.

They have a freephone customer service/statement query number though:

0800 5875770

(Courtesy of https://www.saynoto0870.com)

lisyloo

I was commenting in general really and some people don't have online banking or for other reasons depend on slower methods.

They should either

1) Set up a DD
2) Get a card with a longer interest free period.
3) If their circumstances really don't allow them to manage credit easily then they should use a debit card instead.

There are plenty of cards that do have long interest free periods and plenty that do have on-line access so it's a matter of choice really.
For people that have restrictions they should pick one suitable for them or stick to debit cards/cheques.