changing credit card due date - getting more time between payments (one time) 21 May 2022 at 7:53PM edited 22 May 2022 at 12:10PM in Credit cards 6 replies 322 views

johnqw

One of my issuers allows changing the payment due date (not the statement date) to values like "Nth of the month". I've read through the card's T&Cs and searched the web but could not find an answer to the following questions:

• What's the maximum number of days I can get between two consecutive payments by changing the due date, and how is it computed? Is it always at least 30 days? Is it max 56 days? 
• Is there a known condition such as "if the new due date is less than 15 days later compared to current due date, then delay, else bring forward" .. or something?
• Does it depend on what date the due date is requested?

An example, to be clearer. Say today is 21 May, and my last statement date was on 8 May, and due date on 6 June. If I now requested a due date change to "30th of the month" (6 days earlier) would the next due date be around 30 July or 30 June? What if I changed it to "21st of the month"?

johnqw

Basically, I'm trying to get as much extra time as possible between the next two payment dates (and not risk getting less than 30 days)

mjm3346

Makes sense for them to have 30 days as the maximum between payments and not the minimum, they might make an  adjustment to reflect the shorter period

johnqw

mjm3346 said:

Makes sense for them to have 30 days as the maximum between payments and not the minimum, they might make an  adjustment to reflect the shorter period

I can confirm that I once (about 2 years ago) I had 50+ days between two consecutive payment due dates after I changed a due date. I just don't know the actual conditions of the algorithm they use so I can do it once again. I'm allowed two such changes within a 12 month period.

mjm3346

Not sure when the law changed but if it's a longer period between payments then the minimum payment should be higher to reflect the additional interest charge (if any)

martinbainbridge1975

it used to be a maximum of 42 days between statements, then add the 14 days from statement date till payment due giving the 56 days total for payment date

may well have changed and be different between 1 lender to the next 

johnqw

mjm3346 said:

Not sure when the law changed but if it's a longer period between payments then the minimum payment should be higher to reflect the additional interest charge (if any)

Interest keeps cumulating and hence can be reflected in subsequent statements, so strictly speaking there isn't a need to raise the minimum payment of one particular statement.

martinbainbridge1975 said:

it used to be a maximum of 42 days between statements, then add the 14 days from statement date till payment due giving the 56 days total for payment date

may well have changed and be different between 1 lender to the next 

Many thanks! This is exactly the kind of info I was after. Will keep the disclaimers in mind (I did expect variability between lenders).