By law, your credit card payment due date must fall on the same calendar day each month. For example, you could make your credit card payment due on the 5th of every month, instead of falling on the 5th month, the 4th month, and the second the next month.
Having your payment due on the same day every month makes it a lot easier to keep track of your bills, but one of those days could fall on a weekend or a holiday. These are times when the email is not delivered and your credit card issuer can be closed for payment processing. Is your payment due anyway or do you get a little more time to pay because your due date didn’t fall on a business day?
The Credit Card Act details when the credit card company accepts payments. If your due date falls on a public holiday or weekend, your credit card company has to accept payment without charging you any penalty as long as payment is received by 5:00 pm on the following working day. There is a catch, however: the rule only applies if the holiday or weekend day falls on a day that the credit card company does not accept for all payments. With 24/7 type of companies, credit card companies are always accepting payments, even on weekends and public holidays, though not necessarily by mail.
If your payment due date falls on a holiday or a weekend in a particular month you want to make your payment before that day, especially if you usually ship your payment. Most of us don’t think about paying bills on bank holidays and weekends anyway, so planning will ensure your payment arrives on time. You may be charged a late fee if payment is not received by the due date, even if your due date is on a weekend or holiday. Unless your credit card issuer only accepts mail payments (very unlikely), your payment will be late if it is received the following Monday or day after the holiday.
If you leave your payment in the mail a few days earlier than normal, it has enough time to arrive and be processed before the due date, for example on a Friday or the day before the holiday. If you can send your payment in time, you can set up an online payment on your credit card issuer website. Or you can call to make a payment over the phone. You will need your checking account information, account number and sort code to make an online or phone payment.
Note that if you wait until the current due date to make your credit card payment, you may have to make an expedited phone payment, a convenience for which you pay a fee. Keep in mind that unless your credit card company has a late payment cutoff time, your payment must be made by 5pm. be considered timely on the due date. Keep an eye on the card issuer’s time zone.
Get used to checking the calendar for your due dates at the beginning of each month or the last week of the month if your payments are due in the first days of the month. By knowing the upcoming calendar, you will already have in mind the payments that fall on weekends or holidays and you can prepare to have these payments made before the due date.
Penciling your due dates on a calendar or paying all of your bills early in the month are a few ways you can make your payment on time safely.