The Benefits of Moving Your Credit Card Payment Dates- and How to Do It
With credit card debt on the rise, you want to do what you can to manage your credit card payments. Here's how moving your credit card payment date may help you steer clear from falling behind.
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Credit card payments can be tricky for a handful of reasons. Just staying on top of your balances can be a challenge, and if you're juggling multiple credit cards and payments, it can be easy to let a few of them slide.
And credit card balances aren't getting any smaller. Data from Experian reveals the average credit card debt in the U.S. in 2023 was $6,501, an increase of 10% from the year prior. And a recent survey finds that 23% of Americans report going deeper into credit card debt each month, and 14% share that they missed a credit card payment in 2023.
And while moving your payment due dates around won't reduce your balances, it could be a simple way to help keep your credit card payments more manageable.
We'll take a look at the benefits of going this route and how to do it:
Moving your payment due dates makes it easier to budget
The main advantage of moving your payment due dates is greater flexibility and an easier time budgeting. By timing your payments until you get paid, you can make it easier to stay on top of your finances.
Moving your due dates around can also help you avoid late payments. As you might imagine, late payments are among the top things that can hurt your FICO® Score.
"A payment that's due on the first or 15th of the month, for example, might be easier to remember than one that's due on a random date during the month," says Detweiler.
Moving the payment due dates on your credit cards can also help simplify paying your bills, says Detweiler. "If you have a lot of payments due each month, scaling down to one or two due dates may help you batch the task of paying bills," she says.
See where your major bills are due
As mentioned, if you have a cluster of credit card payments due near month's end that is due right when—you guessed it— your rent is due, you might have a harder time staying on top of your payments.
So, by strategically seeing where your other rent or mortgage, bills, and other major expenses with set due dates are, you can look into shifting your credit card payment dates to smooth out your finances.
Your bill cycle, which is the period between the statement date and your payment due date, is usually anywhere from 28 to 31 days. Your credit card bill for each card is due the same day each month. For instance, you might have one due every 25th of the month, and another every 7th.
Let's say you get paid twice a month, on the 15th and 30th. If most of your major bills are due at the end of the month, consider moving your credit card payment dues around mid-month.
Or, if your cards have due dates that are spread throughout the month, consider requesting that they be moved to the same date.
Changing your payment due date can be simple
Depending on the credit card issuer, you can request a payment due date change online or through the issuer's mobile app. Of course, you can also simply ask your card issuer.
If you want to move your due date, you don't have to provide any explanation, says Detweiler. "If your issuer offers this service, and it will make it easier for you to manage your bills, don't feel bad about taking advantage of it," she says.
Consider different methods
One method is to cluster your credit card payment dates around your paychecks. That way, you can be confident that you have the funds to cover the payments. "If you're moving it to better time bills to your payday, make sure you build in a little bit of a buffer in case your paycheck is delayed due to a holiday or other hiccup," says Getweiler.
On the flip side, staggering your payments throughout the month or around your paychecks could help make it more manageable. It depends on your cash flow, when your bills and other major expenses are due, and your preferences.
Set up alerts and allow for a transition time
Once you've settled on the ideal due dates for your cash flow and preferences and made the changes, says Detweiler, it may take a little while to get the hang of when your credit card bills are due.
Like any change to your financial flow and money management systems, you'll want to pay close attention to your credit card statements, suggests Detweiler. That way, you'll know when the new due date takes effect. "Consider setting up alerts so you don't accidentally miss a payment due date." Or better yet, set up autopay.
There are a lot of advantages to changing your credit card payment date: staying on time with your payments, simplifying your finances, and making it easier to budget, to name a few. Before making these changes, consider which approach works for you, and prepare to buffer for a bit of transition time.
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Jackie Lam is a personal finance writer whose work has appeared in Salon, Business Insider, and GOOD.