Credit cards are nothing short of welcome problem-solvers in a middle-class person’s life. The spirit of financial growth that flickers in their heart is fanned by credit cards. If salary cannot keep pace with dreams, a bit of calculated debt can. Getting a credit card approved is a matter of time if you have a good credit score.
Even if you don’t, you can always take your time and build a good score strategically. Apply for useful cards like the Bajaj Finserv RBL Bank SuperCard to derive substantial financial benefits.
However, you must be careful with the type of card you choose and the loan amount you apply for. Otherwise, you might soon be wrestling with the credit card due date, not least to regain your peace of mind.
Typically, people who have trouble with paying on or before due dates have financial issues. This could become a serious issue because it affects the credit score. Although some people genuinely forget the dates occasionally, most defaulters do not plan their finances well. It often happens that their due date falls before their usual payday. To avoid this trouble, communication with the lending institution is necessary. If the date can be postponed till after your payday, the credit card cycle will gain a natural harmony. Once you start paying the dues on time, you will watch your credit score improve in a matter of months. Let us now look at the steps that you need to follow to deal with a problematic due date.
Solving the Due Date Doldrums
Consider these points while deciding the ideal due date for your monthly repayments.
- Firstly, think about how often you receive your salary or dues or revenues. If you are salaried, chances are that you are paid once a month, typically within the first week. Considering a delay, you can place a safe bet on the 12th. However, if you are a contractor, and receive your payments periodically, think differently. Select the date based on the frequency of the payments. If you think you receive sufficient funds every two weeks, set your credit card due date after the 15th.
- Comprehensive planning is required in case of loan repayment. Even before you apply for the loan, make a detailed plan of the money you will need every month for the repayment. If you find that you can comfortably pay the amount after considering other expenses, go for it. Double-check to see if you have failed to consider any recurring payment.
- If you are not comfortable with the usual due date of the issuer, raise the concern beforehand. Once you are into the process, the lender might ask you to clear your pending dues before they arrange for a change in the due date. It could turn out to be particularly frustrating if you are going through a financial crisis.
- If you have already taken care of these issues, you can simply call the customer care service of your issuer and make the request. You can even visit the issuer’s website and make the necessary changes to the due date. Make sure you explain your issue clearly to the officials and request them to change the due date.
What if the Due Date Cannot Be Changed?
It might so happen that your lender refuses to alter the due dates due to existing internal policies. Do not get flustered; that is the first thing you could do to help yourself. Stay calm and note what your issuer has to say. Stay composed if you do not have an alternative to suggest. Here are two things you could do:
- You can adjust your payment date within your credit card cycle. Rather than paying in the middle of the month, you can pay as soon as you get your first payment from clients. This practice is not possible, however, if you are a salaried individual. In any case, prepare to make a change in your financial habits to make space for this need.
- If you are a salaried individual, you can make alterations in the other bill payments. See if you can delay certain bills till later in the month so that you can divert those funds towards your repayment. Again, planning is the keyword in managing your credit card.
Important to Remember
Be careful toward the end of your repayment period. If your arranged due date falls after the usual date of the lender, it can spell trouble. The lender will only report the balance that you have on the closing date, and it will reflect one month’s unpaid dues. For this special case, try to pay on or before the lender’s usual due date when closing your statement.