Re: Due Dates and Statements' Leeway Time...Too Long
I am wanting my statements to cut one day after the due date. The famous 3-7 days leeway time is too long. For example, I prefer the due date be on 11/2 and the statement to cut 11/3, and NOT 11/10.
With the statement being cut on 11/3 and balance reported to the CRA's on 11/3, I can immediately start playing with the cards again knowing the balance won't be reported.
In many instances, the lag time between due date and statement date is beneficial for the cardholder. For instance, many credit card companies do not immediately post payments made online (i.e. Cap On, GEMB, and HSBC). They normally post 1-3 days later; however, they back date posting to date paid. If there was no lag time, payments made by the due date will not report on new statements. Thus your CR would still reflect a higher balance.
Message Edited by illtakecreditforthat on 11-03-2009 08:20 AM