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Didn't the new cc law state something to the effect that cc payments are due on the same day each month? So people can plan accordingly?
I went back over my cc history for this card. For some reason, they changed the statement cycle and the payment due date this go around. (It's not a huge problems since I pretty much pay as I go.)
Statement close date:
February 24, 2011 – payment due March 11, 2011
January 28, 2011 – payment due February 21, 2011
December 27, 2010 – payment due January 21, 2011
November 26, 2010 – payment due December 21, 2010
October 27, 2010 – payment due November 21, 2010
September 26, 2010 – payment due October 21, 2010
August 27, 2011 – payment due September 21, 2010
I noticed the same thing with my AMEX card this month. Statement cut 4 days earlier than normal and so did my due date.
I did some quick research and found this in the CARD act.
‘‘(o) DUE DATES FOR CREDIT CARD ACCOUNTS.—‘‘(1) IN GENERAL.—The payment due date for a credit card account under an open end consumer credit plan shall be the same day each month.
‘‘(2) WEEKEND OR HOLIDAY DUE DATES.—If the payment due date for a credit card account under an open end consumer credit plan is a day on which the creditor does not receive or accept payments by mail (including weekends and holidays), the creditor may not treat a payment received on the next business day as late for any purpose.’’.
@IOBA wrote:Didn't the new cc law state something to the effect that cc payments are due on the same day each month? So people can plan accordingly?
I went back over my cc history for this card. For some reason, they changed the statement cycle and the payment due date this go around. (It's not a huge problems since I pretty much pay as I go.)
Statement close date:
February 24, 2011 – payment due March 11, 2011
January 28, 2011 – payment due February 21, 2011
December 27, 2010 – payment due January 21, 2011
November 26, 2010 – payment due December 21, 2010
October 27, 2010 – payment due November 21, 2010
September 26, 2010 – payment due October 21, 2010
August 27, 2011 – payment due September 21, 2010
Who is the bank?
It could be because the month of February is a short month.
Think it has anything to do with the short month?
I called AMEX.
The customer service rep explained that the statement closing date can be whenever they want and will vary from month to month.
She said the some cardholders have the privilege of "paying over time" for some purchases over $100. For those that have this privilege (which I do) AND have qualified purchases during the cycle, the due date will be (in my case) the 21st of following month, regardless of when the statement cycles. For those who don't have that privilege, the payment due date will be (in my case) the 11th of the following month.
For those with the pay over time privilege - 25 days to pay.
For those without the privilege - 15 days to pay.
BUT (a big but here) as long as the payment is received and acknowledged my AMEX prior to the statement cycle close, the payment will not be considered late.
For my particular case, I had qualifying purchases, but since I pay as I go (for the most part) I had already paid off the purchases and had a small balance due when the statement cycle ended. I had actually missed paying it off by a few hours. Dang it! And the next charge (which would have qualified for the pay over time) hit my card on the 26th. Normally, that would have made my due date the 21st of the following month.
Oh well, learned something new!
Some of these provisions in the law make no sense...