Apple Card - Best Feature

[SBR249]

I don't think the Apple Card is strictly a "floating due date" card. Likely what happened is that they set their due date to be the 31st of every month. The same language in the CARD ACT that says if a due date falls on a holiday or weekend then payments received on the next business day is still considered on time likely also covers due dates in months that aren't 31 days long. So legally speaking, the Apple Card's due date is probably the 31st of every month, when that doesn't exist, then it's the closest business day or something like that. 

[blindambition]

Like Saeran, I prefer a dedicated date. Sets off my anxiety and OCD. 
My bigger issue with card is trailing interest. I carried a balance for extra month, due to hospital stay. You can't overpay a few dollars. Support had to credit me and reset account on backend. Never have I seen that before.

[Kforce]

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@FinStar wrote:

There are other CCs that do not have a fixed due date (i.e. variable cycle).   This includes a couple of local CUs and BoA business cards, for instance.

If they weren't compliant, I'm sure they would've made those changes based on regulatory guidance. 

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+ 100, I have two CU's that have end of month and even US-Bank has EOM reporting no mater what the due date falls on.

[Kforce]

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@Anonymous wrote:

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@FinStar wrote:

There are other CCs that do not have a fixed due date (i.e. variable cycle).   This includes a couple of local CUs and BoA business cards, for instance.

If they weren't compliant, I'm sure they would've made those changes based on regulatory guidance. 

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Business cards aren't subject to the same regulations as personal cards but I have never heard of it happening until the Apple Card. Variable cycles just seem like a great way to trip someone up and make them miss a payment. 

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If all went to end of month everyone would know when it was due.

I moved all of mine as close to it as issuer would allow

[Anonymous]

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@Anonymous wrote:

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@FinStar wrote:

There are other CCs that do not have a fixed due date (i.e. variable cycle).   This includes a couple of local CUs and BoA business cards, for instance.

If they weren't compliant, I'm sure they would've made those changes based on regulatory guidance. 

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I found 

Statements With Included Deadlines and Penalties

On credit accounts that charge a late fee, the billing statement must include the payment due date along with the amount of any late fee. If a late payment will result in an interest rate increase, that fact along with the amount of the interest rate must be listed on the billing statement. https://www.thebalance.com/credit-card-accountability-responsibility-disclosure-act-2009-4061197

The law says your due date must be on the same day every month. But timing matters. Credit card companies have different cutoff times for bill payments. This means your payment must be received by a certain hour on its due date, otherwise you’re late. Maybe the cutoff is 11 p.m. Eastern; maybe it’s 8 p.m Pacific time. It all depends on the card issuer. The CARD Act does, however, require issuers to set the time for 5 p.m. or later, in the time zone in which its payments are processed. https://www.creditcards.com/credit-card-news/video-credit-card-due-dates.php

it seems like the CARD Act specifies that if your credit card charges a late fee for a late payment, your due dates are fixed dates. 

i don't think Apple charges late fees for late payments so they can do what they want I guess

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That would explain it. Thank you, that makes sense. I always forget this is a no fee card. 

[CorporalAv]

I like the Apple card, my only gripe is that payments don't post immediately after payment is made. 

[Anonymous]

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@CorporalAv wrote:

I like the Apple card, my only gripe is that payments don't post immediately after payment is made. 

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Payments do post immediately for me (or if I split payment with Apple Cash sometimes an hour or two later). Have you tried making a deposit to Apple Cash with your debit card then paying with that?

[joltdude]

As I recall Amex Charge cards were a bit odd in their dates... also used to be tolerant of what would be considered late.....

-J

[NoMoreE46]

Weird.  Mine and my wife's  payments are instantly reflected in each of our available CLs.

The payments are drawn out next business day.

Anyway, the card is fairly cool to me.   DW thinks it is the best card 'eva' though.

[Anonymous]

Yeah I was just going to say US Bank reports on the last business day of the month if that’s what you like.