First Premier moves up statment date

[chasmith]

I knoiw I shouldn't have taken it down to the wire, set a payment for tomorrow (25th) to clear the balance, statement date has been 26th each month.  Rechecked online today, they cut statement yesterday.  Doesn't the new card legislation prevent this sort of game playing? 

[Anonymous]

HSBC did the same to me.

[Anonymous]

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@chasmith wrote:

I knoiw I shouldn't have taken it down to the wire, set a payment for tomorrow (25th) to clear the balance, statement date has been 26th each month.  Rechecked online today, they cut statement yesterday.  Doesn't the new card legislation prevent this sort of game playing? 

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It's my understanding that the Credit Card Act of 2009 only mandates that your due date will be on the same calendar day of every month. The Act doesn't legislate the date that your lender reports to the CRAs.

[Anonymous]

The new law says they can't change the due date and they have to mail the statement 21 days before.   February is a short month, so many statements have to close a little early this month.   It is not game playing.

[Anonymous]

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@Anonymous wrote:

The new law says they can't change the due date and they have to mail the statement 21 days before.   February is a short month, so many statements have to close a little early this month.   It is not game playing.

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This is correct. In order to give the proper amount of grace period for your march payment, many statements must  close early in February. 

[vish1]

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@Anonymous wrote:

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@Anonymous wrote:

The new law says they can't change the due date and they have to mail the statement 21 days before.   February is a short month, so many statements have to close a little early this month.   It is not game playing.

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This is correct. In order to give the proper amount of grace period for your march payment, many statements must  close early in February. 

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+1

All my banks (alteast I think all) sent me some form of communication (email/snail/online) saying that my due date will be the same everymonth and this will fluctuate my statement cut date.

IMO this is another 2 faceted coin. You have pros and cons.

Pros being you dont have to worry abt due date every month and If somehow your due date is arnd your paycheck, you dont risk ur due date hitting u before ur paycheck is cleared.

The con is very strong, you are out about to shop something expensive and you want to put it on a card which has maximum number of day left to pay (I sometimes do this calculations like if I had a card whose statement did cut yesterday, i get like 3 paychecks to pay for it without paying interest). In this case you may end up swiping on a card which u think had a statement cut yesterday and realize later that the statement was late this month and you have to pay all the dues in 20 days.

[JayRizzo]

Same here.  I take advantage of their communication mechanisms whether it be email or a text message 10-days before the due date.  I don't use snail mail anymore for bill paying unless it's my local utility companies because I really watch those sneaky-sneaks trying to tack extra fees.  But anyways... a heads-up notice is always a good thing.