@Anonymous wrote:Finally got my 3rd card today for AZEO (local credit union). I asked them about the usual important dates, and this is how they cycle:
1st: payment due date
5th: statement date
Last day of month: report to CRAs (current balance, not statement balance)
Uhhh....wut?
Sooo...I'm guessing PIF on the 28th ish and ignore due date and statement date? Just seems like they're doing everything backwards to me. Is this typical?
This is exactly how US Bank works, reports the balance as of the last business day of the month, not last day of the month. Not many cards work this way. But you still need to pay by the due date if there's a balance due. This drives late payments and any possible late fees. But in your case since the due date is the 1st, paying by the 28th's should work. The reported balance date to the credit bureau's is something completely separate when it works like this.
I tried testing this and found that any charges after the due date and statement date up to the last business day of the month will be reported. But surprisingly this did not work for payments during this period. I didn't test every single day between, but to meet my needs I changed my 18th due date to the latest day they allowed in the month (28th) so there is a very short turnaround.
@Anonymous wrote:Finally got my 3rd card today for AZEO (local credit union). I asked them about the usual important dates, and this is how they cycle:
1st: payment due date
5th: statement date
Last day of month: report to CRAs (current balance, not statement balance)
Uhhh....wut?
Sooo...I'm guessing PIF on the 28th ish and ignore due date and statement date? Just seems like they're doing everything backwards to me. Is this typical?
Nothing you described is out of the ordinary. But I would never take a CSR's word as to the reporting date.
As to when to pay, that depends what you're trying to accomplish.
BTW some folks in this forum (I am not among them) believe that the card reporting a balance in AZEO should not be a credit union card.
@Anonymous wrote:Finally got my 3rd card today for AZEO (local credit union). I asked them about the usual important dates, and this is how they cycle:
1st: payment due date
5th: statement date
Last day of month: report to CRAs (current balance, not statement balance)
Uhhh....wut?
Sooo...I'm guessing PIF on the 28th ish and ignore due date and statement date? Just seems like they're doing everything backwards to me. Is this typical?
This is exactly how DCU does it. I have my CC autopay set to the 28th to PIF.
