Credit card due date

[Sandi]

I think only government entities use the "next business day" model. I pay CCs online and set it up to pay 2 or 3 days before the due date.

 

[DISdreamin']

This happened to me in August. The due date was on a weekend, and I knew it was on the weekend and due to my own carelessness, I flat paid it 2 days late.
I got a $39.00 late fee and since I always pay my bill in full every month and this was 2 days late- they charged me interest. Now not only did they charge me interest on that month BUT they said I was still accruing interest even in the next month. This made no sense to me. If my payment was due on August 1st and I pay it August the 3rd- why am I paying interest the whole month of August??
They waived the $39 fee but said they would not waive the interest. Since I had the money to pay all along- it was a very expensive lesson to me to pay that stupid bill as soon as I get it.

I'll take a shot at this - I think the way it works is that all purchases accrue interest from the day they are made, but IF you paid the bill in full the month before AND you pay the currents months bill in full, that interest is waived with some credit cards. It's a grace period where the interest is sort of written off by the card issuer, I suppose. I don't know if all credit cards offer this or not, or if this is something that will change when the laws/rules for banks/credit cards change.

 

[Drusilla]

I always pay the cc online atleast 4-5 days before the due date.

Some cards say they must have/processed the payment by 2pm on the due date. Even if you pay on the due date then may still charge you a late fee if it is not processed by 2pm (or whatever time they specify). They are trying to get a fee out of you any sneaky way they can. Avoid their game altogether by paying 4-5 days early and pay off your cc in full every month so they don't get interest either.