Basic Tips to Remember Credit Card Due Dates to Avoid Extra Charges

Basic Tips to Remember Credit Card Due Dates to Avoid Extra Charges

credit card
credit card

Millions of Indians use credit cards to meet their purchasing needs. In the midst of the COVID-19 pandemic, using a credit card has become a boon, offering contactless payment.

It is a small plastic card issued by a bank or finance company and is used to make cashless digital payments. As a result, it offers you a line of credit enabling you to purchase goods and services, and prevents you from dipping into your savings.

At the end of the credit card cycle — the duration in which you can make purchases free from charges — you get a credit card statement. The outstanding amount has to be settled by a specific date mentioned in the statement, called the ‘due date’.

Indians don’t use credit cards as much as their western counterparts, as potential users are apprehensive about not making timely payments. Nonetheless, many salaried Indians now realize that payments can be made by the due date quite easily.

Furthermore, the ease and convenience that a credit card payment option gives you are unmatched, especially during emergencies. This is the reason for credit cards being used by over 60 million Indians in 2021.

What Credit Cards Offer

People who use credit cards regularly shout their praises, citing that they meet payment needs effortlessly. Significantly, you can buy anything from groceries to flagship items with a swipe.

The credit card cycle is the time when you may suddenly find that you couldn’t afford previously becomes affordable. Credit cards give you the option of paying for items. Other benefits of using credit cards include reward points that you earn every time you swipe your card.

Tips to Remember Credit Card Due Dates

No matter how much your credit card boosts your spending behavior, it can also lead to unpleasant financial consequences if you don’t settle your bills on time. Your credit card bill shows you a credit card due date at the end of every billing cycle.

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In case you’re late in payment of this amount, you can be charged heavy late payment fees, and even high interest. Late payments also affect your credit score and creditworthiness, preventing you from acquiring financial services like loans in the future. By making payments on time, you can build a robust credit score and save a lot of money.

Here are some tips to remember the due date:

  • Alter Your Due Date – Your card payment will be due on the same date in the bill. You can request your credit card issuer to change your due date. You get your monthly salary on the 9th of every month, you may want your due date to fall after that date, so you have funds ready. Consider changing your credit card due date if you have too many payments to pay simultaneously as well.
  • Opt for Automated Payment – You can opt for automated card payment. Through online banking, most payments are met in this way, and you don’t have to be concerned about forgetting to make a payment. One thing to remember is to have a consistent flow of funds in your account linked to the card.
  • Notifications – Most card issuers send notifications by SMS or via e-mail as reminders that payment is due. If you have not already opted for these alerts, you should select this to remind you to make timely payments.
  • Reminders through Your Bill – Credit card bills come to you a little ahead of payment due dates. If you settle your bill without delay, there’s a good chance of making payments before the credit card due date. If you have more than one card, it’s a good idea to settle bills as you receive them, to avoid extra charges.
  • Spend Less – In case you think you’re going to have a cash flow issue in any given month, it’s better not to spend too much on the card, or avoid spending on it at all. It’s better to go without certain commodities rather than accumulate debt.