What You Need to Know About Credit Card Due Dates

Credit cards can be a great boon to your financial abilities, as long as you use them right. You have likely heard from a friend or family member who blames the credit card companies for all their financial woes. The truth is, they are blaming the credit card companies only because they don't want to blame the person really responsible for the problem, themselves.

While credit cards are great to use to spend a lot of money, it is important to realize this is not free money. This is an advance loan that you are being given, in good faith, by the credit card companies. They are entering into an agreement with you where they will let you use their money, often at low interest rates, as long as you keep up your end of the deal by paying them back on time, as you have agreed. This is where many people hit the snag. One of the quickest ways to see your credit card interest and debt go up and your credit score go down is to start missing the payments that you are supposed to be sending.

Due Dates and Interest

When you start with a credit card company, you often will have a low interest rate that the company has trusted you with. They do this because they believe you are a good credit risk and that you will pay them back as you have agreed to in the credit terms that you signed in order to be able to use their card. If you fail to hold up your end of the bargain (paying on time) the rules will often change and they will increase your interest rate, as you are no longer as good of a credit risk.

Due Dates and Your Credit Score

If you don't remember to pay your credit card bill on time not only are you going to see an increase in your credit rating, but also you could see a decrease in your credit score. Many people don't realize that when they are late on a payment or two, the credit card companies often report those tardy payments to the credit reporting companies. Late payments are a ding on your credit score and can see your overall rating drop.

Due Dates are Due Dates

A lot of people figure a few days one direction or another shouldn't matter when it comes to them paying their credit card bills. Do you think the same way about your boss paying you on payday? Would you mind if the company waited a few days to pay you? Of course you would. It's the same with the credit card company. You made a promise, you need to keep it.

Admitting Your Wrongs May Help

If you are late with your credit card payments and there is a good reason, that doesn't mean the credit card company will forgive it, but it doesn't hurt to ask. Often the companies are willing to be a bit accommodating if you are up front with them. If you are late, or going to be, call and apologize. While it may still see your interest go up they may be willing to do something to help you, such as taking away the late fee.

About the Author
Steve Sikes is an MBA and writes articles on credit cards and other financial products. To read other articles and compare and apply online for top credit card offers for low interest, balance transfers, rewards, cash back, business, airline miles, you will want to visit http://www.CreditCardWave.com