Answers about Credit Card Payments and Late Payments

My payment is due on the 4th of the month, however this month the 4th is a federal holiday. I generally mail my payments to the bank. Why don’t they change the due date on the bill?

The law requires that:

  • The due date must be the same day each month. The due date could be set as the last day of the month or it could be a specific date in the month, such as the 4th.
  • The payment cut-off time generally cannot be earlier than 5:00 p.m. on the due date.
  • If the payment due date falls on a weekend or a holiday when the bank does not accept or receive mailed payments, then any mailed payment received by the bank before the cut-off time on the next business day would be considered an on-time payment.

Since you mail your payments, you would have until the cut-off time on the next business day to make your timely payment. However, if the bank accepts or receives payments on the due date by a method other than mail, such as electronic or telephone payments, and you make a payment using that other method, you would still need to make the payment by the due date.

If you followed the payment requirements and you were still charged a late payment fee, you can dispute the charge with the bank. Notify your bank in writing using the billing error notice instructions, which should be on the back of the monthly billing statement. Be sure to use the address specified after “Send Billing Inquiries to:” on the back of the billing statement. This is usually not the same address where you send your payment.

September 2017