CARD Act: You might get a longer time period to pay your bill
Posted in: Credit Cards
While the Credit CARD Act of 2009 has certainly helped make credit card comparisons a bit easier and given credit card consumers more fair payment and interest information, it didn’t extend payment due dates considerably. But any help is good help, so let’s focus on how the Credit CARD Act does help you pay your bill.
According to the CARD Act, your bill must be mailed to you at least 21 days before it’s due. In addition, credit card companies can no longer change the date that your bill is due each month. Instead, your bill must be due on the same date each month.
If that single date happens to fall on a weekend day or holiday, then you might get a couple of extra days to pay because, according to the Act, the due date must then be moved forward to the next business day on the calendar.
So, while the CARD Act may not afford you weeks to withhold payment without penalty, it does give you a little extra time to make sure that check gets in the mail.
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