Payments dates for Charge card

[simongr]

Hi all

Just a quick question. My company just moved to fortnightly rather than monthly pay and I am just moving payments around to accommodate.

One issue is going to be my Amex bill.

I currently have a statement date of 15th and generally payment by 1st the following month.

Of course with the new payroll cycle I am getting paid on the 4th.

ISTR here that some someone said for the charge card that interest (liquidated damages of course) do accrue unless you dont pay by the next statement date.

Is that correct?

Cheers

S

 

[yohy?!]

Correct, late payment charges hit at 30days so you should be fine - imo the 14day due date is just an encouragement (it used to be 21).

You should just be aware the first month you do it that your total spend across both months is not going to be hugely out of pattern otherwise you may get a call requesting payment. . .

Your other option is to request a cycle change which would include a new card number and due date however I think you should be ok.

 

[serfty]

Correct, late payment charges hit at 30days so you should be fine - imo the 14day due date is just an encouragement (it used to be 21). ...

With a Amex charge card you payment is fully due "upon statement issue".

It's only been in the last few years they have actually put a "pay by" date upon the statement.

As indicated by yohy?!, if you pay in full before the next statement is due then you should be fine.

 

[docjames]

Are your pays going to be

Day 4 and 18 of month (or similar)?

Or just alternating fortnights?

If the latter, you'll get out of sync to the 4th of the month anyway as most years there will end up being 26 or 27 pay cycles (rather than 12x2=24). So might be worth factoring in that your pay days will shift around and you may not achieve much by resetting the CC due date.