CNBC Select breaks down when a credit card payment is considered late and how you can prevent late payments.
It's important to review the terms of your credit card to find out the exact cutoff time for when a payment is considered on time versus late.When you make a payment you'll often notice a time zone in the fine print. This is for cardholders who may not be in the same time zone as the credit card issuer. This is an important detail to pay attention to since it can potentially cause your payment to be considered late.
For example, if you're on the west coast, but your card issuer is based on the east coast, your late payment time is different. A 5 p.m. ET cutoff is equivalent to 2 p.m. PT.What happens when your bill is due on a weekend or holiday? If your credit card bill due date falls on a weekend or holiday, there are some circumstances where it can still be considered on time if your payment is received by the next business day., if the due date is a day that the card issuer doesn't receive or accept mail, such as a Sunday or a national holiday, they can't consider a mailed payment as late if it was received by 5 p.m. on the next business day. Be aware that card issuers look at the day it was, not postmarked.
If you make an online or phone payment, it must be done by the due date. Online and phone payments made the next business day will be considered late.Follow the steps below to avoid late credit card payments in the future:The easiest way to prevent late payments is to set up autopay. It can take less than a minute, and you can benefit from peace of mind that your credit card payment is scheduled.
, your total statement balance or another amount. We recommend setting it for your total statement balance so you avoid interest charges, but if that's not possible choose at least autopay the minimum due.If autopay isn't for you, you can set calendar reminders or text and email alerts. Many card issuers let you opt into reminders for when your statement is available, when your payment is due in a set number of days, when your payment posts and more.
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