Credit Repair Blog

More Time to make Credit Card Payments, Fewer Late Fees

Are you one of those consumers who always have a difficult time making their credit card payment on time? If credit card late payments have become a big part of your life you are not alone. And while a lot of this problem may fall back on you, there is a good chance that your credit card company is not making things any easier. After all, if you send in a late payment there is a good chance that your credit card company will make even more money by adding fees, etc.

Fortunately, the new Credit Card Reform Act is going to make it easier for consumers to pay their bill on time. Credit card companies can only mark a payment late if the bill is put in the mail and delivered 21 days prior to the due date. This rule will give consumers more time to not only receive their statement, but to also get together the proper amount of money to pay. 

One thing to keep in mind is that some credit card companies have decided to only offer electronic delivery. In this case the company can deliver the statement less than 21 days before the due date. 

At this time, most credit card companies have one due date that acts as date in which late fees can be assessed as well as the expiration of the grace period. Currently, credit card companies must mail the statement at least 14 days before the grace period expires. When the new reform kicks in the grace period can expire seven days before a payment can be considered late, but to protect the consumer both dates must be clearly marked on the statement. 

This part of the Credit Card Reform is sure to make life easier on consumers who have found it difficult to pay their bill on time in the past.