Having a credit card comes with certain responsibilities. For example, the moment you open a credit card, you are accountable for paying every cent of the money you spend. To ensure you never run into trouble, it’s important to be aware of several key dates that relate to credit cards. From payment due dates to expiration dates, keep reading to learn about the most important credit card dates to know.
Payment Due Date
We’ll start with the most important date: the payment due date. Your payment due date is the last day of the month you can pay the minimum payment on your balance without facing a late fee. In essence, this is the date you will face serious consequences if you forget. Beyond a potential late fee, missing the payment due date can also lead to interest charges on your remaining balance.
This important date also relates to your credit score. If you fail to make payments by this date, it can negatively affect your credit score, which can make it harder to obtain loans or even rent a home. Therefore, keeping track of this date is crucial to ensuring your finances are in good standing. Always strive to pay off your entire credit card balance by the payment due date.
All credit cards expire. The credit card expiration date will be printed on the front or back of your credit card. As of the date listed (usually formatted as a month and a year), your credit card will no longer be functional. However, that doesn’t mean your account will be closed.
Rather, most credit card issuers will send you a replacement credit card in the mail a couple of months in advance of its expiration. Once you’ve received your new credit card, you can activate it and destroy your old one. Please note that if your credit card expires soon and you have to receive a new one in the mail, contact your credit card issuer as soon as possible.
The transaction date is the date when a specific transaction on your credit card took place. Transaction dates can be found on your monthly credit card statement or your banking website/mobile app. Transactions are any activity that occurs on your credit card, from balance transfers and cash advances to purchases. Transaction dates typically appear in chronological order on credit card statements. Please note that transaction dates and posting dates may be different.
Annual Fee Due Date
Some credit cards come with annual fees. If yours does, you will need to be aware of the annual fee due date. These fees only need to be paid once per year and are automatically charged to your account. Typically, credit cards with annual fees offer lower interest rates than those without. If you do not wish to pay the annual fee, you always have the option of cancelling your credit card or calling the issuer to see if they will waive the annual fee.
Introductory Offer Date
Certain credit cards come with introductory offers or terms. If you recently purchased a new credit card, you’ll need to keep track of any offers and the dates they expire. Examples of introductory offers include balance transfer offers, sign-up offers, and introductory interest rate offers. These offers range in length from 60 days to 15 months. Whatever offers are included with your new credit card, make a note of them so you will know when to expect a change.