What Are the Payment Cut Off Times for Credit Cards Online?
Did you know that different credit card issuers have different online payment cut off times? You may think that paying a credit card on the due date is enough, but you’d be wrong. The internet and digital banking have made it easier to make payments. However, payment cut off times are the critical component to keep in mind.
Whenever you have a credit card, the issuer requires you to make your payment each month. This applies as long as you have an existing balance. The issuer will set the date. To stay in good standing, your card issuer has to have your payment by this date. This due date doesn’t change from month to month.
This is true even if it falls on a holiday or on a weekend. You’re required to have your payment in or get penalties. In some instances, your lender will allow you to set the due date. However, the same rules still apply for paying the credit card on the due date.
Understanding Credit Card Payment Cut Off Time Limits
Along with the due date, it’s critical that you pay attention to the time. Unless your issuer explicitly states otherwise, your payment has to be accounted for by 5 p.m. on the due date. If you miss this cut off time, your payment is considered late. It is essential that you double check this though because it varies from issuer to issuer. Some payment cut off times online are as late as midnight on the due date.
As long as your payment processes by the cut off time on the due date, you won’t get penalties. However, if you’re even a few minutes late, you can expect to pay late fees. Again, these fees vary from issuer to issuer. One may be $20 while another is $40 or $50. Either way, they can stack up quickly.
You’re also allowed to make payments before your issuer’s set due date. However, you should only make it a few days early. If you make it too early, it could apply to the wrong billing cycle. This could result in the issuer thinking you missed a bill payment when you did no such thing.
It’s also possible to make more than one payment in every billing cycle. You just have to make sure that you make at least the minimum payment before the due date. This will allow you to pay off your balance faster. It can also help build your credit score by lowering your utilization ratio.
Factoring Time Zones Into Your Payment Cut Off Times
We’re going to add another slight layer of complication to the entire process. You have to know the due date and the credit card payment cut off time online. However, time zones also factor in. If you live in another time zone, you assume the cut off time is in the issuer’s time zone.
Timezones throw a three to four hour difference in the credit card payment cut off times. If you’re in New York and your issuer is in California, you have a three hour time difference. Alaska to New York is four hours. This can also impact how effective your payments are.
Say you make a payment by four in the afternoon in your time zone. It could already be six or seven at night in your issuers time zone. Your payment is technically late, and you’ll get fees. You can avoid this by paying your bill a day or two ahead of the actual due date. This way, it’ll clear well before the 5 p.m. time.
How Weekend and Holidays Impact Credit Card Payment Cut Off Times
Weekends and holiday are another thing to think about. Normally, most issuers don’t have a problem accepting payments online or by phone. As long as you make your payment by 5 p.m. your issuer’s time, it should go through. However, some issuers require a physical payment during regular business hours.
If this is the case, you’d have to visit before the weekend or holiday. If you don’t do it, you’re technically late. This is exceptionally rare today though. Even most smaller banking entities offer online payment options. If they don’t, you have to visit the location or mail your payment. Your payment just has to make it by the due date.
The Credit Card Act of 2009 regulates this. It specifically states that credit card companies have to give an additional day to process payments. This is for any and all payments made on a weekend or holiday if the issuer doesn’t process that day. As long as the payment is in by the following business day, it’s considered to be on time. This is why so many issuers accept online payments during holidays or weekends.
Bottom Line Regarding Payment Cut Off Times
No matter your credit card payment cut off time, you have options available. The smartest one would be to set up automatic payments and monitor them. This way, late payments won’t even be a factor in your decision. If you can’t do this, you can set up credit card alert reminders to pay a few days ahead of time.
It’s not the end of the world if you try to make a payment on a holiday or weekend and it doesn’t go through. You have options to get the late fee removed. I had a problem with a payment missing the cutoff time by 45 minutes on the Wednesday before Thanksgiving. However, I was able to get both fees removed, and I want to help you if this happened to you. If you want to know how I did it and get my tips for managing your bills, click the YouTube link below.
Credit Card Cut Off Times from Popular Banks
Credit Card Cut off times for Online Payments*
American Express – 7:59 pm MT
Bank of America – 11:59 pm ET
Barclaycard – 6:59 pm ET
Capital One – 7:59 pm ET
Chase – 11:59 pm ET
Citi Bank – 11:59 pm ET
Commerce Bank – 4 pm CT
Discover Card – 4:59 pm ET
Wells Fargo – 11:59 pm PT
*Note: These online credit card payment cut off times can be changed by the credit card issuer at any time. Please note that certain branded credit cards from a credit card company could have a different online payment due date. Use this credit card payment cut off time list as a guide.