412. Does my credit card payment have to reach the lender by the "due date" on the bill, or is it enough if I just mail it by the due date?
Description
This article is from the Credit cards and Consumer Credit FAQ, by adams@spss.com (Steve Adams) with numerous contributions by others.
412. Does my credit card payment have to reach the lender by the "due date" on the bill, or is it enough if I just mail it by the due date?
That's a good question, and the answer varies. The Uniform Commer-
cial Code says that a bill is considered paid on the postmark date
of the payment, but many states have different laws. Even in states
where the bill is considered legally paid on the postmark date, you
may find that lenders will consider it paid on the date they process
it.
My personal practice is to avoid hassles by always mailing payment a
reasonable time before the due date. Even if I could push it
legally, I don't believe the couple extra days of "float" is worth
the aggravation of fighting with the lender over this point.
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