I believe it’s possible to request your CC company to change the due dates on your credit cards. This leads me to see three strategies:
Random. The CC companies will set the due dates based on when you first opened the card. Each of your cards have random due dates. You do nothing to change it.
Staggered. You request different CCs to have different due dates that are staggered throughout the month at strategic times. This lets you maximize the interest-free loan period from each card if you plan it properly. It would also let you live paycheck-to-paycheck a bit easier if you were in that type of situation, possibly on a temporary basis.
Same date. You request all CCs to have the exact same due date. Perhaps the 15th since many bills like rent are due on the 1st, so this staggers your payments throughout the month but still keeps things simple. You know with certainty that you log in on the 14th to pay your CCs each month. Or, perhaps you make it the 1st to make it simple. Pay your rent, CCs, utilities, everything, on the 1st of the month.
Thoughts on these strategies? I am leaning towards having all of my Credit Cards become due on the same date each month. I can’t actually pay my rent on the 30th/31st, I need to pay until the 1st of each month for my rent to post and pay it due to technical limitations imposed by my landlord. And if the CCs were due on the 1st, I think that means I really need to pay them the day before at the latest to be safe.
The real concern I have is not to squeeze the most amount of time out of paying the CC, but that I need to wait until after the statement posts before I pay the bill because some of the cards like AMEX Blue Cash Preferred and AMEX SimplyCash will not apply your rebate until after the statement posts, so if you login randomly to pay, you wind up with a negative balance since you overpaid.
Thus, I am leaning towards making the due date be the 7th of each month. There’s generally a 3 week grace period to pay from statement closing, so if I set the due date at the 7th, then the closing date was around the 15th of the prior month. That means if I log into my computer on the 1st, I can pay my rent and also know that all of my CCs have closed from the prior statement and all rebates are posted. I might lose 7 days of interest by paying a bit early, but it gives me flexibility in case of holidays or a problem with ACH.
I’m uncertain if banks let you select the due date of the CCs or the closing date of the statement, or if it depends on the bank. I haven’t called in a while to do this. I’m also uncertain if it matters whether you have a balance or not. It might be prudent to pay the balance down to $0 prior to changing the due date.