7 little-known facts about your credit card - No. 6: Late payments have an impact

If your payment is received after the statement due date, your bill is considered to be late. That implies that you can be charged a late fee by your credit card company. So your credit is also marred, correct?

Nope. According to the rules for credit bureau reporting, your issuer cannot notify the credit bureaus about a late account until 30 days have passed since the bill's due date. The CARD Act states that it cannot increase your rate unless you are 60 days or more past due.

According to Ulzheimer, this is one of those wonderful secrets that a lot of consumers are unaware of. Delinquency is defined as being a full cycle late.

Furthermore, the CARD Act prohibits issuers from imposing noon payment deadlines. On the day the bill is due, the deadline is 5 p.m.

Also, your issuer is required to mail you your statement 21 days prior to the payment deadline. Ulzheimer adds that it must also be due on the same day each month.

He asserts, "They can't keep moving it around."

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