How Can I Modify The Due Date On My Credit Card? View the Most Recent Guidelines from the RBI

It is hard to remember when credit card payments are due. Consumers often forget when their credit card payments are due and sometimes they even miss the deadline. In addition to the financial difficulty, it has an effect on one’s credit rating. People can acquire credit cards with due dates that are incongruent with their income cycle, which raises the possibility of their failing to make monthly payments. Is it really feasible to choose or modify the credit card payment cycle or due date according to comfort, even though it’s crucial to arrange the cycle in a coordinated manner? Yes, that is the response.

Changes to credit card billing cycles or due dates

In a recent guideline, the Reserve Bank of India requested that credit card issuers provide their consumers the ability to change their credit card payment cycle at least once. In the 7 March 2024 release of the “Master Direction: Credit Card and Debit Card: Issuance and Conduct Directions, 2022,” the central bank amended it by stating that “cardholders shall be provided with the option to modify the billing cycle of the credit card at least once, as per the cardholders’ convenience” in order to provide flexibility in this regard.

Prior to this, the clause promised credit cardholders a “one-time” opportunity to adjust the payment cycle; however, it has now been revised to “at least once.”

Will consumers benefit from changing the credit card billing cycle?

The interval of time between two statement dates, or when the bill for the current month is prepared, is known as a billing cycle or billing period. Although credit card bills are typically due 15 to 20 days after the statement date, customers are automatically eligible for a 45 to 50 day interest-free period. Nevertheless, if a client modifies his billing date, the credit card payment deadline also adjusts correspondingly.

How can the billing cycle and due date for a credit card be changed?

Please take notice that each bank has a different procedure for adjusting credit card billing cycles or due dates. Although most banks allow users to modify the credit card due date online using their online banking services, you can also give their customer service department a call to find out more about the procedure.

Before making any adjustments, it is important to thoroughly grasp the policies of each bank as they relate to adjusting the billing cycle, since they will have an immediate effect on credit card payments and bills.