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Thread: Credit Card Act

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    Credit Card Act

    Question for those who really pay attention.

    This past month Capital One changed my statement date from the 1st of the month to the 7th. Seems minor, and probaby is. But I absolutely LOVED that 1st of the month. Made budgeting and tracking much easier, everything working on the calendar.

    I tried to get it back, but they're telling me that the Card act prohibits cycling on the 1st, the best they're allowed to do is the 5th.

    Anyone else have this happen? More to the point, can anyone point me to some documentation that this is indeed a Card Act rule?

    TIA



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    Re: Credit Card Act

    Mine got switched to the first. Not a Cap One card though.


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    Re: Credit Card Act

    I wonder if Cap One just pushed their due dates back 4 days, because my Cap One card is now due the Feb 1, as opposed to Jan 27.



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    Re: Credit Card Act

    I believe the Chase Freedom Card allows you to pick the date you want your bill due.


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    Re: Credit Card Act

    Quote Originally Posted by DaddyMac View Post
    Anyone else have this happen? More to the point, can anyone point me to some documentation that this is indeed a Card Act rule?

    TIA
    The law: http://www.creditcards.com/credit-ca...t-card-act.pdf

    A synopsis: A comprehensive guide to the Credit CARD Act of 2009

    Good luck!

    (In all seriousness, it might be an issue that they have with the way that their internal systems time billing statements and payments and it might be difficult or impossible to change your billing or due date to comply with the new rules set forth in the law - especially those that have to do with the grace period and timely payments)


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    Re: Credit Card Act

    Can't you still budget and pay like it's due the first, and you're just a week earlier than they were planning? It's not like they play with your interest rate for being early.


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    Re: Credit Card Act

    Ryder (Cydtracked)- I'm talking about statement date, not due date. Billing cycle started on the 1st, due on the 25th or someting. I wonder if something similar happened to you because this changed my due date as well.

    Tyke - thanks. I'll look into it. You're probably right, but they swear upside-down that they did it as a result of the Credit Card Act.

    Erik - yes I can. But it was just nice, and because it coincided with paydays and I could kind of budget the entire month. It's more of a reporting issue for me. And I used Quicken and Quicken Online to track such things. By default it reports on the month, not sure you can even change it. But it's nice to say "here's what we earned/spent/saved in December." Not so much " here's..... Jan 5 to Feb 5". Like I said, it's a bit of splitting hairs. But the way it was, was so much better. Now I'm more torqued that they seem to be lying.

    CyHard - who do you go with. I might be looking.


    Last edited by DaddyMac; 01-29-2010 at 12:51 PM.

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    Re: Credit Card Act

    Quote Originally Posted by DaddyMac View Post
    Tyke - thanks. I'll look into it. You're probably right, but they swear upside-down that they did it as a result of the Credit Card Act.
    I was agreeing with that. The Credit Card Act has some very specific requirements for the timing of bills and late payment timelines and the like. It's likely that if their software wasn't designed for that to begin with, the default (as in "don't rewrite the whole thing") answer was to do what they did for billing dates.


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    Re: Credit Card Act

    Quote Originally Posted by DaddyMac View Post
    Ryder (Cydtracked)- I'm talking about statement date, not due date. Billing cycle started on the 1st, due on the 25th or someting. I wonder if something similar happened to you because this changed my due date as well.

    Tyke - thanks. I'll look into it. You're probably right, but they swear upside-down that they did it as a result of the Credit Card Act.

    Erik - yes I can. But it was just nice, and because it coincided with paydays and I could kind of budget the entire month. It's more of a reporting issue for me. And I used Quicken and Quicken Online to track such things. By default it reports on the month, not sure you can even change it. But it's nice to say "here's what we earned/spent/saved in December." Not so much " here's..... Jan 5 to Feb 5". Like I said, it's a bit of splitting hairs. But the way it was, was so much better. Now I'm more torqued that they seem to be lying.

    CyHard - who do you go with. I might be looking.
    At the same time, do you use the card enough in those 5 days to really throw your reporting off? Or is asking that too much?


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    Re: Credit Card Act

    Quote Originally Posted by CycloneErik View Post
    At the same time, do you use the card enough in those 5 days to really throw your reporting off? Or is asking that too much?
    I have the paperless statements so I just track everything online, and pay my bill online too. You should try using it then your statement date doesn't really matter because you get all your transactions as they happen.



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    Re: Credit Card Act

    Quote Originally Posted by cytech View Post
    I have the paperless statements so I just track everything online, and pay my bill online too. You should try using it then your statement date doesn't really matter because you get all your transactions as they happen.
    I'll pass that on to DaddyMac.


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    Re: Credit Card Act

    Erik - yes I do, I put everything I can on the card. Love those rewards.

    Like I said, it's not the biggest deal in the world. Just really nice to have it fall on the calendar month. I just wanted to know if it's in fact due to the new rules, or they're up to something else.



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