Unlike a debit card, the money associated with a credit card transaction is usually lent from the credit card issuer or the bank. Credit cardholders are required to pay their bills at the due date. Failure to pay your credit card bills in full usually attracts interest. While if you make late remittances, you’ll have to pay late payment fees and high interest. Sometimes, credit cardholders’ due date may fall on a Sunday, which is a weekend and a holiday (most banks don’t operate on weekends). If such is the case, what would be the outcome?
If your credit card payment due date falls on a Sunday, your credit card issuer will have to accept the payment without penalizing you provided the remittance is received the next business day by 5 pm. This rule only applies if the credit card issuer doesn’t accept payment on weekends.
A credit card is one of the most used cards on the planet due to the benefits it boasts of. This card lends money to users to enable them to make purchases and other transactions. The downsides of a credit card are often visible when you fail to pay your bills in time. Failure to pay your bills in time could result in enormous consequences such as late remittance fees, high interest rates, or worse, wage garnishment. If your due date ends up falling on a Sunday, I bet you would be seeking answers regarding what to do. Read on to find out more.
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What Happens If Payment Due Date Falls on a Sunday?
A credit card is the best way to spend money you don’t have. It gives you access to funds you don’t have, and you are required to return the favour by paying back the money at an agreed date. You can either decide to make full remittance or minimum remittance. If you make the minimum remittance, you will have to pay interest. However, you are pretty lucky, and you pay your bills in full, you won’t be penalized.
Most credit card users often have issues repaying the money they owe, and this is down to several reasons such as extravagant spending, failure to plan, lack of a repayment strategy, etc. If you end up making late remittances, there is an array of punishments waiting for you, and trust me, these punishments or consequences are pretty strict.
For instance, your credit score could get damaged if you fail to pay your bills in time. Also, the credit card issuer would hit you with late remittance fees and a high interest rate. If you keep on missing payments, your credit card could get frozen, your debt could be passed on to a collection agency, and you could have your wages garnished by this agency if you fail to adhere to their demands.
Sometimes, your failure to meet up with a deadline could be because of some wrong assumptions. For instance, if your payment due date falls on a Sunday, which is a weekend, and a day banks and other financial institutions don’t operate, you may not know what to do. Or you may assume that your credit card issuer doesn’t take payment that day without doing thorough research. Such an assumption could make you pay your bills late (a day). And when that happens, you’ll have no choice but to pay the interest which comes with paying your bills late.
So, to clear the air, I will talk about what happens if your credit card remittance due date falls on a Sunday.
You see, business days and calendar days can result in some terrible conclusions when it comes to paying bills. As you know, and as I mentioned earlier, banks and other businesses usually don’t operate on weekends or holidays. This could make you think you have some additional time to pay your credit card. Unfortunately, that is not always the case.
Suppose your due days fall on a holiday or a weekend like Sunday. In that case, your credit card issuer has to take the remittance without charging you any penalty, provided they get the remittance the next business day by 5 pm. However, it would be best if you didn’t rejoice yet as there is an exception.
The rule only applies if the holiday or weekend falls on a day that the credit card issuer doesn’t operate at all. With the round-the-clock nature of businesses, credit card issuers often accept remittances, even on weekends and holidays, though not always by mail.
So before you relax and assume that your credit card issuer doesn’t accept remittance on weekends, you can contact them to find out, so you don’t end up being penalized for assuming wrongly. If you don’t want to contact them, you can take the easy way out, which is making remittances before the due date.
Make Your Payment Early:
If you discover that your payment due date will fall on a holiday or a weekend (like Sunday), ensure you make your remittance before that day, particularly if you usually mail your remittance. Many credit card holders aren’t thinking of paying bills on holidays and weekends anyways. Thus, planning will make sure that your remittance isn’t late. You surely don’t want to be penalized with a huge interest or late fees.
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Does Payment Go Through on Sundays?
Credit card payment due dates often fall on the same calendar day every month. Having your remittance due date fall on a similar date every month makes it easy to keep close tabs on your bills. However, in some situations, those dates might fall on a weekend like a Sunday. As we know, banks and other businesses don’t operate on Sundays. So if your remittance due date falls on a Sunday, you may want to know if you could pay your credit card bills.
Remittance goes through on Sundays, provided the credit card issuer accepts remittance on weekends. However, you may be unable to pay by mail.
Some businesses operate 24/7 thanks to the advent of the internet. If your credit card issuer accepts remittance on weekends, there is every possibility that your remittance will go through. Reach out to your card issuer for additional information.