Quick Card Tip #4 – Close on the 20th


Pick a date that your credit card statement closes.  Whether you have one credit card or 30, this will help organize your financial life. I like the 20th of the month. Pick what works for you.

Most folks have rent or mortgage payments that are due on the 1st. A lot of folks get paid on the 1st and 15th of the month. This way the 20th of the month is its own thing.

You can change the date by signing in to your credit card’s website and sending them a secure message. Or, you can call the number on the back of the cards.

I suggested picking the date your statement closes – not the date it is due. This is because I like to pay off my credit cards BEFORE the statement closes. Doing this lowers my debt-to-available-credit ratio and thereby boosts my credit score. Yes, I’m a weirdo.

If you are more interested one due date for all of your cards, I still suggest picking a date. That away you always know when a bill is closing or due.

I had great success making the 20th the closing date on most of my cards. CitiCards would not let me pick the closing date. They let me select the due date. So we figured out which due date put the closing date on or about the 20th and chose that.


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