Answers about Credit Card Payments and Late Payments

The bank is not giving me enough time to make the payment on my credit card/ home equity line of credit/ personal line of credit account. How many days in advance of the due date does the bank have to send the statement?  

Banks are required to have reasonable procedures in place to make sure that periodic statements are mailed or delivered at least 21 days before any grace period ends. Further, for credit card accounts only, banks are similarly required to have reasonable procedure in place to make sure that periodic statements are mailed or delivered at least 21 days before the payment due date shown on the statement. 

A credit card issuer may not treat a required minimum payment as late for any purpose if the minimum payment is received by the card issuer within 21 days after mailing or delivering the credit card statement disclosing the due date for that payment.  This means that, if your minimum payment is received by the card issuer within 21 days after the statement is mailed or delivered, the card issuer cannot

• increase the APR as a penalty,
• report you as delinquent to a credit reporting agency,
• assess a late fee,
• terminate benefits (such as rewards on purchases), or
• initiate collection activities.

March 2010