Dear Liz: I thought I read in your column that credit card companies must now allow 45 days’ notice for people to make their payments. I received my credit card bill on April 3 and the due date is was April 13. In order to pay on time, I must would have had to mail it by April 6 or 7, which only gives gave me only 3 or 4 days’ notice. What’s up with that?
Answer: You’re confusing two different parts of the Credit Card Accountability, Responsibility and Disclosure Act.
One part of the CARD Act requires issuers to give their customers 45 days’ advance notice of significant changes to their accounts, such as interest rate charges or new fees.
Another part of the act mandates that issuers mail or deliver your bill at least 21 days before your payment is due. If your bill was mailed by mid-March, the issuer has followed the law, even if the statement was subsequently delayed in the mail.
If you have evidence that the bill was mailed too late, such as a stamp cancellation with a later date, you can complain first to the issuer’s customer service department and then to the issuer’s regulator. Nationally chartered banks are regulated by the Office of the Comptroller of the Currency. State-chartered banks are regulated by the bank’s home state, and American Express is regulated by the Federal Deposit Insurance Corp.
In general, though, you shouldn’t rely on paper statements to trigger you to make payments, since mail delays aren’t uncommon and you’re supposed to pay your bills on time, whether or not you get the statement. Instead, add your bill due dates to your calendar — the CARD Act now requires your credit card due date be the same day each month — and make sure to mail your payment at least a week in advance. You can check your credit card website to see how much is due, or set up e-mail alerts to tell you your balance. Better yet, set up automatic payments so that at least your minimum payment is debited from your checking account on the due date.
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