Optimizing the Billing Cycles

[knight]

Most of us hold multiple credit cards with their Billing cycles spread across the month. This causes some stress and makes it harder to manage timely payments.

Though some people use Excel or apps like CRED to track credit card bills, having the due dates spread around is still an inconvenience.

I'm planning to change billing dates on a few of my cards and would love to know how you guys have aligned them to manage cards efficiently.

Currently, my billing dates are 13 - APay, 16 - Primary Card, 25 - Least used, and 30 - Rupay card.

I've seen two popular strategies:
1. Billing all cards at 30, so the bills can be paid off easily when the salary gets credited.
2. Spread out billing dates in 2 clusters, 15 and 30, to ensure the longest interest-free period on spends at any time of the month.

Personally, the length of the interest-free period doesn't matter to me that much, except maybe in emergencies. Peace of mind matters more.

My plan is to align 3 cards in mid-month and leave the least used card at 25 for financial emergencies. I'm open to tips and suggestions if you guys have useful insights/experiences.


How do you manage your billing cycles and ensure all payments are on time?


Also, I've never used HDFC autopay. Can we choose our own date for CC Auto Pay or does it have a default setting?
Does it have any feature that would auto-pay the bill - 'Only If' - I've not already paid it by a certain date? Example. - Auto pay it if there's any outstanding on 30th of the month, but don't do anything if bill is already paid by other apps.

 

[helloworld]

I used to rely on CRED tracking.. but this month both HDFC and ICICI didn't send automatic statement emails.
Which was quite weird, so I decided to optimize dates and not rely on apps and reminders.

My approach: I aligned my billing dates to get below approach..

I usually pay bills on mid of the month and end of the month - I remember only these 2 dates. Whatever the card pending for due during that time, I pay. Doesn't matter it got just billed, it will be cleared in that batch.

Ex:

Card 1, Card 2, Card 3: Due dates apprx. 15, 18, 20.

Consider this as 1st batch cleared by 12th.

Card 4, Card 5, Card 6: Due date apprx. 3, 5, 10.

Consider this as 2nd batch cleared by 30th.

 

[realjayt]

My approach: I aligned my billing dates to get below approach..

I usually pay bills on mid of the month and end of the month - I remember only these 2 dates. Whatever the card pending for due during that time, I pay. Doesn't matter it got just billed, it will be cleared in that batch.

Ex:

Card 1, Card 2, Card 3: Due dates apprx. 15, 18, 20.

Consider this as 1st batch cleared by 12th.

Card 4, Card 5, Card 6: Due date apprx. 3, 5, 10.

Consider this as 2nd batch cleared by 30th.

How can I change my billing dates?

 

[helloworld]

How can I change my billing dates?

Depends on bank..

https://www.technofino.in/community/search/507239/?q=change+my+billing+dates&o=relevance

 

[knight]

Update:
Aligned my cards to be billed on 20th. One card is still billing on 25th, but doesn't bother me.

So effectively I can clear my bills between monthend - 5th of next month.
This gave me an advantage to manage debit card reward capping while paying cc bills, and also in utilizing my salary in case of high spends.

Also since it's just month end, so i easily remember to clear my bills. And few additional calendar reminders always help.

 

[insight]

Update:
Aligned my cards to be billed on 20th. One card is still billing on 25th, but doesn't bother me.

So effectively I can clear my bills between monthend - 5th of next month.

Sounds like a Sound Strategy. Kina what I am mentally thinking as well.

This gave me an advantage to manage debit card reward capping while paying cc bills,

As in? You mean if you over go the CC DC Pay limit in Calendar Month X (ending), you can push remainder to X+1

and also in utilizing my salary in case of high spends.

Also since it's just month end, so i easily remember to clear my bills. And few additional calendar reminders always help.

Easier to be aware of Month Edge!

 

[knight]

As in? You mean if you over go the CC DC Pay limit in Calendar Month X (ending), you can push remainder to X+1

Yes, I use Millennia which has a 40K cb limit..

So if i've spent more in a month, i can split and pay the bill in 2 txns.. before and after monthend.

 

[knight]

Sounds like a Sound Strategy. Kina what I am mentally thinking as well.

As in? You mean if you over go the CC DC Pay limit in Calendar Month X (ending), you can push remainder to X+1

Easier to be aware of Month Edge!

Bonus: If you have ICICI or Kotak.. bill them on 22-23..

Their due date is around 17 days from billing while HDFC is 20 days from billing.
(So ICICI is due on 7th which gives me anxiety because others are due on 10th.)

Check your respective bank while choosing your date.