Sending Statements

• If you have a credit card account, you should receive regular, monthly statements. To comply with the Credit Card Accountability, Responsibility and Disclosure Act, your lender must mail your paper statement, or deliver an electronic version, no less than 21 days before the payment due date. This means that those opting for online statements receive the information sooner than those relying on the postal system. Typically, paper statements should arrive by mail 18 to 20 days prior to the due date. If your statement is late, call your card provider to check the mailing date and, if necessary, request a duplicate.
  
  

Payment Due Date

• In the past, it was not uncommon for lenders to change payment due dates each month. In its May 2009 fact sheet, "Reforms to Protect Credit Card Holders," The White House press office described this practice as a late fee trap. Rules now state that payments should be due on the same date each month. Providing your lender receives at least the required minimum payment by 5 p.m. on the due date, no late fee is incurred. If your payment date falls on a weekend or holiday, your lender must receive payment by 5 p.m. on the next business day.
  
  

Identify Theft

• The rules requiring timely and regular credit card statements not only help you to avoid late payment fees; they also enable you to spot and deal with problems, such as erroneous charges and identity theft, before they escalate. Identity thieves divert statements by changing billing addresses. When contacting your lender to chase a late statement, be sure to verify your billing address. The lender should guide you on the steps to take if details have been changed without your authorization.
  
  

Considerations

• The Credit Card Accountability, Responsibility and Disclosure Act goes some way to ensuring you receive statements on time and avoid late payment. The 21-day period could, however, be problematic if you are planning a long vacation, particularly if you receive paper statements by mail. With a specific payment date, you can set up a regular, automatic payments through your bank. Ensure that you make at least the required minimum payment on the due date; you can then make additional, manual payments when convenient. To be certain of accessing your billing information at least 21 days before the payment date, whether you are home or away, opt for electronic statements.