Here’s Why You Shouldn’t Pay Your Credit Card Bill on a Weekend
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Written by
Gabrielle Olya
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Edited by
Amen Oyiboke-Osifo
The worst time to pay your credit card bill is late — or not at all — but the second-worst time is on a weekend. While you might not pay much attention to the day of the week you make payments, it can actually make a difference when it comes to this particular bill.
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Here’s why you should avoid paying your credit card bill on Saturdays and Sundays.
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Weekend Payments May Trigger Late Fees
When you pay your bill on a weekend, it typically isn’t processed until the next business day. If the next business day falls after your statement due date, you could be hit with a late payment fee.
According to data from WalletHub, the average credit card late fee is about $30, but some providers charge more than $40.
Your Credit Score Could Take a Hit
A late payment fee is an inconvenience, but a late payment can also hurt your credit score. According to Equifax, even one late or missed payment can affect your credit report and score.
Your credit score impacts your financial life in many ways, including your ability to qualify for favorable loan terms or rent an apartment. A drop in your score from a missed payment can have bigger consequences than you might expect.
Holidays Can Delay Your Payment, Too
Credit card companies typically do not process payments on most major holidays, so it’s also best to avoid paying on these days.
Plan to pay your bill ahead of these holidays to avoid late payments and potential damage to your credit score:
- New Year’s Day
- Martin Luther King Jr. Day
- Presidents Day
- Memorial Day
- Juneteenth
- Independence Day
- Labor Day
- Columbus Day
- Veterans Day
- Thanksgiving Day
- Christmas
The Best Days To Pay Your Credit Card Bill
The best day to pay your credit card bill is any weekday before your due date.
If you want to be extra cautious, consider paying before your statement closing date. This not only ensures your payment will be on time but also lowers your credit utilization rate — another factor that affects your credit score.
Financial expert John Liang recently explained in a YouTube video how he uses this strategy.
“[If your statement period is] from Jan. 1 to Jan. 31, I would actually go ahead and make a payment on Jan. 27 or Jan. 28 so that my utilization is going to be 5% or 10%, which is then going to be able to boost my credit score,” he said. “Then on the due date, I pay the rest off. There is no penalty whatsoever for early payment.”
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