When Do I Pay My Discover Card Bill

#Demystifying When to Pay Your Discover Credit Card Bill

Having a Discover credit card can make life more convenient by allowing you to pay over time. But it also means needing to pay your bill on time each month Many cardholders wonder – when exactly is my Discover card payment due?

In this article, we’ll walk through how Discover card billing cycles work and what to know about your payment due date. Understanding Discover’s process can help you avoid late fees and keep your credit score healthy.

##Discover Card Billing Cycles

Let’s start by explaining how Discover card billing cycles determine your payment due date. Your billing cycle starts on the same day each month, which is called your statement closing date.

For example, if your billing cycle runs from the 15th of one month to the 14th of the next month, the 15th would be your statement closing date.

On this closing date, Discover generates your monthly statement detailing all transactions, interest, fees, payments, and credits posted during the billing period.

Your statement also shows your payment due date, which is the latest day you can pay to avoid a late fee. Discover card payment due dates fall at least 21 days after the statement closing date.

So in our example, if your statement closed on the 15th, your due date would be no earlier than the 6th of the following month.

This 21+ day grace period between statement closing and payment due date gives you time to review your charges and make a payment.

##When Is My Discover Card Payment Due?

Now that you know how billing cycles work, let’s discuss how to pinpoint your personal Discover card payment due date.

The easiest way is to check your monthly paper or online statement. It will clearly display the due date for that particular billing period.

For instance, your statement may show:

Payment Due Date: March 6

If you opt into Discover email or text alerts, you can also receive reminders when your payment is due. Setting payment reminders is highly recommended to avoid accidentally missing your due date.

Additionally, your due date stays the same each month. So if your March statement is due on the 6th, your April statement will also be due on the 6th. Knowing your standard due date can help you remember to pay on time.

##What Happens If I Miss the Payment Due Date?

Discover, like all credit card companies, requires cardholders to pay on time each month. If you miss the payment due date, there are couple negative consequences:

• Late Fee – Discover will charge a late fee, typically around $40.

• APR Increase – Your interest rate may be increased to a penalty APR.

• Credit Score Damage – Late payments are reported to the credit bureaus and can significantly lower your score.

To avoid these outcomes, strive to always pay your minimum payment by the due date on your statement. If a deadline occasionally slips your mind, contact Discover as soon as possible to request a waiver of the late fee. They may grant a one-time courtesy waiver for tardy customers with a good history.

##When Should I Schedule My Discover Payment?

Knowing your due date is key, but you have flexibility in terms of when to submit payment within a billing period. Here are some tips on timing:

• Pay early in the cycle to avoid forgetting later on.

• Pay on the actual due date to maximize how long you can earn interest on your money.

• Pay a few days before the due date as a cushion in case of processing delays.

• Set a recurring monthly payment to go out automatically around your due date.

Ultimately, choose a consistent schedule that works for your cash flow and helps ensure on-time payment. The sooner you pay after the closing date, the lower your interest fees will be as well.

##Can I Pay Before My Statement Closes?

Yes, Discover cardholders can submit payments at any point during the billing cycle, even before the statement closing date. The key is just to pay the current balance, not the last statement balance.

Why pay early? Doing so reduces your average daily balance that interest is calculated on. Paying $500 right after a large purchase posts will accrue less interest than waiting until later in the cycle. Just be sure to also pay any additional charges before the due date.

The easiest option is to set up automatic recurring payments with Discover for a set amount each month. Early autopay takes the thinking out of it.

##Use Discover Bill Pay to Your Advantage

Keep in mind that Discover bills work differently than debit card purchases. Debit card funds are immediately deducted from your bank account.

But with Discover credit cards, you essentially borrow the bank’s money upfront and then have a grace period before repayment is due. Learn your personal billing cycle dates and payment due days to maximize this arrangement.

Strategic Discover card bill payment takes a bit of diligence but saves money and maintains strong credit. Map out your statement closing date, corresponding due date, and ideal payment timeline. Consistent on-time payments will make you a happy Discover customer for years to come.