[Gi Ha-yeong's Life Card] Payday Payment? ... Make Credit Card Payments on the 14th

If You Set Your Card Payment Date to the 14th
It's Easier to Meet Previous Month's Spending Requirements and Receive Benefits

Shinhan, Samsung, KB Kookmin, Lotte, Woori Cards on the 14th
Hyundai Card on the 12th, Hana Card on the 13th

[Asia Economy Reporter Ki Ha-young]Is there anyone these days without at least one credit card? In modern society, anyone can have a card if they want. Credit cards have brought unparalleled convenience to daily life. Now, wherever you go, you can easily see people paying with credit cards or smartphones. As demand has increased, cards with various benefits are being released almost daily. Accordingly, Asia Economy delivers diverse stories related to cards, which are inseparable from our consumer life, through the weekly 'Cards in Daily Life' corner, including introductions of new cards, industry behind-the-scenes, and guides for card beginners.

Photo by Getty Images Bank

After payday, 1 to 3 days later vs mid-month. When is your credit card payment date? When you get a new credit card, you need to choose a payment date, and many people set it thoughtlessly to after payday or designate the 1st of each month as the payment date. But did you know that you can manage your spending more rationally depending on this payment date?

This is because the card usage period varies depending on the payment date. As the name suggests, a credit card allows you to use your credit to spend money in advance without cash and repay it all at once on a set date, so the billing period changes according to the payment date.

For example, in the case of Shinhan Card, if you designate the 1st as the payment date, the card usage amount from the 18th of the month before last to the 17th of the previous month is billed. If September 1st is the payment date, the card amount used from July 18th to August 17th is billed. If you designate the 25th as the payment date, the billing period is from the 12th of the previous month to the 11th of the current month, so the amount used from August 12th to September 11th is billed as the September usage amount.

If you want to know your monthly usage... most card companies favor the 14th

So, when is the best payment date to set? For lump-sum and installment amounts excluding cash advances, it is recommended to set the credit card payment date between the 12th and 14th. Although it varies by card company, on the 12th to 14th of each month, the card usage amount from the 1st to the end of the previous month is billed. For example, in the case of Shinhan Card mentioned above, if the payment date is September 14th, the card usage amount from August 1st to 31st is billed. This makes it easier to grasp the monthly usage amount and check whether the previous month's spending requirements for card benefits have been met.

For most major card companies, if you set the payment date to the 14th, you can pay for the usage from the 1st to the end of the previous month. This applies to Shinhan, Samsung, KB Kookmin, Lotte, Woori, and NH Nonghyup Cards. Hyundai Card requires setting the 12th, and Hana Card requires the 13th as the payment date to pay for the usage from the 1st to the end of the previous month.

Also, if you use multiple credit cards with different payment dates, it is better to set all credit card payment dates to the same day. For those who do not necessarily need to align the month, setting the card payment date to the day before payday can help reduce unnecessary spending each month and use the salary more systematically.

Want to change your card payment date? You can easily change the payment date through each card company's website. If your card payment dates were different for each card, why not take this opportunity to change them to the 14th and develop a more substantial spending habit?