Payment Due Date Definition

The date on which a payment is due is referred to as the payment due date. Most accounts will accept a payment in advance of the payment due date and some accounts extend a grace period beyond the payment due date. Usually, the payment due date is the date upon which the payment must be received but for some accounts merely having a payment postmarked by the due date is sufficient.

Debtors should be aware of the payment due dates on their accounts, because late payments result in late payment fees and negative reporting on credit histories. Note that many companies, if asked, will adjust the payment due date on an existing account (it may be helpful to adjust payment due dates on all accounts to the same time of each month to facilitate debt management).