How to Extend Credit Card Payment Due Date?

Hack: How to Extend Credit Card Payment Due Date in the Philippines without paying for any finance charges or late payment fees?

The only way to save yourself from finance charges or late payment fees is to pay your credit card bill in FULL on or before your payment due date. 

Now, if you are unable to do so, you can opt to pay for the minimum payment requirement. This, however, will incur finance charges to your payment balance on the next billing. 

This hack allows you to pay your credit card bill in FULL even if you have no financial capacity to pay at the moment. But I don’t recommend using this method all the time. 

I still encourage paying your dues with what you have in hand. Remember, this will only delay your financial agony. It will buy you time but you still have to pay for it eventually.

Assumptions

• You’re a credit card holder and you fully understood your credit card issuer’s terms and conditions. You can refer to my previous article on how to find your CC’s terms and conditions.
  
  

• You want to extend your due date without paying for finance charges and late payment fees. So basically, you want to pay it in FULL.
  
  

• You are unable to settle your credit card bill at this moment and this is your only resort.
  
  

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What You’ll need

• Your credit card details (credit card number, validity date, CVV number)
  
  
• Verified Paymaya online account. If you haven’t signed up yet, you can use my code 2clrqbd and you’ll receive P50 for FREE!
  
  
• Verified Coins.ph online account (optional) If you haven’t signed up yet, you can use my code OZIUEQ and you’ll receive P50 for FREE!
  
  

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How to extend your credit card payment due?

To give you an overview of the whole process, you’re going to:

1. Fund your Paymaya account using your credit card
   
   
2. Cashout your fund and pay your credit card bill
   
   
3. Viola, amiga! You just skipped paying your CC bill for this month!
   
   

Why Paymaya?

I have been using different mobile wallets but so far, Paymaya is the only one that easily allows a credit card cashin. More than that, it offers ZERO transaction fee for cashing in through credit card. 

UPDATE: As of June 2020, Paymaya has added a PHP 30 CONVENIENCE FEE for every Add Money via Credit/Debit Card transaction.

Apparently, your credit card will recognize Paymaya cashin as a normal purchase so your CC will not charge you for cash advance fees.

It will appear as “PAYMAYA” transaction like this one:

Important Note: Some Philippine credit card issuers consider Paymaya cashin as a cash advance transaction so they automatically charge you a cash advance fee for that. 

And you don’t want to pay for any fees so make sure your CC is included in this list:

List of Credit Cards with NO Cash Advance Fee for Paymaya Cash-in

💳 MetroBank 

💳 UnionBank

💳 BPI Mastercard 

💳 BDO Mastercard

💳 Citibank

💳 PNB

💳 Security Bank

💳 EastWest

List of Credit Cards who CHARGE Transaction Fees for Paymaya Cash In

💳 BDO Visa (tagged as Cash Advance) 

💳 CBC or ChinaBank ( tagged as Quasi Transaction) 

💳 RCBC (charges 1% of the amount drawn treated as Quasi-cash transaction) 

💳 HSBC (tagged as Cash Advance, 3% of the amount drawn or 500 Php, whichever is higher) 

If you happen to hold a CC that charges cash advance fees, I highly suggest to use another CC included on the first list (if you have another CC). Anyway, the very goal is to fund your Paymaya account.

You can refer to my previous post for the step-by-step guide on how to fund your Paymaya account.

In this part, I’ll assume you’ve funded your Paymaya already.

So the next problem to solve would be to cash out your fund and pay your CC bill. You actually have three options:

Three options to pay for credit card from Paymaya:

• Cashout through remittance – Get your fund in cold cash and pay your CC bill through Bayad Centers or banks. Note that this will incur some transaction fees.
  
  
• Bank Cashout – Cashout your fund through banks then pay your CC bill.
  
  
• Send to coins.ph account – Send your fund from Paymaya to Coins.ph, then pay your CC bill through Coins.ph.
  
  

The first two options are quite logical and you can do that in your Paymaya account. Just choose the Cashout option. 

Yet among those cashout options, I personally prefer sending my fund to Coins.ph. Here’s why:

1. Sending money from Paymaya to Coins is FREE
2. Coins.ph has a lot of credit card payment options where you can pay your CC bills directly.
3. Coins.ph pays your CC bill through Bayad Center at NO COST.
4. You’ll get a cashback of P5 for paying a bill. 
   
   

How to send money from Paymaya to Coins.ph

1. Go to your Paymaya Account
2. On the dashboard, choose BANK TRANSFER
3. On the Select Bank option, choose DCPay Philippines Inc
4. Enter the amount you want to transfer
5. On the Recipient Details, put your registered Coins.ph number to Account Number
6. Fill out the First Name, Middle Name, and Last Name with the same details you used in your Coins.ph account.
7. Confirm the details.
8. After that, you should be able to receive your funds in your Coins.ph instantly. You will also receive transaction notifications through SMS. Again, make sure that both your Paymaya and Coins.ph accounts are verified.
   
   

Here are snaps of the actual process:

[sp_wpcarousel id=”2926″]

How to pay credit card bill using Coins.ph

1. Go to your Coins.ph account
2. On the dashboard, select PAY BILLS
3. Scroll down to CREDIT CARD section
4. Select your credit card issuer
5. Enter the amount you wish to pay
6. Enter your Credit Cardholder’s Name
7. Enter your Credit Card Number
8. Review your details and confirm transaction
   
   

List of Credit Card issuers for credit card bill payment in Coins.ph

• BPI
• Metrobank
• BDO
• BDO American Express
• EastWest Bank
• HSBC
• Security Bank Master Card
• Security Bank Diners Club
• PNB
• Unionbank Visa
• Unionbank Mastercard
• Asia United Bank
• Maybank
• PS Bank
• RCBC Bank
• Equicom
• Cocolife
• Optimum Bank
• Standard Chartered Visa
• Tiaong Rural Bank
• Allied Bank
  
  

Here are snaps of the actual process:

[sp_wpcarousel id=”2932″]

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How to time your credit card payment due date extension?

In order to make this successful, you have to know the following:

1. Credit Limit
2. Total Amount Due
3. Payment Due Date
   
   

Of course, you can find these details on your Statement of Account. Here’s an example:

Now, let’s take my current credit card bill as an example. I’ll disregard the other details since I am just concerned with paying my CURRENT BILL in FULL and on time.

• Credit Limit: P 45,000
• Total Amount Due: P 9,394.11
• Payment Due Date: April 13, 2020
  
  

First, I’ll make sure I still have enough credit card balance to pay my current bill in full. In this case, that’s P 35, 605.89 (Credit Limit – Total Amount Due). Thus, it’s still sufficient to make another P 9k+ transaction.

Now, if you have insufficient CC balance, you can use another CC to fund your Paymaya account and pay your current bill. 

Second, I’m gonna use this method on or before my current payment due date (April 13, 2020) to avoid late payment fees.

Basically, after doing this, I have paid my current CC bill in full already. But in the next billing period, the exact amount I used to pay this current bill will reappear. The good thing though is it will not be charged with any finance or interest charge. 

If you’re still unable to pay your next billing once again, you can rinse and repeat this process.

Pro Tip: 

You can actually use the same method to cashout money from your credit card without paying for any cash advance fees. 

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Do I recommend this hack?

I don’t highly encourage using this method. As I said earlier, this will not eliminate your credit card dues. This will only help you buy time. 

But at least, you have the option to save yourself from finance charges and late payment fees especially during times of emergency or crisis like Covid-19. 

If you have cash-on-hand but it’s not enough to pay your dues fully, you can use this to pay the remaining balance. Rinse and repeat, until you fully tick that credit off.