What Happens If You Miss A Credit Card Payment?

Credit Card Payment : Missing a credit card payment can lead to problems. When you don’t pay on time, the credit card company may charge you extra money called “late fees.” They also add more money to what you owe, called “interest.” Your credit score, which shows how good you are with money, can drop, making it harder to borrow money later. Sometimes, the interest rate on your card can go up too. If you miss many payments, the credit card company might send your debt to a collection agency, which can be a big hassle. So, it’s essential to pay your credit card bill on time to avoid these issues.

Late Fees

When you don’t pay your credit card bill on time, the people who gave you the card might get a bit upset. They usually add some extra money to what you already owe them as a kind of punishment. This extra money is called a “late payment fee.”

These fees can be different from one credit card company to another, but usually, they are around $25 to $35 or maybe even more. It’s like a fine you have to pay for not keeping your promise to pay your bill on time. So, it’s important to pay attention to when your credit card bill is due and try to pay it on time to avoid these extra charges.

Interest Charges

Interest Charges (Credit Card Payment)
Interest Charges (Credit Card Payment)

If you forget to pay your credit card bill on time, something else happens besides the late fee. The people who gave you the card might also add some extra money to what you owe them. This extra money is called “interest.”

Now, this interest isn’t a one-time thing; it keeps growing every day until you pay off what you owe. So, the longer you take to pay, the more this extra money (interest) piles up. It’s like a snowball getting bigger as it rolls downhill.

This can make your total debt, the amount you owe, much larger than what you originally spent on the credit card. So, it’s essential to pay your credit card bill as soon as possible to avoid this extra cost.

Negative Impact On Credit Score

Late payments, especially if they are more than 30 days overdue, can have a detrimental effect on your credit score. Payment history is a significant factor in your credit score calculation, and a missed payment can lower your score substantially. This can make it more challenging to secure credit in the future and may result in higher interest rates on loans and credit cards.

Increased APR (Interest Rate)

Some credit card agreements include penalty APR clauses, which allow the issuer to increase your interest rate if you miss a payment. This higher interest rate can be applied not only to the overdue balance but also to future purchases.

Loss Of Promotional Rates

Loss Of Promotional Rates (Credit Card Payment)
Loss Of Promotional Rates (Credit Card Payment)

Sometimes, credit card companies offer a special deal where they don’t charge any extra money (interest) for a certain period when you move money from one card to another or when you buy things with the card. This special offer is called “0% APR.”

But, if you forget to make a payment on this card, the credit card company might cancel this special deal. It’s like they take away the “0% APR” and start charging you regular interest, which can be a lot of extra money.

So, it’s crucial to pay attention and make sure you pay on time when you have this special offer, or you could lose the benefit of not paying extra for a while.

Collection Efforts

After a certain period of delinquency (usually 60-90 days), the credit card issuer may send your account to a collections agency. This can result in more aggressive attempts to collect the debt, including phone calls, letters, and potential legal action.

Difficulty Obtaining New Credit

If you’ve missed paying your credit card bills in the past, it can make it tough to get new credit cards or loans. Lenders might think you’re not so good at repaying money on time and consider you a risky borrower. This can lead to them either rejecting your loan requests or charging you higher interest rates. So, it’s crucial to pay your bills on time to maintain a good borrowing reputation and make it easier to get credit when you need it in the future.

Negative Impact On Employment

Negative Impact On Employment (Credit Card Payment)
Negative Impact On Employment (Credit Card Payment)

When you’re looking for a job, some employers might want to see how you’ve managed your money in the past. They do this by checking something called your “credit history.” It’s like looking at your financial report card.

If your credit history shows that you’ve missed payments or had trouble handling your money, it might make employers think you’re not so good at being responsible. And this could affect your chances of getting the job you want.

So, it’s important to pay your bills on time not only to keep your finances in good shape but also because it could even impact your chances of getting certain jobs.

Loss Of Rewards

Suppose you own a special kind of credit card that gives you rewards, like cashback or points, when you use it to buy things. These rewards can add up and be like a little bonus or gift from the credit card company.

Now, if you forget to pay your credit card bill on time, they might take away these rewards you earned during that time. It’s like if you were collecting stickers for a prize, but you didn’t follow the rules, so they said you couldn’t have the stickers you earned.

So, missing a payment on your rewards credit card can mean you lose out on the extra goodies you’ve earned while using the card. It’s another reason to try and pay your bill on time.

Also Read : How To Unlock Opportunities With Credit Card Pre-Approval Today


To avoid these consequences, it’s crucial to make at least the minimum payment on your credit card by the due date each month. Setting up automatic payments or reminders can help ensure you don’t miss payments. If you’re facing financial difficulties that make it impossible to make your payments, consider contacting your credit card issuer to discuss options like temporary hardship programs or debt management plans.


1. What are the consequences of missing a credit card payment?

This question addresses the various repercussions, such as late fees, interest charges, and credit score impacts, that can result from missing a credit card payment.

2. How does missing a credit card payment affect my credit score?

This question delves into the specific impact on your credit score and how late payments can affect your overall creditworthiness.

3. What should I do if I’ve missed a credit card payment?

This question provides guidance on steps to take when you’ve missed a payment, including contacting the credit card issuer and setting up a repayment plan.

4. Can I avoid late fees or negotiate with my credit card company after missing a payment?

This question explores options for avoiding or reducing late fees and negotiating with your credit card company to address missed payments.

5. How long does a missed credit card payment stay on my credit report?

This question discusses the duration of the negative impact on your credit report and how long missed payments can affect your credit history.

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