Here’s What Happens When You Forget to Pay Your Credit Card Bill

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It’s best to pay all your bills on time, including your credit card bills. Find out what to expect if you forget to pay your credit card bill or pay it late. 

Paying your bills on time is essential, but sometimes mistakes happen. If you use credit cards, there may come a time when you forget to pay your credit card bill by the due date. There are several consequences to be aware of when this happens. Find out what you can expect to happen if you forget to make a credit card payment on time.

Credit card fees cost you money

When using credit cards, being aware of potential fees is essential. If you forget to pay your credit card bill by the due date, your credit card issuer will charge you a late fee. Extra charges like this impact your checking account balance. Paying your credit card bill on time every month is the best way to avoid late fees.

If you miss a payment or pay late, interest will begin to accrue. Credit card interest is charged when you don’t pay your entire card balance. Depending on how late you pay your bill, your credit card issuer may apply a penalty APR to your outstanding balance, which could be costly.

If you’re not careful, credit card interest charges can pile up quickly and lead to a credit card debt problem. While getting out of debt is possible, making decisions that allow you to avoid credit card debt can reduce stress and help you boost your overall personal finance health.

Beware of this potential consequence

Your missed or late credit card payment could result in additional consequences. Paying your bills on time is vital if you hope to have a good credit score. Late payments can hurt your credit score. Late payments aren’t reported to credit bureaus until they’re at least 30 days past due. However, if you pay your credit card bill more than 30 days late, you may see a negative mark on your credit report.

Eliminate forgetfulness with these tools

If you’re forgetful, you may be looking for strategies to help you stay on top of your bills. Your credit card issuer provides account features that can help you eliminate forgetfulness. Here are two useful features that are available to you as a credit card user:

Automatic payments

You can enable automatic payments through your credit card account. You can set up this feature through your credit card company’s website or mobile app. When you do this, your bill will be paid automatically on the due date. To avoid being charged interest, it’s recommended that you set up your automatic payments so your entire card balance is paid.

Payment reminder alerts

Another account feature that is available to you is payment reminders. If you don’t like the idea of automating the payment process, this is an alternative solution to explore. You can set up payment reminder alerts through your online account to receive a notification before your credit card bill is due. You can choose how many days before the due date you want to get an alert.

Do this if it’s your first time making a late payment

If it’s your first time missing a payment, it’s worthwhile to reach out to your credit card issuer to request a fee waiver. It may waive the fee if it’s your first time missing a payment or paying late. While it may decline your request, you’ll never know unless you ask — so make the call!

Take extra care to avoid missed payments

Now you know what to expect if you miss a credit card payment or pay your bill late. If you want to avoid extra fees and negative marks on your credit report, staying on top of your bills is a must. If you’re considering getting a new credit card, check out our list of the best credit cards.

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