What happens if I miss a credit card payment?

Concerns & risks

You forgot to pay your credit card bill and the due date passed.

Late fees and possible penalty APR.

Causes & evidence

Issuers may charge a late fee; late payments are typically reported to bureaus once 30 days past due. See credit card APR.

What to do

1. Pay right now.
2. Call and ask to waive the late fee.
3. Set up autopay for at least the minimum.
4. Add a calendar reminder.

Common mistakes: Common mistakes: hoping it goes unnoticed. Pay as soon as you can, and call the issuer to ask if they'll waive the late fee, especially if you have a good history. Set up autopay for at least the minimum. A payment 30 or more days late may be reported to credit bureaus, so act quickly. If money is tight, call before the due date and ask about hardship options. Issuers often have programs that can temporarily lower payments. Set calendar reminders a few days before each due date as a backup to autopay.

Speed Man tip: Long on-time history? They often waive the first late fee.

Wrap-up: Pay ASAP. Ask for fee waiver. Turn on autopay.

Want the why behind it? Read Credit Scores and Credit Reports in the wiki.