What Happens If You Miss a Credit Card Payment?

If you miss a credit card payment, you can be charged a late fee.

You may lose your interest-free grace period on purchases, and your credit score can drop if the payment becomes late enough to be reported to the credit bureaus.

Late payments usually do not show on your credit report until you are at least 30 days past due, but reporting timing can vary by lender.

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What Usually Happens Next

1) You may get a late fee

Many issuers charge a late fee if you miss the due date. The amount depends on the card agreement.

2) Interest can start costing you more

If you do not pay your balance by the due date, you typically pay interest. It can increase the cost of everything you buy with the card.

3) Your credit score can be affected

A missed payment can hurt your score more once it is late enough to be reported.

Equifax notes late payments generally will not show up on your credit reports until at least 30 days after you miss the payment.

TransUnion also notes reporting timing can vary by lender.

4) It can stay on your credit report for years

In Canada, Equifax says late payments can remain on your credit report for up to 6 years from the date reported.

What to Do Right Away

1. Pay at least the minimum as soon as you can.

2. If you can, pay the statement balance to reduce interest costs.

3. Call the card issuer if this is a one-time mistake. Ask what fees apply. Ask if they can waive it.

4. Turn on autopay (at least the minimum) and set a calendar reminder for the due date.