The advice in this article is offered by the team independent of any bank or credit card issuer. This article may contain from our partners, and terms may apply to offers linked or accessed through this page. as of posting date, but offers mentioned may have expired. Bankrate logo
At Bankrate, we have a mission to demystify the credit cards industry — regardless or where you are in your journey — and make it one you can navigate with confidence. Our team is full of a diverse range of experts from credit card pros to data analysts and, most importantly, people who shop for credit cards just like you. With this combination of expertise and perspectives, we keep close tabs on the credit card industry year-round to:
At Bankrate, we focus on the points consumers care about most: rewards, welcome offers and bonuses, APR, and overall customer experience. Any issuers discussed on our site are vetted based on the value they provide to consumers at each of these levels. At each step of the way, we fact-check ourselves to prioritize accuracy so we can continue to be here for your every next. Bankrate logo
Bankrate follows a strict editorial policy, so you can trust that we’re putting your interests first. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions.
We value your trust. Our mission is to provide readers with accurate and unbiased information, and we have editorial standards in place to ensure that happens. Our editors and reporters thoroughly fact-check editorial content to ensure the information you’re reading is accurate. We maintain a firewall between our advertisers and our editorial team. Our editorial team does not receive direct compensation from our advertisers.
Bankrate’s editorial team writes on behalf of YOU – the reader. Our goal is to give you the best advice to help you make smart personal finance decisions. We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. So, whether you’re reading an article or a review, you can trust that you’re getting credible and dependable information. Bankrate logo
We’ve all been there. Life gets busy, bills pile up, and suddenly you realize – “I forgot to pay my credit card bill!” That sinking feeling in your stomach is all too familiar. Whether it was an oversight while juggling multiple payment dates or simply slipped your mind during a hectic month, missing a credit card payment can happen to anyone.
But what actually happens when you miss that payment? Is your financial life over? Will your credit score plummet overnight? Let’s break down the real consequences and what you can do to fix the situation.
The Timeline of a Missed Credit Card Payment
The severity of missing your payment depends largely on how late it is. Here’s what typically happens:
1-29 Days Late
- Late payment fee: You’ll likely be charged a fee up to $41
- Credit report: Good news! Payments less than 30 days late aren’t reported to credit bureaus
- Interest continues to accrue: You’ll still be racking up interest on your balance
30+ Days Late
- Credit reporting begins: Now the missed payment gets reported to credit bureaus
- Credit score impact: Your score will start to drop
- Penalty APR may kick in: Your interest rate could jump significantly higher
- Promotional rates at risk: Any 0% intro APR offers may be canceled
60-90+ Days Late
- Deeper credit damage: Longer delinquencies hurt your score more
- Collection calls increase: Expect more frequent contact from your issuer
- Account may be frozen: Your ability to use the card might be restricted
The Real Cost of Missing a Payment
Financial Penalties
The immediate hit comes in the form of fees and potentially higher interest
- Late payment fees: Typically up to $41 per late payment
- Penalty APR: Your regular purchase APR could jump to a much higher rate (often 29.99% or more)
- Loss of promotional rates: That sweet 0% intro APR might disappear
Credit Score Damage
This is where things get really painful According to FICO data shared by CNBC, the impact varies based on your starting score
| Starting Credit Score | Effect of 30-Day Late Payment | Effect of 90-Day Late Payment |
|---|---|---|
| 607 (Lower score) | 17-37 point drop | 27-47 point drop |
| 793 (Higher score) | 63-83 point drop | 113-133 point drop |
I was shocked when I first saw these numbers! If you have excellent credit a single 90-day late payment could drop your score by over 100 points. That’s huge!
Interestingly, people with lower scores see less dramatic drops. This is because their credit history already reflects some risk factors, so one more negative mark doesn’t change the overall picture as dramatically.
What To Do If You’ve Missed a Payment
So you’ve realized you forgot to pay. Don’t panic! Here’s what to do:
1. Pay ASAP
Make at least the minimum payment as soon as possible. The sooner you pay, the less damage to your credit score. If you’re still within 30 days of the due date, you can completely avoid credit reporting.
2. Call Your Credit Card Company
This step is so important and many people skip it! Call the number on the back of your card and explain the situation. If this is your first missed payment, many issuers will:
- Waive the late fee as a courtesy
- Possibly prevent the penalty APR from being applied
- Offer advice on avoiding future late payments
Some cards, like the Discover it® Cash Back, automatically waive the first late payment fee. Others, like the Citi Simplicity® Card, don’t charge late payment fees at all.
3. Set Up a System to Prevent Future Misses
After the immediate crisis is handled, take steps to prevent this from happening again. More on this below!
Preventing Future Missed Payments
We’re all human, and forgetting things happens. Here are some fool-proof ways to make sure you never miss a payment again:
Set Up Autopay
This is my #1 recommendation. Autopay is a lifesaver! You can set it for:
- Minimum payment (to avoid late fees)
- Full statement balance (to avoid interest)
- Custom amount (if you’re on a specific repayment plan)
I personally set mine for the full balance to avoid any interest charges, but even setting it for the minimum is better than nothing.
Use Payment Reminders
If autopay makes you nervous (I get it!), set up multiple reminders:
- Calendar alerts 5 days before and on the due date
- Text or email alerts from your card issuer
- Sticky notes on your bathroom mirror (sometimes old school works best!)
Adjust Your Payment Due Dates
Did you know most credit card companies let you change your due date? This is super helpful if you want to:
- Align all your bills to come due around the same time
- Set due dates right after payday
- Spread bills throughout the month for better cash flow
I changed all mine to fall on the 15th, which is 3 days after my paycheck hits. Works like a charm!
My Personal Experience With a Missed Payment
Let me share something embarrassing. A few years back, I was traveling abroad and completely forgot about my credit card payment. I was having too much fun exploring and lost track of dates. When I finally remembered, I was already 35 days late!
The damage: a $39 late fee, a ding on my credit report, and my score dropped about 70 points (I had good credit before this). I immediately:
- Paid the full balance plus the late fee
- Called the company and explained the situation
- Asked if they could remove the late payment report (they couldn’t, but they did refund the fee)
It took about 6 months for my credit score to recover most of the lost points. The late payment stayed on my report for 7 years, but its impact decreased over time.
The lesson? Even responsible people forget sometimes. What matters is how quickly you fix it and what systems you put in place to prevent it happening again.
Common Questions About Missed Credit Card Payments
Can One Late Payment Ruin My Credit?
One late payment won’t ruin your credit forever, but it can cause significant temporary damage, especially if you have excellent credit. The good news is that the impact fades over time, and you can rebuild by making consistent on-time payments going forward.
How Long Does a Late Payment Stay on My Credit Report?
Late payments typically remain on your credit report for seven years. However, the negative impact diminishes over time, especially if you maintain good credit habits afterward.
Can I Get a Late Payment Removed From My Credit Report?
It’s possible, but not guaranteed. You can:
- Request a “goodwill adjustment” from your credit card issuer (works best for customers with otherwise good payment history)
- Dispute the late payment if it was reported in error
- Wait it out – after 7 years, it will automatically fall off your report
Will My Card Be Canceled If I Miss a Payment?
Missing one payment typically won’t result in card cancellation. However, multiple missed payments or accounts that become severely delinquent (90+ days) might lead to account closure.
The Bottom Line
Missing a credit card payment isn’t ideal, but it’s also not the end of the world. The key is to act quickly, communicate with your card issuer, and take steps to prevent it from happening again.
Remember these key points:
- Pay as soon as you realize your mistake
- If you’re less than 30 days late, your credit report won’t be affected
- Call your card issuer – they might waive fees, especially for first-time offenders
- Set up autopay or reminders to avoid future mistakes
We’re all human, and mistakes happen. What matters most is how quickly you address the problem and what you learn from the experience.
You could face a penalty APR
In addition to a late fee, issuers may impose a penalty APR, which often hovers around 29.99 percent. Federal law requires issuers to review your account after six months and potentially remove the penalty APR, but if you’ve continued to violate your card’s terms by missing payments, that penalty APR can remain indefinitely.
You may lose your promotional APR
The best balance transfer and 0 percent APR cards can save you hundreds of dollars in interest, but those savings could evaporate if you miss a payment.
Missing payments not only makes it tough to pay off your balance during the intro period, but could also cause the issuer to vacate your 0 percent APR and begin applying the regular interest rate to your balance.
So, even though you aren’t paying interest on your purchases or balance transfers during the promotional period, make sure you still make at least your minimum payment by the due date each billing period.
