It happens with mostly all of us that we miss some important dates in day to day life. Similarly if you find out that your credit card bill due date was 1st of the month and it is already 3rd. Or you just checked that a late fee has been assessed in your credit card statement for a payment that you made late. This usually happen with many of us. So, if we act quickly then this damage can be controlled.
Make the Payment Quickly
If you missed a credit card payment due date you should make the payment as soon as possible. If you’ll pay the payment quickly after missing your due date then it will prevent the credit card provider to report your late payment to the credit bureaus,which can lower down your credit score. Credit card providers usually report a late payment after atleast 30 days. So you need to make sure that you payment before it becomes 30-40 days late.
Request Credit Card Provider for Leniency
Firstly you should check your account if a late fee has been applied,some card issuers impose a late fee immediately after the due date. Many providers are not very strict in keeping the late fee charges intact unless and until you are habitual of payment the credit card. Sometimes banks refuse to ignore the late payment charges. take it as a lesson learned, pay the fee, and send your payment on time for future payments.
Can You Protect Your Interest Rate
Credit Card Providers can’t impose a penalty rate increase unless you’re at least 60 days delinquent on your payment and unless you have a promotional rate. The bad news, however, is that missing a payment (despite the reason or degree of lateness) could cause you to forfeit any promotional rate. A credit card provider who’s willing to waive a late fee might not be as lenient when it comes to your promotional rate.
Remember When Your Bills Are Due
If you have missed your the due date of your credit card bill once or twice then there is not much to worry, but if you are missing it every month then you should develop a system of reminders. For example marking all your important dates of the month on a calender or setting up a reminder on your phone.You can set up reminders in your email or calendaring system. Or if you are a frequent credit card user you can also set up an automatic payment through your bank’s online bill pay to avoid missed payments.
