The Consequences of Being Late on Your Credit Card Payments
Sunday, 12 May 2024, 11:00
Late Credit Card Payments: Impact on Fees, Credit Score, and Interest Rates
Paying your credit cards on time can help you avoid repercussions. Find out what happens when you're late on a credit card payment and how to avoid it.
1. Late fees will apply (but could be waived)
- Tip: Contact your credit card issuer for possible fee waivers.
2. Late payments don't immediately impact your credit score
- Tip: Make payments within 30 days to avoid credit score damage.
3. Credit card interest will kick in
- Tip: Consider transferring balance to 0% APR card to save on interest.
Overall, it's crucial to prioritize timely credit card payments to prevent fees, credit score deterioration, and interest accumulation. Setting up automatic payments can help maintain financial stability.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.