How Late Can I Make My Credit Card Payment?- It happens to the best of us,and often unintentional,but we all have had late payments done on our credit cards.How late can you actually pay that minimum due on the card,and are there any other consequences to it,other than the statutory fees and penalties?
Most often than not,the card issuers also are, fortunately for us not too rigid.However it must also be said that the late fees are pretty steep,often much more than the minimum amount due and this makes it seem ALOT.
Once you are slapped with a late fee,and you are a one time “offender” , it will not hurt your credit rating,but if you do not make a payment for the second billing cycle,not only will you be plundered with collection calls at your home but also at your work place.
read – Why you should not close credit cards
What happens when you make a late credit card payment
When you pass your due date,needless to say you will be subject to a late fee that is in the range of $25-$50 depending on the card issuer.Depending how late you are on the minimum due,you might be subject to calls from a collection agency coaxing you to pay a small amount.This usually happens to repeat defaulters,but i have also called card users who were first time defaulters.
These first time defaulters had genuinely forgotten to make monthly payments.It was my job to take a payment on the phone by getting details and their checking account details.I would then process the payment on the phone while they waited.Its standard procedure to ask them to pay a little more than the minimum due.Also if they complied,i would even waive off the late fee!! YES – that was the power of us collection agents!
How to avoid late fees and penalties
The different modes that you can use to pay your credit card monthly bill are through Online,by phone,by check drop or through direct deposit.I suggest using an online method of payment especially if you are late,because this reflects in your card account within 24 hours.Other methods of payment may take longer(upto three business working days,excluding holidays).So to save yourself from a possible late fee,online is the way to go.
If you are within 12- 16 hours after the due date has passed,you will still be saved from a late fee.In this scenario,it is best to call the card issuer and give them details of your payment.In all probability,a collection agent may also call you,and in turn you can give the details to him/her.
You would need to give details like bank name,check number,date of payment or transaction id,if it was an online payment.
The agent will then update this information in the system and this will help you save that huge late fee.
How Late Can I Make My Credit Card Payment and not affect my credit score
The only time when you could possibly be reported to the credit bureaus is when you have missed the monthly payment on more than a few occasions. After this,if you lag behind on minimum due and do not make two successive payments,then you run the risk of it affecting your credit score.
This will ultimately reflect badly in your credit history.However if you are consistent on paying the minimum due every month and sporadically are late on a few payments then there is no cause for concern,and it will not harm your credit score in any way.