What Happens When You Pay Your Credit Card Late?

Late payments can hurt your credit score, but you can recover from this mistake.

You may be in danger of making a late credit card payment if you either miss the payment due date, send only the required minimum payment, or discover that you never mailed your payment. There will be repercussions for any late payments, regardless of the reasons.

Both your credit score and your bank account can take a hit if you don't pay your credit card bill on time. However, there are measures you can take to fix the problem and prevent it from happening again.

When Is It Too Late to Pay a Credit Card Bill?

If you don't pay at least the minimum due on your credit card by the due date, your payment will be considered late.

This is the case if you fail to pay on time or if your payment is rejected for some reason. A payment may be considered late after a certain time on the due date, set by the issuer; this time is usually 5 p.m.

According to Experian, a late payment won't show up on your credit report until you've missed two consecutive payments. But the credit card company will likely impose more immediate penalties, such as a late fee.

Late payment fees can add up quickly. The cost of incurring a penalty APR on your card can be substantial, depending on the size of your outstanding balance. If you keep a $1,000 average daily balance for six months at a 29.99% annual percentage rate (APR), you will pay nearly $150 in interest. During the same time period, the interest accrued on the same average daily balance at a nonpenalty APR — 16.93%, for example — would be closer to $80.00.
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