![]() If you’re carrying a balance, making extra payments can also reduce the amount of interest you’ll pay overall. For example, you might wish to make two payments to coincide with your paycheck. You’re obligated to pay your credit card once per month, but paying it more often might have benefits for some cardholders. Consider setting an alert in your calendar as a reminder or setting up your account for autopay so you never miss a payment. At that point, the issuer may send your account to collections and may take legal action against you.Īlthough mistakes can happen, it’s best to make your payments on time each month. Once you are 60 to 180 days late on a credit card bill, it will cause even more damage to your credit score and the account will most likely be considered in default. This will remain on your credit reports for seven years - though the impact on your score will decrease over time if you resume regular payments. If you miss a full billing cycle, meaning you’re 30+ days late, the account will get reported to the credit bureaus as delinquent, and your credit score will take a hit. Many times, they will do so as a courtesy. A late fee will be assessed but if you’ve always kept your account in good standing, you can call the issuer and ask if they’ll waive the fee. If you are just a couple of days past due, get your payment in as quickly as possible to avoid further damage. Missing a credit card payment isn’t ideal, but if it happens, the consequences depend on how late you are. The process varies, but you may be able to do it over the phone by calling the customer service number on the back of your card, while some issuers let you change the date from your online account or app. Most issuers do allow you to request a change to your credit card due date. Some cards might even bump your APR to a higher penalty rate if you’re late to pay. That’s why paying your credit card bill on time consistently is the best way to build credit and improve your score.Īnother reason to pay your credit card bill on time is to avoid late fees. The most important factor of your credit score is your payment history. The importance of paying your credit card bill on time However, it’s never a bad idea to pay a couple of days before your due date - that way if there are any glitches or delays, you’ll still have time to get the payment in. You must pay your credit card bill by the due date if you want to avoid a late fee. You can also choose to pay just the minimum or the full balance, but just be aware that those amounts may change month to month. You can set this up online or on your app, specifying the amount and date that you wish to pay each month. Automated payments: The simplest option is to set up payments so that they are made automatically.At some banks, like Chase, you can even process your payment using an ATM. In person at an issuing bank branch: If your credit card comes from a bank in your area, you may have the option to stop in at a branch to make a cash or check payment.You’ll be asked for your banking information by a representative, or you may be able to use an automated system in which you answer basic questions and punch in your numbers. Over the phone: Most credit issuers allow you to make a payment by calling the customer service number.If going this route, be sure to give yourself a few extra days in case the mail gets delayed. By mail: If you prefer the old-school way of paying your credit card bill, you can mail a check along with your credit card bill.The first time you do it this way, you’ll have to add your bank account and routing number, but you should be able to save it in the account for future payments. Online: One of the more popular ways to pay a credit card these days is by logging into your online account or credit card app and making a payment.Most credit card issuers allow you to pay your bill in a few different ways. If you’re wondering how to pay your credit card bill, the importance of paying on time and what happens if you miss a payment, learn more here. If you just got your first credit card, congratulations! Or maybe you’ve been paying your credit card bill one way, but want to find an alternative way.
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