You will get charged with a late fee on the interest fee when you fail to make a minimum payment by the due date on your card. The late fee is add onto the original interest rate you are already charged. As a result, you will pay more fees on the balance that you owe. You must keep in mind that the interest fee is charged on a daily basis.

Therefore, if you found out that you have missed a payment, you must act quickly and settle the balance you owe as fast as you can. This can prevent the interest fees from continuing to accrue on your balance and also prevent your credit score from dropping. If you ignore it and neglect to pay month after month, you may receive a collection letter from the bank.

As a rule of thumb, if you can’t afford to settle the full amount, you should at least make payment on the minimum amount. If only the minimum amount is paid, the balance will get rolled over to the next month. Usually, the credit card company will not report a late payment until after 30 days past the due date. If you make the payment within 30 days after the due date, your credit score will not be affected. However, this is not a guarantee and your issuer may report it to the credit bureau sooner.

If you accidentally miss a payment, you should quickly settle the payment and call your issuer to explain your situation. After explaining your situation, you can try to ask them to refund the penalty fee and interest charges. It will be up to the lender to decide whether to refund the charges to you. It is worthwhile to try to call the issuer to get them to refund the fees if you have a straight record of paying on time. When talking on the phone, make sure you are polite and don’t shout or demand on them. If no one picks up the phone the first time, you should not give up and try to call again.

You have many credit card due dates to remember and need help to remember each date in order to make prompt payment. The best solution to this is to set up automatic payment. With automatic payment, the amount due will automatically be deducted from the linked bank account. If you prefer to make payment manually, it is recommended that you set up alerts on your account. The alert can be sent to your email or SMS when the due date arrive. You need to be enrolled in online banking if you want to have access your account.