How to Handle An Accidentally Missed Credit Card Payment
When you find out that you have missed your credit card payment, or you checked your credit card billing statement and found out that a late fee has been given to you for a payment you are sure you have cleared. But, you forgot to confirm this in the mail. For someone to miss a payment accidentally is not that bad. All you have to do is to act quickly so that the damages will be reduced.
Try To Make Your Payment Quickly | Missed Credit Card Payment
Make sure you pay your bill before the next billing cycles kick off if you are some days late. Because it stops your credit card company from reporting bad payment history to the credit bureaus, as this can harm your credit score. Even creditors can report delinquent payment when the payments are at least 30 days late. Therefore, clear your payment before it becomes 30 days late.
Contact Them And Request For Leniency | Missed Credit Card Payment
Always check your account to know if there is any late payment fee because some credit card issuers give late payment after the due date. This late payment fee can be higher than your minimum payment or 25 if you had always made your payment on time in the past 6 months. Though there is a current limit on late fees, I advise you that avoid late payment.
A lot of creditors can withdraw this late fee if they discovered that you do not make your payment regularly or if you have a good and acceptable reason. So, call your creditor and briefly clarify why you had to make a late payment then, plead with him\ her to withdraw the late fee. If he\she refuses, see it as a reward for your mistake and try to send your payment earlier next time.
How Can Your Interest Rate Be Protected?
Surprisingly, you are not to be disturbed about the interest rate, just like if you are some days late on a particular payment but, this IS different for those having a promotional rate. According to the credit card law, a creditor cannot force you to pay an increased penalty rate, if you are not up to 60 days delinquent on your payment.
If you miss a payment [ no matter what the reason or extent of lateness], you will have to give up any promotional rate of yours. Also, a creditor who wishes to help you, by putting aside the late fee will not likely forgive you when it gets to your promotional rate.
Be Mindful Of When Your Bill Becomes Due.
If you find it difficult remembering the due date of your payment, just set up a system of reminders. Reminders such as a monthly bill payment calendar, this list your payment due date and minimum payments for all your account.
Also, you can set a reminder using your email or calendaring system [e.g. Gmail or Microsoft Outlook] or phone or third-party app.
You can send an email to FollowUpThen.com and you will get an email reminder to make your payment [ E.g. Every5th@followupthen.com], but do not add any of your personal information and set your reminder some days before your payment is due. You are to send the email from your phone to get notification alert.
Lastly, you can also set an automatic payment from your banks’ online bill pay to eliminate missed payments. Set your payment for at least the minimum amount due and before your due date, or you will be given a late fee. To avoid paying an overdraft, insufficient fund or returned check fee be sure that you have enough money in your account.