What happens if you don't pay your credit card bill by it's due date?

Answer 1

It depends on the terms and conditions of your credit card company at the time you don't make the payment. Most companies have a $35-$40 late fee and many times the right to institute a default interest rate as high at 24.99%.

Answer 2

I read all the answers and the best one is that your check did not get to their place on time. Anything could have happened to it. Someone may have forgotten to put it in the mail, a holiday, post office error. That's why I usually pay my bills online; however, there is a cut off time to do that and I missed it by several hours once. The advice to pay it the day you received it is excellent. I have had credit cards since 1970 and haven't ever been ripped off. Call back and see when the payment was posted. Maybe you can talk them out of the charge since you have been such a good customer and haven't done this before (we hope). If you are calm and respectful, this may work. If you don't want to be charged a finance charge on a finance charge, there is a way to protest a charge that is outlined on the back of your bill. Whether it pertains to a finance charge is something you will have to ask them. Good luck. I usually forget to read the rules they send out. You may have missed seeing a change in policy.

Answer 3

It can raise your interest rate (not just on THAT card, but possibly on your other credit cards as well)

It can cause a late fee, which is pretty hefty, probably about $39 now.

Any kind of balance transfer deal like something with zero percent interest for 12 months may default to the regular higher interest rate.

It will negatively impact your credit score.

So avoid all this, as a last resort....even if you have to charge your groceries this time, instead of paying cash or check like you might usually, charge regular items so you can send the CASH to the credit card company so you can make sure you don't have a late payment flag put on your credit report.

Answer 4

Speaking as a nationally known credit score and mortgage lending expert (book, radio shows, newspaper columns, etc.):

First, you get a late charge. Maybe $29-$39

Then, your interest rate likely goes to the "default rate" since you will have violated your "cardholder agreement". In most states that rate is 24.99 - 29.99%. I think one state is 34.99%.

If the late fee places you over the credit limit, there will be another fee.

When your payment has not been processed by 30-days past the due date, the late payment is reported on the credit reports the creditor does report to and your scores drop 15-30 points.

Is that looking fun? Now I have accidentally paid late and because I am an excellent customer, I have gotten late fees waived. You just have to ask, but it is better to avoid late payments in the first place.

Answer 5

Most Credit Card Companies are pretty lenient about the date; call them to let them know when they will receive the payment. However, the creditors do put any Late payments on to your credit report. I guess that's why the are cool sometimes.If it is a newly issued card with a low introductory rate; low percentage rate or A.P.R. and your payment is late, it can void that introductory offer and the creditor will charge you the higher percent rate on the balance you still owe.

Answer 6

Late fees will be assessed, as well as finance charges (interest). You could be reported to a credit agency as being delinquent.

Basically, not a good thing.

Answer 7

You get slapped with extra finance fees. It could also raise the percent you are paying now.

Answer 8

THey will charge you late fees charges that can be between $25.00 & $40.00 depends on the bank. That;s the way banks make their money by charging the little guys late fee .

Joe.

Answer 9

it makes your credit look bad and you'll have to pay late fees and you may not get an increase in your line of credit

Answer 10

Not good things