Accidentally Missed a Credit Card Payment? Try This

Your credit card issuer may waive some fees -- if you ask.

Even with good planning, mistakes happen. There may come a day when you forget to pay on your credit card bill. When a payment is missed or late, most card issuers impose a late fee. This mistake can cost you money and impact your bank account balance. If this is a rare occurrence for you, it's worthwhile to see if your credit card company will waive the fee.

Missed and late credit card payments cost you money

You can expect consequences if you don't pay your credit card bill, whether by accident or purposefully. You'll likely be charged a late fee for missing your original payment date. If you continue to miss payments, your card issuer may impose additional fees.

But that's not the only consequence. Depending on how long it's been since your missed payment, your card issuer could impose a penalty annual percentage rate (APR) to your account. When this happens, you'll pay more in interest on your unpaid credit card balance now and in the future.

Additionally, missed and late payments can harm your credit. A late payment can't be listed on your credit report until it's at least 30 days past due. But if you have missed a payment for several months, you may eventually see a negative mark on your credit report.

Your payment history makes up 35% of your credit score -- so paying your bills on time is essential. If you notice that you accidentally missed a payment, it's best to make one as soon as you can so that you can avoid harming your credit.

As you can see, personal finance errors can be expensive. It's best to pay all of your bills on time each month, including your credit card bill. But of course, mistakes can and do happen -- we're only human, after all.

Ask for the fee to be waived

So, what happens if you make this kind of mistake? Let's imagine you're usually on top of your bill payments, but you realize too late that you didn't hit the final confirmation button when scheduling your credit card payment. If this story sounds too realistic -- yes, it did happen to me.

If this happens, it's worthwhile to reach out to your credit card issuer, explain your error, and ask them to waive the late fee. They may agree to waive if this is unusual behavior for you.

Keep in mind that your credit card company has no obligation to waive the fee. But it's always worth asking; otherwise, you'll never know. If the fee gets waived, you'll be able to keep more money in your pocket. Life is expensive, so every little bit of money saved helps.

How to avoid missing a credit card payment

If you're a forgetful person, you may want to consider setting up automatic payments. You can easily do this through your card issuer's website or mobile app. You can choose how you want to pay and your desired payment amount and enable payments to be made automatically.

If you can afford it, the best practice is to set up automatic payments so that the entire statement balance is paid monthly. Doing this will avoid expensive credit card interest charges. This feature can help you eliminate forgetfulness, late fees, and other negative consequences.

Are you looking to apply for a new credit card? Check out our list of best credit cards to learn more about card options.