Even the most meticulous folks have missed credit card payment at least once. Maybe they were on vacation, maybe they overlooked their credit card bill, maybe they didn’t have money, or they simply forgot! The point is, it happens.

The reasons are endless but the fact remains that many of us at some point or the other have missed credit card payments. Sure, life happens and we are all mere mortals who make mistakes every once in a while.

However, this is a mistake that can be quite costly. Even in instances where it only happens once, the harsh consequences may impact you for awhile. Accordingly, the objective of this article is to inform you of these undesirable consequences so that you can avoid the pain that comes with them.

Lower Credit Limit

Even with a single missed credit card payment? Yes, although unlikely, it can happen. Of course, if you repeatedly miss credit card payments or habitually make late credit card payments, your credit limit is almost certain to be revised to a lower level.

This is a particularly undesirable consequence for many who plan their lives in such a way that the current credit limit they have is crucial to their current lifestyle. Some people also rely on their credit cards for the timely payment of all other dues and liabilities. Naturally, when the credit limit gets reduced, pretty much everything goes haywire with these folks having to completely calculate their lifestyles.

Damage To Your Credit Score

Again, this is often a surprise to many but the fact is that even a single missed credit card payment can have a negative impact on your credit score. You see, credit activity is monitored and reported all the time. Even when you miss making your credit card payment just once – or perhaps are late in doing so, somewhere, that does end up being documented.

This effect cascades when you repeatedly miss making credit card payments. That is the reason, we sincerely recommend that you try not to miss making credit card payments – ever. Even if money is tight, try to pay at least the minimum amount on time.

Late Fees / Non-Payment Fees

If you have missed a credit card payment, you will be liable to pay a late fee. In some cases, banks also charge additional fees for non-payment (distinct from late fees) which you will have to pay as well.

All too often, customers missing their credit card payments are folks who tend to revolve credit, not paying all their credit card dues but instead choosing to make lower payments. Naturally, this means they incur interest charges and possibly other fees as well.

It is for this reason that it is best not to miss credit card payments; you can set up an auto-debit facility with your bank account. This way, at least the minimum amount is always paid straight up without any qualms.

Higher Interest Rate

Once you have missed a credit card payment, banks often adjust interest rates to a higher rate. This is especially true in cases where they might have been charging an exceptionally lower rate based on good credit history.

After missing a credit card payment, the bank may decide you are not as trustworthy as they originally thought. Those mistakes happen, the bank can raise your interest rate if you are not exhibiting financial responsibility.

missed credit card payment

Privileges Taken Away

The final negative aspect related to missed credit card payments is the possibility of privileges being taken away from you. For instance, you may have been granted complimentary membership to a certain club through your credit card; this membership can be revoked if you do not meet expectations. 


To the furthest extent possible, avoid being in a situation where you have missed credit card payments. Yes, things can happen – they do with all of us. But try and make sure that at least the minimum amount due is always paid on time. It is wise to set out automatic payments, so the pressure is not all on you each billing cycle.