Missed credit card payments tend to make us feel horrible, but it doesn’t have to be that way. If you understand what to do when this situation arises, you’ll be able to handle things clearly, and your financial situation won’t be affected.
Read on to learn about the 4 main steps to take if you miss a credit card payment.
Step 1: Contact the Bank
The first thing we recommend doing is contacting the bank that issued you the card. Most banks provide grace periods and empathize with customers’ unique circumstances—especially if it’s your first-ever missed credit card payment.
Step 2: Request a Late Fee Waiver
We recommend asking for a waiver if you’ve been charged late fees for missing a credit card payment. Explain why you missed the payment to the relevant authority and assure them of your plans to avoid defaulting moving forward.
Step 3: Set Up Automatic Payments
If you’re wondering how to avoid missing credit card payments in the future, one of the best things to do is to set up automatic payments. This will help you avoid missed credit card payments because your outstanding balance will be paid using funds from your bank account on or before the due date.
Step 4: Set up calendar reminders
The last step we recommend taking to avoid missed credit card payments is setting up calendar reminders. Once you’ve been notified of your outstanding balance due date, simply add a reminder in your phone a few days before it’s due. It’s also worth syncing your phone calendar to other devices you use like your laptop so you get multiple reminders.
These reminders will keep you on top of your payments and help you get into the habit of paying off your credit card at the same time each month.
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