missed mastercard payment

[sexpuppet6000]

I've always paid my balance and have never missed a payment, but I'm out of town right now and I paying my credit card simply slipped my mind. I am only a day late - that is if I can figure out how I am going to pay it since I don't have my online banking info with me.

What is the consequence of missing payment by a day or two?

[YYC27]

Probably no consequence at all. Most CC companies will give you a few extra days beyond the stated grace period.

If you miss that window, then you'll probably see a bunch of interest on your next statement.

[sillysimms]

In terms of the credit bureau, I don't think there will be any issue. I believe only 30 day lates are reported there (correct me if I'm wrong).

In terms of the credit card, you may be charged the interest. I'm usually really good about paying my credit cards and pay in full every month. Only 1 time have I ever missed a due date (by 2 days past the due date on 2 separate cards since I was on vacation and forgot). Mastercard - surprisingly no interest the next month. Visa - got dinged for the interest. May depend on the issuer as well.

[calgaryhhr]

I missed my Visa payment last month because I forgot about when it was due and the bill was buried in a pile of paper. I made the payment a day late. Visa made a note on this month statement saying they were raising my interest because of the late payment for the last statement.

Luckily I almost never carry a balance on this card (sometimes a couple hundred dollars) and I've had this card for almost 10 years without missing a payment. They were awfully quick in deciding to raise my interest.

[tjthemanto]

I missed my Visa payment last month because I forgot about when it was due and the bill was buried in a pile of paper. I made the payment a day late. Visa made a note on this month statement saying they were raising my interest because of the late payment for the last statement.

Luckily I almost never carry a balance on this card (sometimes a couple hundred dollars) and I've had this card for almost 10 years without missing a payment. They were awfully quick in deciding to raise my interest.

that's true .

If you miss a payment by just one day because you forgot but pay the entire amount ( balance ) the next day you are considered a risk but someone who just makes the minimum payment of 3 % before the payment date is considered to be reliable..I don't get that .

[brunes]

At worse case, you will be dinged the interest.

A payment is not usually "late" on your credit record unless it is 30 days past due.

The exceptions to this are Amex (which only has I think 15 days before they report) and Chase (AKA Sears card), which reports ALMOST IMMEDIATELY.

[HighFlyer]

Chase (AKA Sears card), which reports ALMOST IMMEDIATELY.
I knew I made the right decision in cutting up my sears card. Usually it's easy to forget paying it since I don't routinely shop there and don't get a bill every month.

[kdotc]

im on the same boat, i just realized my visa bil was due yesterday after logging online and paid it online today. now im worried if they'll charge me crazy interest..im with td

[Pain]

Your lives are over!!!! LOL just kidding, your fine, it happens all the time, just don't make a habit of it.

[peter_ross]

im on the same boat, i just realized my visa bil was due yesterday after logging online and paid it online today. now im worried if they'll charge me crazy interest..im with td

My experience with TD VISA has been positive. If you don't carry a balance, and never have a late payment, just call the customer service and request to have the interest reversed. The reps are very reasonable.

[brunes]

My experience with TD VISA has been positive. If you don't carry a balance, and never have a late payment, just call the customer service and request to have the interest reversed. The reps are very reasonable.

It really is not that much to worry about. Even if you had a bill of 10,000 you are only going to be charged 5 bucks / day in interest for your late payment. So as long as you are just a day or two late it is not a big worry.

[G-Yo]

It really is not that much to worry about. Even if you had a bill of 10,000 you are only going to be charged 5 bucks / day in interest for your late payment. So as long as you are just a day or two late it is not a big worry.

What about those MBNA or Citi Mastercards with a 0 % Balance Transfer and like other members of this forum (me included) you transferred the entire available credit to your own bank account ?

I was under the impression that they charge you interest on the entire balance from the date you did the BT, if you are late on even one payment.

$ 25 000 at 20 % for 10-12 months would really suck. Actually that one day could cost you $ 5000.

[bail42]

I've always paid my balance and have never missed a payment, but I'm out of town right now and I paying my credit card simply slipped my mind. I am only a day late - that is if I can figure out how I am going to pay it since I don't have my online banking info with me.

What is the consequence of missing payment by a day or two?

I would try calling into customer service, and telling them when you expect you can make the payment. I went throug this last month, and then put a note on my account not to charge any intrest, and then I called back in a few days later to make the payment.

[liorsyncro]

You guys are quite panicky. So pay the bank a little interest. Haha... Seriously though I don't think it will be an issue, but you never know. Some of these banks are pricks, and as one poster reported, 10 years of good payment habits and you make one mistake and boom.

[ShopperfiendTO]

that's true .

If you miss a payment by just one day because you forgot but pay the entire amount ( balance ) the next day you are considered a risk but someone who just makes the minimum payment of 3 % before the payment date is considered to be reliable..I don't get that .

The person's a risk, even if he/she pays it all off, because he/she doesn't monitor his/her finances well - the person that paid the minimum at least keeps tabs on when payment is due. If the person paid 2.95% on time or paid the 3% one day late, the person would be a risk as well, and if there was a ranking, these would probably be worse risks for the bank.

[brunes]

What about those MBNA or Citi Mastercards with a 0 % Balance Transfer and like other members of this forum (me included) you transferred the entire available credit to your own bank account ?

I was under the impression that they charge you interest on the entire balance from the date you did the BT, if you are late on even one payment.

$ 25 000 at 20 % for 10-12 months would really suck. Actually that one day could cost you $ 5000.

Yes this would be the exception, if you have a big BT on there then being late a day or two can cost you dearly.

[CSR]

What about those MBNA or Citi Mastercards with a 0 % Balance Transfer and like other members of this forum (me included) you transferred the entire available credit to your own bank account ?

I was under the impression that they charge you interest on the entire balance from the date you did the BT, if you are late on even one payment.

$ 25 000 at 20 % for 10-12 months would really suck. Actually that one day could cost you $ 5000.

That's what I thought too, if you're late, you don't get the grace period so interest is calculated from the date of purchase.

[dcaron9999]

I knew I made the right decision in cutting up my sears card. Usually it's easy to forget paying it since I don't routinely shop there and don't get a bill every month.

its almost as if they want this to happen, to raise rate and rob you of more more interest $$$ ... Im glad I paid my Sears debt down ahead of my term.

[sweetsocaking]

What about those MBNA or Citi Mastercards with a 0 % Balance Transfer and like other members of this forum (me included) you transferred the entire available credit to your own bank account ?

I was under the impression that they charge you interest on the entire balance from the date you did the BT, if you are late on even one payment.

$ 25 000 at 20 % for 10-12 months would really suck. Actually that one day could cost you $ 5000.

I was more than 20 days late on the 0% 15 months and I freaked out almost cried LOL, called them immediately. Told the rep I have never been late in my life , she said find ask her if anything is reported she said nope, unless it was more than 30 days late. And they will continue to honour the promotion if it's late again the promotion will be canceled.

[0002]

I just missed by one day for the first time today..on my visa green card...I don't carry a balance...and my bill was 23.90. What should I be expecting..? how much interest would I pay? I'm kinda bummed out since my credit score is going to go down :(

[Jucius Maximus]

I just missed by one day for the first time today..on my visa green card...I don't carry a balance...and my bill was 23.90. What should I be expecting..? how much interest would I pay? I'm kinda bummed out since my credit score is going to go down :(

Credit bureaus only care about 30+ days late, so your credit bureau scores will not be affected. This may have an affect on any score internally calculated by TD.

If I was in your position, I would immediately pay $50 toward that balance so any interest would be wiped out and you would have a credit. I don't know what your interest rate is like but even for a really nasty card, you might only pay less than $1 extra if you act fast. I don't know if there is a late fee. Check your cardholder agreement and add that onto the $50. And phone the bank to let them know when the payment is coming, just to be safe.

Also, be very careful if your card uses the 2-cycle billing method. If this is the case, you will be charged interest next month as well based on the average balance. If you have 2-cycle billing, I suggest you keep the card in a credit position until the end of the next cycle just to be safe.

Remember also that now it's Friday night. Any payment made will be processed on Monday.

[tkyoshi]

I just missed by one day for the first time today..on my visa green card...I don't carry a balance...and my bill was 23.90. What should I be expecting..? how much interest would I pay? I'm kinda bummed out since my credit score is going to go down :(

You may contact your card provider and ask if they can extend you a one time courtesey and restore you account to where it was before (No Interest - Grace) position and reverse any accumulated interest which is likely to be miniscule for 23.90.

Otherwise you can overpay the card then sock drawer it depending on what kind of billing cycle they run on.

Another thing they may do is extend your due date, I BMO M/C does this as part of the one time courtesy (so the payment is considered on time).

[0002]

Thanks for the info! I can't do the overpay because I just paid the 23.50...I have no idea how these things work..I didn't know I could overpay it to turn it into a credit. I will call them on monday and ask if they can help me restore my account...the visa I'm on is a Student TD visa...it is the first card I got since highschool...and I've never missed a payment until now.

[Cheap Cat]

When I had a CIBC Visa, I found they were good about giving you a couple of days grace. With other cards, they don't give any leeway. Some cards will forgive your interest once a year if you normally pay on time. So call and ask. I used this with MC when I paid the wrong MC. I paid the one I never use and only realized the problem when they sent me a statement showing that I had a $1600 credit.

With some credits like Amex, if you miss one month's payment even by only a few days, your purchases for the next month will also be charged interest. I believe some other cards do this as well. I got dinged with this when they first introduced it. I missed my payment by a couple of days and then paid it in full. The next statement I was charged interest for the payment I was late with so I paid. In fact, I paid my bill extra early to make sure I didn't forget again. The following month, I was charged interest on the previous months purchases even though that bill had been paid early. When called in to complain, no one could explain why this happened. As I was waiting to be transferred to yet another person, I saw the fine print on the back of the bill. Apparently, when I missed the first payment, my account was no longer in good standing so I wasn't entitled to the interest free grace period on new purchases for the following month. If I knew that, I wouldn't have used the card. I canceled my card over this, not just because of the policy, but because no one at Amex could explain this to me. Just in case, you may not want to use your card for the next month.

[HighFlyer]

I once was on vacation and missed paying Amex by a few weeks, the interest on 54.51 was a mere .81. No negative credit hit was recorded.

[poop_on_you]

If you have a good history and speak to a rep, he might waive the interest charge for you. I've done it once before and my mom did it many times. YMMV though. Maybe try calling a few times and just be nice to the rep.

[evoviii]

I was late once for a day and called in to Amex. Neither credit hit nor interest charge was registered. I was primarily concerned with credit hit.

Unless you do it consistently I don't see why they wouldn't let it go.

[Jucius Maximus]

I was late once for a day and called in to Amex. Neither credit hit nor interest charge was registered. I was primarily concerned with credit hit.

Unless you do it consistently I don't see why they wouldn't let it go.

In some cases, some banks will have a "hidden" grace period that allows you to be 1-2 days late.

[boyoflondon]

Nothing happens ... payment will be late, might be some interest on the next statement as a result, and that's it. The only time late payments get reported to credit bureau is if they are 30+ days late.


It really is not that much to worry about. Even if you had a bill of 10,000 you are only going to be charged 5 bucks / day in interest for your late payment. So as long as you are just a day or two late it is not a big worry.

Hmmmm NO:!:

Try having a $10k bal, pay it a few days late and let me know how much interest you get. I can guarantee it will be more then $5 that you claim.

FYI, if a payment is made late, interest is calculated based on the average daily balance of the account from the day the FIRST transaction came on the account for that statement UNTIL you made the payment in full. So, a payment that is a day or two late would generally result in approx 32-35 days of interest being charged depending on how many days were in that billing cycle.

Hope this clears is up as many people seem to be under the impression that if they pay a bill day late, they will only be charged interest for that day.

[Webhead]

I've always paid my balance and have never missed a payment, but I'm out of town right now and I paying my credit card simply slipped my mind. I am only a day late - that is if I can figure out how I am going to pay it since I don't have my online banking info with me.

What is the consequence of missing payment by a day or two?

Call the cc issuer and tell them you will be making the payment soon so that they can put a note on your file. Your next statement will probably show finance charges. If it does, call them and ask for a "goodwill" credit of the finance charges.
If you always pay on time they'll reverse the finance charges as your payment history will reflect this.
I've done this before and 100% of the time they will reverse the charges.

Good luck.

[YYC27]

There have been a couple times I've accidentally paid a day late, and probably a couple times beyond that that a payment's posted a bit late because of the timing of of online bill payments. I've never seen a cent of interest charged. Maybe I've just been dealing with banks that have good flexible policies. ;)