What to do if you miss your credit card due date?

It is human to skip a credit card payment once in a while, but it is not something that any individual should make a habit of. A poor repayment history can negatively impact your credit score and can come in the way of obtaining a loan in the future. If you missed the payment due date on your online credit card and are wondering what to do, here are 6 steps to take:

Make the payment within 3 days of the due date


You might miss your credit card due date once in a while. Now, irregular payments can have implications on your credit score. The Reserve Bank of India (RBI) states that a credit card issuer can levy a penalty or report credit information agencies regarding an account as “past due” only when the due has not been cleared 3 days over the due date. This is why it is essential to clear your credit card dues within 3 days of the card’s due date.

Set up auto repayment

Card issuers provide auto-pay as a simple method to avoid late payments. In less than a minute, you can set up auto-pay and enjoy the security of knowing that your credit card payment will be made on time. You can set up auto-pay to pay your entire statement balance, the minimum amount due, or a specific amount. We advise setting it to your total statement balance to prevent interest costs. If that is not an option, pick the minimum due amount.

Talk to your bank

If you don’t think you’ll be able to pay the minimum, call your bank. If you have a good payback history, your bank should be more than willing to assist you with a short-term situation. Ask for an exemption or if the due date can be postponed.

Consider opting for a balance transfer or personal loan

A personal loan is an additional choice to pay off your credit card debt. To pay off your credit card debt, apply for a personal loan. Compared to online credit cards, personal loans have lower rates of interest. You no longer have to coordinate several debt payments now that your debt has been consolidated.

You can use a balance transfer for this. Your previous credit card balances can be transferred to a single card with a cheaper interest rate, such as the IDFC FIRST Bank credit card. Thus, choosing a balance transfer can enable you to reduce the overall interest you pay.

Convert payments to EMIs

Credit cards provide EMI payment choices for clearing your dues. These EMIs will have a fixed duration and an interest rate far lower than your APR, allowing you to budget effectively and pay off the debt. You will be able to lower your outstanding balance in this manner significantly.

Change payment due date

The likelihood is that your due dates are dispersed throughout the month if you have several bills to pay. Changing your payment due dates according to your convenience may be a good idea as this can lower the chances of you skipping a payment.

So, these are a few tips that can help in clearing your credit card payments. Also, it is important to choose a bank that offers suitable credit card benefits to make your life easy. For instance, IDFC FIRST Bank offers credit cards with low APR rates and even offer you the option of transferring your balance from other any other credit card to make your repayment more convenient.