One Day Late Credit Card Payment – What You Need to Know

Posted on Tuesday, October 29th, 2024 | By IndusInd Bank

Everybody has a long list of responsibilities in life. Life can get busy, and sometimes, you may miss deadlines. Imagine you have realised that you are one day late on your credit card payment. You might feel anxious about the consequences. Late fees, higher interest rates, and damage to your credit score may seem like immediate threats. However, you do not need to panic and worry. You can manage a one-day delay without incurring significant penalties.

This article will cover what happens if you’re 1 day late on your credit card payment. It will also explain how to resolve the issue.

What Happens When You’re One Day Late?

Missing your credit card payment by one day makes you wonder how the bank will respond. It makes you think whether the bank will apply late fees or report your delay to the credit bureau. Here’s what typically happens:

• Grace Period: Most banks offer a grace period of up to 30 days before reporting missed payments to credit bureaus. If you’ve only missed your payment by a day, it’s unlikely that your credit score will be affected.
• Late Fees: Depending on your bank’s policy, you may or may not be charged a late fee for a one-day delay. Some banks wait till the 30-day grace period is over to impose the late payment fee. There may be others that impose it immediately after the due date.
• Interest: If you do not make the credit card payment on time, interest will start getting accrued on the unpaid amount. This will increase your outstanding balance, making future payments more difficult.

Take Action Immediately

The key to avoiding any major consequences from a one-day late payment for a credit card is to act quickly. As soon as you realise your payment is late, take these steps:

1. Make the Payment Right Away

The first thing to do is make the payment as soon as possible. Ensure the payment is processed immediately by using your bank’s online portal, mobile app, or visiting a branch. By paying promptly, you may avoid late fees and prevent interest charges from piling up.

2. Contact Your Credit Card Provider

If your credit card provider has charged you a late fee, call them. Banks may waive late fees for customers who have a history of making timely payments. Talk to your provider. This keeps your interest rates unchanged.

Prevent Future Late Payments

Missing a payment by even a day can disrupt your financial planning. Here are some proactive strategies to ensure you don’t face this issue in the future:

1. Set Up Payment Alerts

One effective way to avoid late payments is by setting up alerts. Many banks offer SMS or email notifications, reminding you when your payment is due.

2. Use Automatic Payments

Most banks allow you to set up automatic payments. This feature automatically deducts your credit card bill from your bank account on the due date.

3. Monitor Your Billing Cycle

Understanding your credit card billing cycle can help you manage your payments better. Track deadlines and organise your money. If you know that a large expense is coming up, budget for it so that you can pay off the full balance when the bill arrives. 

Paying your credit card bill on time avoids last-minute rushes. It also reduces the risk of missing a payment and incurring late fees. Another option is to get credit cards that waive such charges. IndusInd Bank’s Pioneer Private and Pioneer Heritage cards offer you this benefit.

IndusInd Bank Credit Cards – Manage Payments with Ease

IndusInd Bank offers a variety of Credit Cards designed to help cardholders stay in control of their finances. Here are some key features that make IndusInd Bank Credit Cards a smart choice:

• Flexible Payment Options: IndusInd Bank Credit Cards offer many ways to pay your credit card bill. You can pay online, via the app, or by auto-debit. Choose what suits your lifestyle.
• No Late Fee Waivers: If you’ve missed a payment, certain cards like IndusInd Bank’s Pioneer Private Credit Card offer a waiver on late fees.
• Exclusive Benefits and Rewards: Many IndusInd Bank Credit Cards offer premium perks. These include travel rewards, airport lounge access, and much more.

Also Read: Credit Card Repayment: Watch Out For APR Interest

Conclusion

Being 1 day late on credit card payment can happen to most people. The best thing to do is to take action to prevent additional problems from arising. Most banks have a grace period before reporting missed payments to credit bureaus. Make the payment promptly and take measures to avoid any late payments in the future.

If you’re looking for flexibility, convenience, and a wide range of benefits, consider IndusInd Bank Credit Cards. They offer cashback, travel perks, and free movie tickets. You also get complimentary lounge access with some cards. Plus, reward points earned on your IndusInd Bank card do not carry an expiry date. Explore our range and apply for credit card with IndusInd Bank today! Apply Now!

Disclaimer:
The information provided in this article is generic and for informational purposes only. It is not a substitute for specific advice in your circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for making any financial decisions based on the contents and information.