Late payments and fees: What you need to know

First, the good news. Regular, on-time payments are the single most important thing you can do to build great credit. The flip side: late payments can have the opposite effect on your credit score. Here’s what you need to know.


What is a due date?


Every credit card has a monthly payment due date. It falls on the same day every month.


What is a late payment?


If your payment is not received by your credit card company by the due date, it is considered late, and your account is considered delinquent.


How do late payments affect my credit score? 


Payments over 30 days late can cause your credit score to drop. If they are 60 or 90 days past due, the effect on your credit score may be even greater.


Do I have to pay my full statement balance?


No. If you pay only the minimum payment amount by the due date, you will not be charged a late fee, and your credit score will not be negatively affected.


Will my credit card company charge a late fee if I miss my payment due date? 


Yes. To avoid a late payment fee, please remember to pay the minimum payment for any given month by your due date.


How do I rebuild my credit after missing a payment?


Your credit score will tend to rise again over time, as long as you keep making at least the minimum payment by your due date every month.


What happens if I miss payments for several months?


If you miss three months of payments, your Jasper card may be closed and your account may be sent to collections. 


What can I do to avoid late payments?


Late payments can harm your credit score. Consider setting up auto payments through your bank or credit card company, so you never have to worry about overdue payments.

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