Late credit card payments may have an impact on your account, credit score and credit report. It’s important to understand how this works and what you can do to avoid late fees and interest.
What can happen when your payment is late
Late payment fees
When you miss a payment, you may be charged late fees and interest. Late fees occur if your online or phone payment is not received before 8 p.m. ET on your due date. If your mailed payment processes after the payment due date, it’s considered late.
Check the terms and conditions of your credit card and your statement for specific details. Late payment fees may increase with subsequent late payments.
Changes to your APR
If you have a small business credit card and you miss two or more payments, there could also be increases to your annual percentage rate (APR). Check your credit card agreement for details.
Impact to credit score
In general, late payments are reported every 30 days. Late payments are only one of several factors that impact credit scores. But usually, the later the payment, the more negative impact it could have on your credit score.
Use CreditWise from Capital One to monitor your credit score. It’s free for everyone, whether or not you have a Capital One credit card. And using it doesn’t hurt your credit score.
Avoiding late payments
To avoid late payments, be sure to proactively manage your credit card accounts. Here are some tips and tools that may help.
Know cut-off time
Your online or phone payment must be received before 8 p.m. ET on your due date to be considered on time. Mailing a payment can take a few days, so plan accordingly to make sure we get it on time. If your mailed payment processes after the payment due date, it’s considered late.
Set up AutoPay
Setting up AutoPay for your minimum payment ensures your payment will be on time each month. You can use our app or sign in at capitalone.com to schedule and make payments on your Capital One account.
Pay online
Paying online is convenient and secure. You may have three or fewer pending, one-time payments scheduled at the same time.
Know your due date
Find your Capital One credit card payment due date and other useful information on your Account Summary page.
Sync your due dates
Changing your due date to coincide with the due dates of other monthly bills is a strategy some people use to help them avoid late payments.
If you decide to change your due date and you’re eligible, the new due date will take effect within two billing cycles. Until then, pay at least your minimum payment by the due date on your statement to avoid late fees and associated charges.
Set up alerts
You may find it useful to set up the alerts you want to receive, including payment due reminders, and choose how you want to receive them—email, text and/or app notifications.
Pay at least the minimum amount due
If you pay less than the minimum amount due, it will likely still be considered a late payment even if you pay your bill on time.
Keep in mind, no matter how overdue your payments become, you’re responsible for any debt you owe.
If I change my credit card due date now, can I avoid a late payment this cycle?
No, your new due date won’t take effect for two billing cycles.
For future billing cycles, using AutoPay or scheduling online payments can help you avoid late payments.
Will I be late if I make a credit card payment online on the due date?
If your due date is today and you make your payment online or by phone before 8 p.m. ET, it will be considered on time, provided the payment processes successfully.
Payment due dates are on the same day each month.
However, when payments are made:
- After 8 p.m. ET Monday-Friday, payments post the next day.
- After 8 p.m. ET Saturday and all day Sunday, payments post the following Monday.
- On Thanksgiving, Christmas, or New Year’s Day, payments post the next business day.
Can I set up credit card payments in advance using multiple bank accounts?
It depends on if you set up scheduled payments or autopayments.
Scheduled online payments can be set up from multiple bank accounts, but you can only schedule up to 3 payments.
AutoPay allows you to select your payment options for your Capital One credit card account on a recurring basis, but you can only set up AutoPay with a single bank account.
