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closeup of blue credit card holded by hand

Let’s face it; credit cards are a double-edged sword. On the one hand, credit cards can be a boon, allowing you to increase your purchasing power while showering you with other benefits such as reward points and discounts. Thanks to the online application process, you can easily get a credit card online instantly and start spending. However, this is only the case when you handle the credit well.

If you don’t, you can easily get trapped in a debt spiral, buried under piling credit card bills with no way out. That’s why you need to make sure that you cover all your credit card payments on time, lest you face dire financial repercussions.

Don’t know what they are? Well, here are all the consequences you might have to face if you miss credit card payments.

You, Will, Have to Pay Late Payment Fees

If you do not pay your credit card bills past the due date, you will have to pay a late fee penalty. Your bank or credit card provider will add this late fee to your next bill cycle.

In addition, some credit card companies charge a hefty interest rate. This increased interest also applies to any new purchases. Moreover, you will have to bear this interest even after paying your credit card online bills in the subsequent months.

Eventually, the interest on your credit card bill might exceed your actual credit card bill.

Your Credit Score Will Decrease

The better your ability to pay off debt, the higher is your credit score. Why? Because making timely repayments of credit card bills showcases your creditworthiness as a borrower, which reflects positively in your credit report.

Conversely, when you miss out on your credit card online bill payments, it harms your credit score. A lacking credit score entails long-term consequences. For starters, lenders will hesitate to forward you a loan. Even if they do, you’ll be charged higher interest rates. Moreover, if you apply for a new credit card, the bank will either reject you straightaway or issue you a card at a higher interest rate and a low credit card limit.

Your Card May Be Blocked

If you do not pay your credit card bill for six months, you will be considered a credit card defaulter. Defaulting will not only further butcher your credit score, but the bank may also block-list your credit card account.

What’s worse, you may also have to face legal proceedings. It’s safe to say that you’ll have a lot of difficulties getting any future credit card online applications approved.

Tips to Avoid Late Payments

As you can see, missing out on credit card bill payments can have long-lasting harmful effects. Fortunately, you can avoid them by following these tips:

  1. You can sign up for the auto-pay or auto-debit feature with your bank or credit card provider. Use their mobile application or online banking portal and link your savings account to your credit card. The bill amount will be debited automatically before the due date, and you will receive an SMS and email notification.
  2. If you want to make manual payments, set up timely reminders for your due dates. In any case, do not wait until the last minute to pay your credit card online bill.
  3. If you are short on funds, pay the minimum amount due before the bill’s due date. You can pay the remaining balance in the interest-free period.
  4. If you do not have any funds at hand, consider taking a personal loan for debt consolidation. The interest rates on personal loans are considerably lower than those of credit cards.

To Sum Up

Maintaining credit discipline is crucial for your financial health. By paying your credit card dues on time, you can not only attain peace of mind but also avert some dangerous financial and legal consequences. Plus, doing so will also improve your credit score, allowing you to improve your credit limit and make it easier to land future loans.

If you’re looking for a convenient credit card provider, apply for a credit card online at IndusInd Bank today. Their bespoke offerings allow you to have a card that’s tuned in with your needs. Moreover, their end-to-end online banking makes bill payment a breeze. Visit their website to know more.

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