What happens if I miss a payment during the billing cycle?

If you miss a payment during the billing cycle, there can be several consequences:

1. Late payment fee: The credit card issuer may charge a late payment fee for failing to make the minimum payment by the due date. The amount of the fee can vary depending on the terms and conditions of your credit card agreement.

2. Interest charges: If you carry a balance from the previous billing cycle or if you have made new purchases that accrue interest, you may be charged interest on the unpaid balance. Interest is typically charged on a daily basis, so the longer you go without making a payment, the more interest you may accumulate.

3. Negative impact on credit score: Late payments can have a negative impact on your credit score. Payment history is an important factor in determining your credit score, and consistently missing payments or making late payments can lower your score.

To avoid these consequences, it's important to make at least the minimum payment by the due date specified on your credit card statement. If you're unable to make the full payment, it's still advisable to pay as much as you can to minimize the late payment fee and the amount of interest that accrues. If you find yourself struggling to make payments, it's recommended to reach out to your credit card issuer to discuss possible options or seek financial assistance.