It’s no big deal missing your credit card payment date by a day or two… is it?

Missing the repayment date on your credit card can do more than earn you a slap on the wrist from your card issuer. And I don’t mean having to sweet-talk the lovely person in the call centre into waiving the penalty charge as you promise not to be late ever again (ahem)…

If you’re the sort of person who thinks it doesn’t matter if you’re a day or two late paying your credit card provider now and again then you couldn’t be more wrong. Whilst the company whose plastic you’re wielding might not complain about it, every time you leave it until too late you’re doing serious damage to your credit score – even if you pay off the card in full each time.

So here’s a top tip – if you haven’t already done it, set up a direct debit to automatically send the minimum payment each month in plenty of time for it to meet the deadline. That way you’ll never miss a payment again, the evidence of which can sit on your credit file for up to 6 years.

One word of warning, though, if you only ever pay the minimum payment then you’ll be racking up interest charges and it will take you years to pay off the debt. But for those months when life gets in the way of sorting your finances you won’t have that “missed payment” black mark that might come back to haunt you when you want a nice low interest rate on a loan or a great deal on a mortgage.