How to avoid missing credit card payments

Apply online, book a meeting, or call 1-800-465-4653

A credit card can be a great tool for covering your daily expenses, earning rewards, and handling unexpected costs. If you use it the wrong way, your credit history can suffer. A late credit card payment can negatively affect your payment history and credit rating, especially if it becomes a pattern. You’ll also start to accrue credit card interest which can make any existing financial struggle even more difficult.

Here are 4 tips to help you avoid missing credit card payments:

Set up scheduled payments

One of the best ways to make sure your credit card payments are always on time is by setting up scheduled monthly payments — what you owe every month will be automatically deducted from your bank account. You can schedule your monthly credit card payment for the full balance due, the minimum payment or another amount. Make sure you have enough funds in your account on every due date to cover your credit card bill.

You can schedule recurring or future-dated payments through CIBC Online Banking^®. When you sign on to your account, go to the navigation panel under "Transfers” and follow the steps.

Create reminders to make manual payments

If you prefer to make manual credit card payments because your spending or income isn’t predictable enough for automatic payments, follow these steps:

Set an alarm in your phone at the same time every month to remind you of your credit card payment.
Take advantage of CIBC alerts. With CIBC alerts, you’ll receive reminders by email, text message or through your Message Centre. These reminders can help you stay on top of your credit card payments.
Make sure you sign up for paper or paperless statements, whichever works for you, so your credit card payment is always top of mind.

Pay more than the minimum balance

If you pay less than the statement amount in a month, take cash advances, make balance transfers or write cheques on your credit card account, you’ll incur interest charges. This is calculated based on the credit card’s annual interest rate. If you pay less than the full balance, this interest rate will be charged on the balance, from the transaction date.

Review interest charges and fees in the fine print

All credit cards come with detailed rate and fee disclosures so you can be a knowledgeable cardholder. To learn more about CIBC’s credit card rates and fees, review the CIBC Credit Card Summary of Annual Interest Rates and Fees (PDF, 35 KB) Opens in a new window.. Understanding the fine print means you won’t be surprised when your statement comes in. Plus, it may be a good idea to calculate your credit card bill before it’s posted so you can plan your monthly budget. If you have more questions about paying your credit card bill, you can contact a CIBC customer service representative at 1-800-465-4653 Opens your phone app..

Learn more about ways to manage credit card debt

Your credit card payment questions answered

What’s a late credit card payment?

Can I change my payment due date?

What happens If I miss a credit card payment?

One missed payment won’t significantly impact your credit report, but consecutive missed payments might.

Here are some of the consequences that can happen if you miss one or more payments:

You’ll pay a late fee

If your credit card bill is paid late, you may be charged a late fee even if you pay your bill a day or two after it’s due. Late fees and any accumulated interest charges will show up on your next billing statement. If you regularly miss payments, you can expect continued late fees which means you’ll be in debt longer.

You’ll be charged interest

If you don’t pay your monthly credit card balance in full by the due date, you’ll be charged interest even if you pay the minimum balance. If you tend to carry a balance month-to-month you might find yourself paying interest for a long time.

Your interest rate may go up

If you’re regularly late on your bill payments, you may be penalized with a higher interest rate. If you’re taking advantage of a 0% APR as a promotional offer for signing up for your credit card, you might lose that special rate and end up with a significantly higher interest rate.

Your credit score will drop

A string of missed or late payments can negatively affect your credit score. Your payment history influences your credit history so missing payments will lower your credit score.

Your account may be sent to collections

If you’ve missed or fallen behind on payments for 6 months or more, your account may be sent to a debt collector. A debt collector will try to recover the money you owe.

You may have a hard time getting loans in the future

If you have a poor credit score because of late or missed payments, you may have a hard time getting a loan with an affordable interest rate. A higher interest rate on a loan can increase your monthly payments and term, which can make it harder to stay on top of your debt.

If you’re having a hard time making payments, call us right away at 1-855-990-1011 Opens your phone app.. We’ll review your financial situation with you and help you come up with a plan.

Can I remove a missed payment from my credit report?

Tools and advice

Get started

Apply online

Call us: 1-800-465-4653

Find a Banking Centre