Bogdan Roberts, Credit Cards Moderator
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The best credit card with no late fees is the Upgrade Cash Rewards Visa® because it offers 1.5% cash back on all purchases and has a $0 annual fee. Cardholders also earn a $200 bonus after opening a Rewards Checking account and making 3 debit card transactions within 60 days of getting the Upgrade Credit Card.
Best Credit Cards with No Late Fees in 2023
Key Things to Know About Credit Card Late Fees & Other Penalties
- Late fees can be steep, and late credit card payments can also get reported to the credit bureaus.
- If you accidentally pay less than the minimum required payment or you miss your credit card due date entirely, you can always ask customer service to waive the late fee by calling the number you see on the back of your card. According to a WalletHub survey, nearly 9 in 10 people who’ve tried to get a credit card late fee waived have been successful. It is much more likely to work if you have a great payment history with the issuer, but there’s no harm in asking either way.
- A payment that’s 30 days late – meaning you’ve missed two due dates – could have a significant impact on your credit score. That’s true even if you have excellent credit and you’ve never missed a payment in your life.
- A missed payment stays on your credit report for 7 years, though your credit score should gradually bounce back, depending on the rest of your financial picture. You can check your credit score and get daily updates for free on WalletHub.
- When you don’t pay your balance by the due date, you will also lose your grace period. So, you will accrue interest on new purchases as soon as you make them from that point on.
- Repeated late payments could lead to your regular APR being revoked and replaced with a higher penalty APR.
Ultimately, instead of searching for a card with no late fees, perhaps focus on never missing a payment. Setting up autopay is easy, and as long as you pay the minimum amount required by the due date, you won’t get hit with a late fee. Issuers will usually waive the first late fee anyway if you call and ask, but it is not guaranteed.
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