What Happens If You Miss a Credit Card Payment in Canada?

Missing a credit card payment might not seem like a big deal—until the fees, interest, and credit score drop kick in. In Canada, skipping even one payment can set off a chain reaction that affects your finances for months, even years.

In this article, we break down exactly what happens if you miss a credit card payment in Canada, how fast the consequences show up, and what you can do to limit the damage.

Immediate Consequences of a Missed Credit Card Payment

1. Late Payment Fees

Most Canadian credit card issuers charge a late payment fee if the minimum payment isn’t made by the due date. Fees typically range from $25 to $40.

Tip: Even if you can’t pay your full balance, always try to make the minimum payment to avoid this penalty.

2. Interest Charges Start Adding Up

If you miss a payment, interest starts accruing on your entire balance, not just the part you didn’t pay. Any grace period you had is gone.

For most credit cards, interest rates in Canada are around 19.99%–24.99%, and some cards charge even more after a missed payment.

3. Credit Score Impact

A late payment can be reported to credit bureaus if it's more than 30 days overdue. This can result in a significant drop in your credit score—especially if it’s your first late mark.

Credit bureaus in Canada (Equifax and TransUnion) consider payment history a major factor in your score. The longer the payment is overdue, the more damage it does.

What Happens After 30, 60, or 90 Days?

• 30 Days Late: Likely shows up on your credit report. Late fees and interest continue.

• 60 Days Late: Your interest rate may be increased (penalty APR), and collection calls may start.

• 90+ Days Late: Your account could be sent to collections, damaging your credit for up to 7 years.

  
  

How to Recover After a Missed Credit Card Payment in Canada

✅ 1. Make the Payment ASAP

The longer your payment is overdue, the worse it gets. Pay it off as soon as you can—even if it’s just the minimum.

✅ 2. Contact Your Credit Card Issuer

Call your provider and explain the situation. Some may waive the late fee as a one-time courtesy, especially if it’s your first time.

✅ 3. Set Up Auto-Pay or Alerts

Prevent this from happening again. Most banks let you set reminders or automatic minimum payments.

✅ 4. Check Your Credit Report

If you’ve missed a payment, monitor your credit report to understand the impact and watch for errors.

How Missed Payments Affect Credit Card Reviews

When reviewing credit cards, one thing to consider is how forgiving the issuer is when it comes to missed payments. Some providers may bump your interest rate permanently after just one late payment. That’s something many Canadians don’t realize until it’s too late.

If you're browsing credit card reviews, check for notes on interest rate hikes, grace period policies, and customer service ratings. These factors matter more than flashy rewards if you’re prone to occasional missed payments.

Final Word: One Missed Payment Isn’t the End—If You Act Fast

Missing a credit card payment in Canada can hurt—but it doesn’t have to define your financial health. Deal with it quickly, communicate with your bank, and take steps to avoid it in the future.

And if you’re in the market for a card that fits your spending habits (and helps you stay on track), be sure to browse our latest credit card reviews for Canadian options with flexible payment features and solid support.