A plain-language guide to interest, rate changes, credit reporting and your next steps, with help from ClearScore.

Key takeaways

• Missing a payment can cost you money through interest, fees and possible changes to your interest rate.

• Your card issuer may report a late payment to the credit reporting agencies, which could affect your credit report and score.

• The exact outcome depends on your card agreement, how late the payment is and your issuer's policies.

• Paying at least the minimum as soon as you can may limit further charges, but it does not always remove an accurate record.

• You are not alone. Missed payments are common across Canada, and help is available.

• You can use ClearScore to check your TransUnion credit report and score for free and get alerts when something changes.

Short answer

If you miss a credit card payment, you may be charged interest. Depending on your card agreement, missing the required minimum payment by the due date could raise your interest rate or end a promotional rate[^1][^3]. If the account stays past due, your issuer may report it to Equifax Canada and TransUnion Canada, which could affect your credit score. Acting quickly can help limit the cost.

What happens when you miss a credit card payment?

Try not to panic. One late payment does not define your financial future.

Here is the sequence most cardholders can expect after a due date passes.

• Interest starts or continues. If you do not pay your balance in full by the due date, you lose the interest-free grace period, so interest on purchases is charged back to the transaction date and keeps building until the balance is paid off[^2].

• Other costs may apply. Missing the minimum payment can cost you in several ways: your issuer may end a promotional interest rate or raise your interest rate, and if a payment bounces, your financial institution may charge a fee for handling it. Cards from non-bank issuers can follow different rules, so check your statement and agreement.

• Your account is marked past due. This is internal at first.

• Your issuer may contact you by email, text, app notification or phone.

• Your rate may change. Some agreements allow a temporary or permanent rate increase, or cancel a promotional rate[^3].

• Reporting may follow. If the account remains past due, the missed payment may be shared with the credit reporting agencies.

• Account restrictions may apply. Your financial institution could reduce your credit limit or cancel the card if you repeatedly fail to make at least the minimum payment[^1].

Missed credit card payment by 1 day

One day late is still late. In practice, though, the consequences are usually smaller than you might fear.

Your issuer may charge interest right away, depending on your agreement. But a single payment that is one day late is not normally reported to the credit reporting agencies. Reporting generally happens when an account is more seriously past due, not the moment a due date passes.

Missed credit card payment by 1 day in Canada

A few Canadian details matter here.

Federally regulated financial institutions must give you an interest-free grace period of at least 21 days on new purchases, starting from the last day of your billing period and running to your payment due date. That grace period applies to new purchases when you pay your balance in full. It is not extra time after the due date.

Processing time also matters. A payment made from another bank can take one to three business days to arrive. Weekends and statutory holidays can add delays. So a payment you made on time may still land late.

Missed credit card payment by 2 days

Two days late and one day late are treated the same way by most issuers. Both mean the payment did not arrive by the due date.

What changes the outcome is your cardholder agreement, not the extra day. Your agreement sets out any fees, how interest is applied, and whether your rate can change. Two different Canadian cards can respond to the same two-day delay in very different ways.

Accidentally missed credit card payment

Accidents happen. A changed due date, a failed direct debit, a new bank account or a simple forgotten reminder can all cause it.

If you catch it quickly, one option is to pay at least the minimum and then call your issuer. Many issuers will discuss the account with you, particularly if you have a good payment record. There is no guarantee, but it costs nothing to ask.

Can a missed credit card payment affect your credit score?

Yes, it can. Late and missed payments are part of your payment history, which is one of the most important parts of a credit score.

That said, timing matters. A payment that is a few days late and quickly brought current may never be reported.

Missed payment credit score: when is it reported?

Reporting practices vary by issuer. Lenders usually send account updates to Equifax Canada and TransUnion Canada on a monthly cycle, not daily.

A payment is typically reported as late once the account reaches a defined level of delinquency, often around 30 days past due. Your issuer can tell you how it reports.

How much does one missed payment affect your credit score?

There is no single answer, and anyone who gives you an exact number is guessing. The effect depends on several factors:

• Whether the missed payment was actually reported

• How late the payment was

• Whether you have other late payments on file

• How long your credit history is

• Your credit utilization and total debt

• The scoring model the lender uses

Credit bureaus such as Equifax Canada and TransUnion Canada collect and hold information about how you've managed credit, and lenders may use different scores, scoring models and criteria, so the score a lender sees can differ from the one you see on ClearScore.

Regularly making late payments or missing payments can hurt your credit score if they are reported, while paying at least the minimum helps you avoid some of the consequences of non-payment[^4].

Does paying a missed payment quickly protect your credit score?

Paying quickly is a sensible move, and it often helps. If you bring the account current before your issuer reports it as delinquent, the late payment may never appear on your credit report.

But it is not a guarantee. If the information has already been reported and it is accurate, it generally stays on the report. Credit reporting agencies are not required to remove correct information.

Credit score impact at a glance

Illustration only. Outcomes depend on your issuer and card agreement.

Missed payments are more common than many people realize. Equifax Canada data reported by CBC News found that roughly 1.4 million Canadian consumers missed at least one credit payment, across all credit products, in the first quarter of 2025[^5].

How long do late payments stay on your credit report?

Negative information does not stay forever. In Canada, late and missed payment information can stay on your credit report for up to six years, though the exact period can vary by credit reporting agency and by province or territory.

How long do late payments stay on a credit report in Canada?

It helps to separate the different types of entries:

• A late payment on an open account is recorded in your payment history for that account.

• An account in collections is a separate entry and is usually viewed more seriously by lenders.

• A consumer proposal or bankruptcy follows its own retention rules, which differ again.

Provincial and territorial consumer reporting laws set some of these limits, so the exact period is not identical everywhere in Canada.

When does the credit-reporting period begin?

The clock usually starts from the date of first delinquency, which is when the account first went past due and was not brought current. It does not restart each time you make a later payment.

If you are unsure, your credit report should show the date the information was reported.

Can a late payment be removed from a credit report?

Accurate information generally cannot be removed early, because credit reporting agencies keep correct adverse records for the period the law allows. Inaccurate information can and should be corrected.

If something looks wrong:

• Get your credit report from Equifax Canada and TransUnion Canada.

• Gather evidence, such as bank records or payment confirmations.

• File a dispute with the credit reporting agency.

• Contact your card issuer directly as well, since they supplied the information.

• Follow up and check that the correction appears.

What should you do after missing a credit card payment?

Make at least the minimum payment

Pay what you can, as soon as you can. Making at least the minimum payment shown on your statement can help keep the account from becoming more seriously past due, but interest will keep accruing on any balance you do not pay in full, so the amount you owe can still grow.

Remember that the minimum payment is not fixed. It can change from month to month, so check your current statement.

Contact your credit card issuer

Call or message your issuer and ask:

• What amount is due right now?

• Have any charges been applied, and is there anything you can do about them?

• How much interest has been charged?

• Has this been reported to the credit reporting agencies?

• Did a payment fail or get reversed?

• Will my interest rate or promotional rate change?

Check your payment and processing details

Confirm whether the payment actually left your account. Check the payment method, the date it was sent and how long that method takes to clear. Weekend and holiday timing is a common cause of late payments that were made in good faith.

Review your credit card agreement

Your cardholder agreement is the document that governs what happens next. Look for the sections covering fees, the interest rate and any penalty rate, the grace period and default provisions.

Monitor your credit report for changes

Check your credit report after a missed payment so you know what lenders can see. Look for any late-payment marker you do not recognize, and check that the balance and account status are correct.

Use ClearScore to monitor your credit health

You can use ClearScore Canada to see your TransUnion credit report and score for free, track changes month to month, and get monitoring alerts when something on your report updates. You can also see personalized guidance based on what is in your report.

Keep in mind that ClearScore shows TransUnion information. It does not show your Equifax Canada report, and checking your own score does not change what your lender has recorded.

What if you cannot afford the minimum payment?

Contact the issuer before the account becomes seriously past due

Early contact gives you more options. Issuers may be able to discuss payment arrangements, a short-term deferral or payment holiday, or other hardship options, depending on your circumstances. Interest usually keeps accruing during a deferral unless the issuer states in writing that it is waived.

Ask about hardship assistance

Before agreeing to any arrangement, confirm three things: whether interest keeps building, whether any fees apply, and how the arrangement will be reported to the credit reporting agencies. Ask for the details in writing.

Using another credit card to cover the payment

Using one card to pay another may feel like a solution, but it often adds cost. You may face cash advance interest from day one, extra fees and higher credit utilization across your accounts.

Consider professional debt advice

If the payments are not manageable, a not-for-profit credit counselling agency or a Licensed Insolvency Trustee can explain your options. The Financial Consumer Agency of Canada (FCAC) also publishes free, neutral information on credit cards and debt.

How to prevent future missed credit card payments

• Automatic payments for at least the minimum amount reduce the risk of forgetting, as long as the money is there.

• Create reminders a few days before the due date using your calendar or banking app notifications.

• Align the due date with your pay date. Many issuers let you change your due date on request.

• Keep a small buffer in the linked chequing account so an automatic payment does not bounce.

• Review your statement every month to catch changes to the minimum payment, due date, fees or any transaction you do not recognize.

Frequently asked questions

What happens if I miss a credit card payment?

You may be charged interest. Your interest rate could change, a promotional rate could end, and if the account stays past due it may be reported to the credit reporting agencies[^1].

Is a missed credit card payment by 1 day reported to the credit bureaus?

Usually not. Reporting depends on your issuer's practices and typically happens once the account reaches a defined delinquency stage.

Is a missed credit card payment by 2 days worse than by 1 day?

Both are late. The practical difference is small, and the outcome depends more on your issuer's policies and whether the account is reported.

What should I do after an accidental missed payment?

Pay at least the minimum as soon as you can, then contact your issuer. Many issuers will discuss the account with you, particularly if you have a consistent payment record. There is no guarantee.

Will one missed payment stop me from getting a loan or credit card?

Not necessarily. Lenders look at the full picture, including income, existing debt, credit utilization and overall payment history.

How long will a missed payment affect my credit score?

The information may stay on your report for around six years, but its influence on scoring often lessens over time as you build a record of on-time payments.

Does a missed payment affect credit card eligibility?

It may. Lenders often pay more attention to recent or repeated missed payments than to a single older one.

Can ClearScore alert me to missed payments or credit-report changes?

You can turn on alerts in ClearScore to be notified when your TransUnion credit report changes. ClearScore reports what is on your file and cannot change what a lender has recorded.

Key takeaways about missing a credit card payment

A missed payment is a setback, not a verdict. Take the next practical step: check your statement and pay what you can. You can also sign up to ClearScore for free to see your TransUnion credit report and score and keep an eye on how things change over time.

[^1]: Financial Consumer Agency of Canada, "Paying off your credit card" - https://www.canada.ca/en/financial-consumer-agency/services/credit-cards/pay-off-credit-card.html

[^2]: Financial Consumer Agency of Canada, "How credit cards work" - https://www.canada.ca/en/financial-consumer-agency/services/credit-cards/credit-card-work.html

[^3]: Financial Consumer Agency of Canada, "How credit cards work" - https://www.canada.ca/en/financial-consumer-agency/services/credit-cards/credit-card-work.html

[^4]: Financial Consumer Agency of Canada, "Using your credit card responsibly" - https://www.canada.ca/en/financial-consumer-agency/services/credit-cards/use-credit-responsibly.html

[^5]: CBC News, Equifax Canada report on missed credit payments, Q1 2025 - https://www.cbc.ca/news/business/equifax-report-missed-credit-payments-q1-2025-1.7545243

This article provides general information only and does not constitute financial advice. Individual financial circumstances vary, and you may wish to seek independent advice before making financial decisions. Information is accurate at the time of writing and may change.