3 Easy Steps When You Can’t Meet Your Minimum Credit Card Payment


It is easy to overspend on a credit card if you do not track your expenses often enough. So, what happens when you can’t meet the minimum payment on your card?

Call up your bank

Explain the situation to the bank and give them a date of when you’ll be able to make the payment. Many banks will extend your payment due date and some might actually waive the late payment fee.

Note: Do not simply let your bill go unpaid. You will rack up a lot of late fee charges and damage your personal credit rating. This will mark the beginning of a debt spiral.

Track your expenses

Create a spreadsheet for the sole purpose of tracking your daily or weekly expenses. It does not have to be 100% accurate (down to the last cent), because the goal of this spreadsheet is to know if you will have enough left at the end of the month before your bill arrives.

By tracking your spending, you will be more aware of your finances, which helps identify areas where you can cut spending.

Create your monthly budget

Credit card offers you the opportunity to buy before you earn, but don’t get into the habit of doing this. Frivolous spending is a result of not having self-discipline. By creating a monthly budget, you can be in control of your finances, and set aside an amount you need at the end of each month to settle your bills.

So there you have it – three easy steps when you fail to meet your card payment.


Find out how you can maximise your credit card usage with the right plastic. Use our credit card comparison tool to compare and apply. 

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