What happens if I miss a credit card payment?

If you miss a credit card payment with Juniper Bank (Mastercard), certain consequences may occur. Initially, you will likely incur a late fee, which can range in amount depending on the terms of your credit card agreement. Additionally, missing a payment may result in an increased interest rate on your outstanding balance, known as a penalty rate. This higher rate can be burdensome, leading to more expensive debt. Late payments are also typically reported to credit bureaus, negatively impacting your credit score. Consequently, your creditworthiness may be affected, making it more challenging to obtain favorable lending terms in the future. It is crucial to stay on top of credit card payments to avoid these potential consequences and maintain healthy financial habits.