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Worse, late payment may cause you to forfeit some or all of the rewards you've accumulated. By the time your account is 180 days late, i.e. you've missed six payments, the card issuer will typically charge-off the account, writing it off as a loss. The charge-off goes on your credit report and stays for seven years.
If youâre opening a new credit card and executing a balance transfer at the same time, which is pretty common, itâll probably take a good two weeks for the payment to be made, although some issuers say three weeks or more. It could take only a few days, but that will depend on the credit card issuer in question.