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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.
Credit Card Payments. Credit cards are a classic example of paying in arrears; you're purchasing goods or services, but not paying for them until the following months. Most credit card providers offer at least 25 days from the time of a purchase until the payment for that purchase is due.