Fortunately, you have a grace period before that happens. It's only considered a late credit card payment on your credit history if it's at least 30 days late. If you make the payment within 29 days or less of the due date, it's reported as on time. The card issuer can charge you a late fee right away, however, so you should still aim to avoid missing payments. 2. Upgrading or downgrading a credit card Credit card companies will often let you switch to another card in their lineup. This is generally called a product change. It's also known among consumers as an upgrade or a downgrade, depending on whether you switch to a card with a higher or lower annual fee.