What Is a Credit Card Grace Period?
A credit card's grace period can be defined as a period of time during which the cardholder is not charged interest on a balance, typically lasting at least 21 days. That said, a grace period does not help cardholders who carry balances from month to month, as interest will begin to accrue immediately after a new purchase is made.
Below, we'll explore grace periods in detail to show you exactly how they work, and why it's so important to pay your credit card balances in full each month.
One way to think about a grace period is that it is the length of time between when your statement closes for the month, and when the bill is due for that statement.
Source: Fool.com
