Does it mean that I have to pay for each purchase within 20 days of the purchase or within 20 days of the due date? It makes no sense...please help and thanks!
2006-08-01 10:18:37 · 6 answers · asked by Queen Nefertiti 3 in Business & Finance ➔ Credit
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2006-08-02 16:46:15 · answer #1 · answered by Anonymous · 1⤊ 2⤋
The grace period is the time between the end of the billing period and the payment due date. Example: Billing period ends on the 3rd of the month. Payment is due on the 23rd. This is a 20 day grace period.
If you pay in full by the due date, no interest is charged.
2006-08-01 18:28:34 · answer #2 · answered by STEVEN F 7 · 0⤊ 0⤋
20 day grace period is the amount of time past the due date that you can pay your balance without being charged a late fee. 30 day billing cycle means that your actual due date is every 30 days. for example...your payments are due on the 10th of each month..if you have a 20 day grace period, that means you have until the 30th of that month to pay the amount due before you are charged a late fee. however, you will still be considered late. hope that clears it up.
2006-08-01 17:36:04 · answer #3 · answered by fee20002000 2 · 1⤊ 0⤋
The grace period is the time you have allotted to you by the credit card company to pay your bill before they report you to the credit bureau for being late. So as long as you pay before 20 days past your due date, you wont be reported.
The billing cyle is the amount of interest you are paying on. Interested is accrued daily, and you are expected to pay a minimum of 30 days interest on each payment
2006-08-01 17:26:22 · answer #4 · answered by Cbauer 2 · 1⤊ 0⤋
It means that there will be no financing charges if you pay your bill in full within 20 days from the statement date, provided you paid your previous balance in full by the due date.
2006-08-01 17:25:27 · answer #5 · answered by NC 7 · 0⤊ 0⤋
From the time the bill is dated, you have that much time to pay before interest charges will be applied. The billing cycle accounts for the previos 30 days, usually that prior month.
2006-08-01 17:50:49 · answer #6 · answered by tigertiggerii 3 · 0⤊ 0⤋