2006-09-05 13:36:08 · 8 answers · asked by LMN 2 in Business & Finance ➔ Credit
The grace period is the period between the time you receive the bill and the due date. It can be 7-14 days. If you pay the entire balance then there is no interest on new purchases made that month. If you do not pay the entire balance within that period there will be interest added to the balance. The following month interest will continue on the unpaid balance and any new purchases will be given a new grace period.
Some banks handle the balance and new purchases differently but in the final run there is no interest at all if balance is always paid in full by the due date.
2006-09-05 13:48:38 · answer #1 · answered by Barkley Hound 7 · 0⤊ 0⤋
Most credit cards do not have a grace period but what it is, is an amount of days (usually ten) from the actually due date. So, if your payment is due on the 10th and you have a 10 day grace period, your payment would be due on the 20th, after which if no payment was received a monetary penalty would be applied. The same goes for automobile loans as well. 10 days grace after which a $10 late fee or 5% of the unpaid balance (which ever is less) will be your penalty. Unless you are in a lease. Then you have no grace period.
2006-09-05 13:45:26 · answer #2 · answered by indigonipple 3 · 0⤊ 0⤋
Some companies say the payment is due, for example, the first of the month. But will be considered late if paid after the 15th. That is a 15 day grace period. The time between the date it is due and the date it becomes late.
2006-09-09 11:18:48 · answer #3 · answered by Arnold M 4 · 0⤊ 0⤋
It's the period of time you can have a balance on the account without being charged interest. If you carrying a balance from month to month, you typically don't get a grace period.
2006-09-05 13:39:49 · answer #4 · answered by Vadalia 4 · 0⤊ 0⤋
credit enjoying cards have in no way presented grace sessions for the charge due date. Due date potential the charge is to be paid not later than that date. you may desire to constantly pay early sufficient to allow for mail time. some mastercard businesses (Capital One contains recommendations) tend to have one extra day for processing time and you may desire to be certain the charge gets to them the day in the previous the due date.
2016-11-24 23:35:27 · answer #5 · answered by josepa 4 · 0⤊ 0⤋
its the amount of time they will give you past the due date , to pay the bill.
2006-09-05 13:41:49 · answer #6 · answered by rhino_man420 6 · 0⤊ 0⤋
That is how long they will let you go without making a payment.
2006-09-05 13:38:12 · answer #7 · answered by Isis 7 · 0⤊ 0⤋
its about a ten day period you have to pay your bill.
2006-09-05 13:41:30 · answer #8 · answered by Anonymous · 0⤊ 0⤋