what are 'grace period' and 'billing date' in a credit card transaction?

Answer 1

The grace period is the number of days after the billing date in which you have to pay your credit card in full without being charged interest.

The billing date is also the statement date, the day that the credit card company figures up your bill to date and sends it to you for payment.

Answer 2

The grace period is the time period between the date you receive your bill and the date you must pay it (sometimes referred to as a credit period)
The billing date is the date you must pay your bill by, of course you can pay it earlier. If you pay after this date, you will most likely have to pay a penalty.

Hope to have cleared that up for you.

Answer 3

grace period usually refers to the time they allow free credit. ie if you need to make a payment, the grace period would mean a period of a week or so when you can have chance for the payment to go through. they might also be referring to a 'cooling off' period, where you sign up for a financial product such as a loan, then you might have 14 days to change your mind before the contract is binding.

Billing date means the date that they compose and send your bill, invoice, payment demand

Answer 4

most credit cards work on something like -

the item is billed to your card account

the bill is printed once a month - say the 1st

you have until the 26th to pay before they start charging interest.

so if you buy something on the 2nd, it doesnt appear on your bill until the following 1st and then you pay it off on 26th you have effectively gained the full 56 day interest free purchases "grace period"

Answer 5

Grace period - extra perioud given , and no way of extension after the grace period over.