Key Points On Grace Period

1. Typical Duration: The grace period is usually around 21 to 25 days, depending on the credit card issuer.

2. Interest-Free: If you pay your entire balance by the due date during the grace period, you won’t incur any interest charges on the purchases made during that billing cycle.

3. Effect of Carrying a Balance: If you don’t pay off your balance in full, or if you’re carrying a balance from previous months, you typically won’t have a grace period on new purchases. Interest will start accruing immediately.

“4. Cash Advances and Balance transfers: not covered by GP interest occurs instantly