Grace Period
Definition
The amount of time a balance can be paid off without being charged interest. For cards that offer this it is usually a fixed number of days after the charge or statement date, typically around 30. Almost all card companies process payments first in first out meaning the oldest charge is what you are paying off. So the grace period only helps you if you are paying off the card each month. This is great for people with rewards cards who wish to rack up the rewards without being charged a fee.
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