If you are someone who pays their credit card balance off in full each month, then you probably dont need to worry about grace periods. However, if you are someone who does not pay off your balance in full each month, then you need to know about the different types of grace periods and how they work. Here is some advice about how to understand grace periods and use them to your advantage.
What is a grace period?
A grace period is the time you will have before you start paying interest on your new credit card purchases. This period is usually between 20 and 25 days, after which you will pay interest on your purchases. If you pay your balance off in full each month, then on most cards you will never pay the interest because you are always clearing your debt in time. However, if you dont pay your balance in full then you need to make sure you get a card with the right grace period for you.
Typical grace periods
Most typical cards have a grace period that means you will pay nothing if you pay the bill each month in full. However, if you dont pay the whole bill then you will pay interest on your balance, including any new purchases that you make. This...
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