When you begin looking for the credit card that will fit you needs there are several things that you will want to look into. Included in this list are issues such as the annual percentage rate (APR), cash advance rates and fees, annual fees for using the card, and the grace period that the company offers its customers. Understanding the grace period of your card is important because it can save you a lot of money over the long run.
In simple terms, the grace period that you are allowed is the number of days you have in order to pay your bill in full without incurring a finance charge. An example of this might be if the card company states you have 25 days from the statement date to pay your previous balance in full by the due date.
The statement date will always be given on the bill, and that is the date that you need to use when calculating the grace period.
What this means is that if you pay your balance by this date you will not have to pay additional finance charges. It is, simply, the cut off date or the deadline, if you wish, for paying the balance without incurring any additional finance charges.
You should understand that the number of days...
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