September 15, 2013
When using a credit card, when do you have a grace period and when do you not?
When using a credit card, when do you have a grace period and when do you not?
You have a grace period if you pay your credit card off in full each month. You do not have a grace period if you do not pay it off in full each month.
Exactly, Katherine. The grace period (usually around 25 days) provides you the opportunity to use credit without paying interest on your purchases IF you have the full amount each and every month. If not, you lose those 25 days and your purchase will be charged interest immediately upon being posted to your account. PAY YOUR CREDIT CARD OFF IN FULL EACH AND EVERY MONTH. If you cannot do that, get rid of it until you can. It’s that simple.