January 16, 2014
The grace period on your credit card is your friend. When do you lose it?
The grace period on your credit card is your friend. When do you lose it?
Your grace period is the time before your statement is made that you do not have to pay interesr on your charges. After this time interest will begin to accrue. If you do not pay the full amount and your statement is made with unpaid withstanding charges, you will lose the grace period on those charges.
Well said, Thomas. Let’s recap.
IF YOU DO NOT PAY YOUR CREDIT CARD BILL OFF IN FULL, YOU WILL LOSE YOUR GRACE PERIOD. When you lose that grace period, any purchase you make will start accruing interest as soon as it is posted. Always pay your credit card bill in full. What if you cannot do it? STOP USING THE CARD UNTIL YOU CAN. This is not complicated. Control that stupid piece of plastic instead of letting it control YOU.