September 5, 2014
When using a credit card, when do you keep the grace period and when do you lose it. Why should you care?
When using a credit card, when do you keep the grace period and when do you lose it. Why should you care?
You keep the grace period when you do not have a previous balance on your card the last cycle, if you get a cash advance you lose the grace period also as soon as you get the advance. So pay off your card every cycle in full to avoid paying anything extra for the things you bought, you should care because if you dont know what you are doing it could cost you.
Right again, Garrett. When you pay your credit card off in full, you keep the grace period (usually around 25 days and stretching up to 65 days) and when you don’t, you lose it and that means the moment you buy something using the card, the charge is posted on your account and you are being charged interest.
Using a credit card wisely is really pretty simple. Pay it off in full every month or don’t use the damn thing!