What is a grace period for credit card payments?

A grace period is a period of time after a credit card payment is due, during which a cardholder is not assessed late fees. In Washington, the grace period typically lasts between 21 and 25 days. A grace period ensures that cardholders are not charged a late fee if they make their payments within that timeframe. Payments need to be received by the credit card company before the end of the grace period in order to be considered on-time and to avoid fees. The grace period begins the day after the payment due date. It’s important for cardholders to remember that interest charges for purchases may still start to accrue during the grace period. That is why it’s always a good idea to pay off the balance in full each month, if possible. The grace period also does not apply to cash advance transactions or balance transfers. These transactions are generally charged interest from the time of purchase, so cardholders should be aware of that before making these types of transactions. Overall, a grace period is a period of time offered by credit card companies as a courtesy to cardholders, giving them more time to make their payments without getting charged a late fee. However, it’s important to remember that they may still be charged interest on certain transactions, so they should make sure to pay their balances in full, if possible.

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What is a grace period for credit card payments?

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