Grace Period

A grace period is a set period of time after a bill is due, during which no late fees or penalties are assessed. Grace periods allow customers additional time to pay their bills without incurring extra charges. The Credit CARD Act of 2009 states that companies must give customers a 21-day grace period to pay their bill before they start charging interest. This means that if you use your credit card and do not pay off your entire balance within 21 days, you will be charged interest on the remaining balance.

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