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Grace Period

This is the only period of which the customer does not get charged interest to the account. It is a grace period of normally 20-30 days in which time the card holder can pay the balance without any interest being charged. If a customer is late paying their balance, charges will be applied to the account and a grace period will not apply. Charges are calculated depending on factors such as the grace period and the balance on the card. Usually no grace period will be given if there is an outstanding balance from any earlier statements. In this case interest will be charged on former and new transactions. Although some card issuers may only apply interest to the former balance.

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