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Are grace periods negotiable like your rates and limits? Who has longer grace periods? I have... |
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Date:
March 7, 2007, 3:00 pm |
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Are grace periods negotiable like your rates and limits? Who has longer grace periods? I have been told there are 45 day grace periods and I have near excellent credit but only have 20-25 day grace periods. |
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Answer:
Actually grace period is a period of time, during which you can pay your credit card bill without incurring a finance charge. With most credit card accounts, the grace period applies only if you pay your balance in full each month. Cash advances, however, usually have no grace period; interest begins to accumulate from the date of the withdrawal, even if you pay your bills on time. If you look through our best overall cards (meant for good to excellent credit), you'll see that most credit cards give you a grace period of 20-30 days before you have to pay interest on the amount of your purchases. The duration of the grace period also depends on the date of the purchase and can be maximum 50 days. Citibank usually offers the longest grace period (as a rule, in terms and conditions the minimum amount is indicated). |
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