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What is the grace period? |
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Date:
July 1, 2007, 2:09 pm |
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What is the grace period? |
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Answer:
During Grace Period a customer has to pay off the bills. After that you don't have to pay the interest for using the money of a bank? in other words, if you had paid off your bills during Grace Period you don't have to bear a financial charge. Usually Grace Period lasts for 15-60 days. If during this period you pay off a minimal amount of money (usually 10% of the total monthly sum) you'll have to pay the interest as in case with standard credit cards. Basically credit cards with grace period available are aimed at non-cash payment for goods and services, thus, the reciept of cash causes some extra charges. In this case you'll have to pay fees if you do not pay off the debt during grace period. |
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