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What is a Grace Period?

An amount of time a credit card member has to pay their credit card balance in full without incurring any interest charges. If the balance is paid on time in full every month, and no outstanding balance is carried from month to month, a credit card offering a grace period will not charge the cardholder interest on purchases. Not all credit cards offer a grace period, so it's important to read the cardholder agreement to determine if there is one and, if so, how many days it is.