What is a credit card’s grace period?(1 point)
Responses
AIt is the period during which you can return the card and not incur any fees.
It is the amount of time between the bill being issued and your payment being due.
It is the amount of time after a purchase and before it starts accruing interest.
It is the period during which the card’s interest rate cannot change.
It is the amount of time after a purchase and before it starts accruing interest.
The correct response is:
It is the amount of time between the bill being issued and your payment being due.
The correct answer is: It is the amount of time between the bill being issued and your payment being due.
To find the answer, you can do a quick internet search or refer to the terms and conditions of your specific credit card. Most credit cards have a grace period, typically ranging from 21 to 25 days, during which you can make purchases without accruing any interest. This means that if you pay off your balance in full by the due date stated on your bill, you will not be charged any interest on those purchases. It's important to note that this grace period only applies if you have paid off your previous month's balance completely. If you carry a balance or make only minimum payments, interest will start accruing immediately on new purchases.