What does Grace period mean?
The Grace period is usually a period which doesn’t exceed 28 days, in which you can make your repayments towards your credit card debt. If you exceed this period, you will be charged ‘penalties’, in the form of interest added to your amount payable. The more you fall behind with your payments, the higher the charge will be. In the case of a balance transfer, there is no grace period, but the interest applies automatically. You have to be very careful with unpaid balances which are being “dragged” from month to month as these are subject to accumulating the greatest interest rates. Bear in mind that the grace period does not exceed 28 days, but it may happen it does not exceed 21 which becomes more and more popular.