Is grace period different from billing period?
March 5th, 2010 | by admin |I’m thinking about opening a student credit card. (please no answers on how I shouldn’t get one) and I am reading over the terms and conditions. It states that the grace period for the Citi Student card is 20 days. Does that mean that I get my bill after 20days? Or, is it the standard 30 days like any other credit card? If the grace period is different, what is it? Thanks!
2 Responses to “Is grace period different from billing period?”
By naugahide on Mar 5, 2010 | Reply
Grace period is the # of days from when your billing cycle ends. Billing period is simply the dates included in your billing statement – usually a 30 day period or the previous month.
So all your transactions in the previous month makes up your billing period and the grace period follows the preset number of days after the billing period ends where you are responsible for paying your bill.
Often you don’t receive your mailed statement until part way into your grace period, so keep that in mind and don’t get caught paying late fees.
By flawdaboyz561 on Mar 7, 2010 | Reply
The grace period is a set number of days after your billing cycle ends that the creditor gives you so you can recieve your statement make a payment. In this case, your grace period would be 20days. For example, if your billing cycle ends on the 5th of the month, you have until the 25th of that month to make a payment before they charge you with a late fee impact your credit.