Credit Card Glossary: Terms and Definitions
		Confused by credit card terms? CreditCards.com's glossary of credit card definitions will help. From account holder to Regulation Z, we have defined the most-common and most-confusing credit card terms.

Grace period

The grace period is the time during which you are allowed to pay your credit card bill without having to pay interest. The grace period varies by credit card issuer. In recent years, the grace period has been shortening; 28 days used to be common, 21 days is common now. The grace period usually applies only to new purchases. Most credit cards do not give a grace period for cash advances and balance transfers; instead, interest charges start right away. If you carried over any part of your balance from the preceding month, you may not have a grace period for new purchases. Instead, you may be charged interest as soon as you make a purchase, in addition to being charged interest on the earlier balance you have not paid off.