Credit card grace period question

[r0g3r]

So I bought shit on boxing day on my Visa card, and I already got a bill for it...and the payment is due exactly 2 weeks after making the purchase.

Isn't the grace period supposed to be a month?

Or does it vary by cards?

What's the grace period on your credit card?

[Canmorite]

When is your statement date? There's usually a 21-day (mine is) grace period after that cut off date...but the grace period may differ between cards.

[killramos]

Definitely varies by card. Straight form my last statement:

You have a minimum 21 day interest-free Grace Period for new purchases.
Your new purchases are those which appear in the Activity Description. You can avoid interest on those
new purchases by paying your New Balance in full by your Payment Due Date. If you do not, you must
then pay interest on each new purchase retroactively from the transaction date until the date we process
your payment in full for those purchases

So the interest is started at the end of the 21 day period but your bill is an aggregate of all purchases and will just give you the total. It doesn't mean you will pay interest if you don't pay it in full from what I understand. it is just to complicated for them to give you different due dates for each purchase

In some cases its longer than that as well.

Say your billing is calculated from the 15th to the 15th and you purchase something November 16th which shows up on your December 15th bill and doesn't need to be paid until January 5th (all dates just examples from how my billing period works) you are actually getting like 50 days interest free. That's there the word minimum comes in.

[flipstah]

Ex. My cutoff is Nov 22-Dec 22, and that payment is due January something.

If I buy something on Dec 26th, the item I purchased on the 26th won't show up till the Dec 23-Jan 23 bill, which is due in February.

[eblend]

Grace period is usually 21 days, so from the cut-off date until 21 days later. If you don't pay in full by the due date, you are charged interest. January something sounds like a right date....because 21 days from December 22nd is January something..?

[sabad66]

As others have said, grace period starts from cutoff (statement date) and not purchase date of each individual item.

The "best" time to make a big purchase (i.e. longest time you have to pay it off) is the day after your statement date. The "worst" time is day before the statement date. Sounds like your statement date is like 28th of each month so that's why you're paying for your purchase on the 26th so soon.

[thetransporter]

just becareful..


even you have a card balance and do a cash advance for only 20 you are charged interested on that 20 in addition to the card balance interest. you are charged the extra interest until your CARD balance is paid off.