The grace period is the number of days between a charge and when a finance charge is added on a credit card.
Grace period refers to the number of days between when a charge is made and when a finance charge is added. In the context of a credit card company charging [tex]$10 when a payment is late and $[/tex]5 each day the payment remains unpaid, the concept of grace period is relevant.
For example, if a customer makes a purchase on a credit card and has a grace period of 30 days, they have that amount of time to pay the balance in full without incurring any finance charges.
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