Credit card companies will usually provide a grace period on your purchases. This allows you to pay off your full balance each month without racking up any interest charges. It’s a benefit credit helpers suggest taking full advantage of since it’s possible to lose your grace period. Here’s what you need to know about a credit card grace period so you can take full advantage of the benefits.
Understanding A Credit Card Grace Period
A credit card grace period is defined as the time between the completion of your monthly statement cycle and the payment due date. This duration is usually at least 21 days. If you pay off your credit card balance in full by the due date, then you won’t have to pay any interest on purchases during those days.
Can You Lose Your Grace Period?
Experienced credit helpers always suggest paying your credit card balance in full each month to avoid losing your grace period. If you only pay a portion of the balance, you will lose your grace period and interest will begin accruing on the transaction date of any new purchase. It’s also possible to lose your grace period if you miss a payment, even if it’s missed by a single day.
Restoring Your Grace Period
Late or missed payments, as well as high credit card bills, can lead to looking for the best way to repair credit. Luckily, you can avoid this by restoring your grace period. The easiest way to do so is to pay off your balance in full by the due date as quickly as possible. Your grace period will then be restored and you will stop racking up interest charges.
Pay Your Full Balance To Avoid Hurting Your Credit Score
All credit helpers recommend paying your credit card balance in full to avoid going down a path that could lead to a damaged credit score. By doing so, you’ll maintain your credit card grace period and can stay on top of your finances much easier.
Core Credit Solutions offers the best credit repair in Los Angeles. Our team has many years of experience helping people turn their credit around so they can have more financial flexibility. If you’re looking for the best way to repair credit as quickly as possible, you’ve come to the right place. Don’t hesitate to contact us today to schedule a consultation and learn how you can improve your credit score the right way.