Grace Period
A grace period is the window between a credit-card statement's close and its due date — usually about 21 days — during which you can pay the full balance and owe zero interest. Carry a balance past it, and interest starts accruing, often erasing the grace period entirely.
Paying in full every month means you effectively borrow for free within the grace period. The term also applies to student loans (a period after graduation before payments begin) and some other loans, where the exact rules vary.
Put it to work
Credit Card Payoff Calculator
How long to pay off your credit card at your current payment — and the exact monthly amount to be debt-free in 12, 24, or 36 months.
Student Loan Calculator
Monthly student loan payment, total interest, and payoff date under standard repayment — plus how much extra payments accelerate your debt-free day.