Grace period
A credit card's grace period is the time between the end of a billing cycle and the payment due date, at least 21 days, during which new purchases charge no interest if you paid the last statement in full.
Carry a balance and you usually lose the grace period: new purchases start charging interest right away until you pay in full again. Cash advances and most balance transfers have no grace period.
Work it out
Related terms
Sources: CFPB: Regulation Z, 12 CFR 1026.5