Question

If finance charges are not assessed on new credit card transactions during the period between the posting date and the due date, this period is called the ____ period.

Answer 1

The period between the posting date and the due date, this period is called the grace period. In this period the finance charges are not assessed on new credit card.

What is grace period?

A grace period is a period of time after the due date during which payment can be made without incurring any penalties. In most mortgage loan and insurance arrangements, a grace period of 15 days is included.

A grace period allows a borrower or insurance client to postpone payment for a certain time after the due date has passed.

Thus, grace period is the period between the posting date and due date.

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