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Grace Period
A set amount of time after a payment is due during which a late fee will not be charged.
More Details
A grace period is a predetermined amount of time during which certain conditions or obligations can be met without incurring a penalty. The concept of a grace period is often used in the context of financial agreements, such as loans, credit cards, and insurance policies.
Example
Your credit card may have a grace period of 21 days, which means that you have 21 days from the end of your billing cycle to pay your balance in full without incurring any interest charges
Related Terms
Credit Card
A payment card that allows the cardholder to borrow funds from the issuer to pay for purchases or withdraw cash.
Private Mortgage Insurance (PMI)
Insurance that protects lenders in case of mortgage default—typically required if the down payment is less than 20% of the home's purchase price.
Maturity Date
The date on which a loan or investment reaches its end and the principal amount is due to be repaid.