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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
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