Search
Previous Menu
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
Ready to Own the Home of Your Dreams?
Join now to get access to the competitive rates, member-friendly loan products, and educational resources you need to secure an exceptional financial future.
