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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
Beneficiary
A person or entity that is entitled to receive the benefits or proceeds of a trust, insurance policy, or will.
Service Charge
A fee charged by a credit issuer or financial institution for processing transactions, usually added onto the total cost paid by a customer.
Estate Planning
The process of organizing and arranging for the management of a person's assets and property after their death.