Grace period

A credit card's grace period be the time the customer has to pay the balance before interest is charged to the balance. Grace periods vary, other than usually range from 20 to 30 days depending on the type of credit card and the issuing bank. Some policies allow for reinstatement later than certain conditions are met. Usually, if a customer is late paying the balance, finance charge will be calculated and the grace period does not apply. Finance charge(s) incurred depends on the grace time and balance, with most credit cards there is no grace period if there's any outstanding balance from the before billing cycle or statement (i.e. interest is applied on together the previous balance and new transactions). However, there are some credit cards that will just apply finance charge on the previous or old balance, not including new transactions.