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2008-01-21 03:53:40

Credit Card Deals - Grace Periods Are Getting Shorter!

Oftentimes, we pay no attention to some essential points associated with plastics, and it may cost us dear. When it comes to credit cards, we may take into account even those credit card details that seem insignificant.

Now that lenders strengthen credit card conditions, customers should be extra vigilant. Applying for a new credit card, take a close look at the length of a grace period. The way you pay your bills is of great importance. You may save a lot of money, or fall disgrace, and pay late credit card payments! Learn how to benefit from the grace period on your credit card!

Actually, there are a lot of those who are simply unaware of the actual meaning of a grace period. They mistakenly think that a grace period is the time when you should pay credit card bills. In fact, a grace period is a certain period of time when your creditor doesn't charge you any interests for a new credit card purchase. That's it!

Generally, credit cards have a grace period of 25 or 20 days. It must be mentioned that present days, creditors tend to cut this period to 20 days. At first sight, 5 days more or 5 days less will make no difference for some. Let's take a closer look at this point and find out whether this change matters or not.

When credit card bills come into the mail, what do you do? Do you pay them at once? Or maybe you are one of those people who prefer to do everything at the last minute? Anyway, it takes some time to pay your bills.

Let's assume that the grace period on your credit card is 20 days. However, it doesn't necessarily mean that you have all that time to pay off a new purchase in order to avoid paying interests. First of all, your lender needs some time to get your bills ready. Let's say it's about two or three days.

Then it's in the mail for a few days, and at last you get it. This way, you've got not so much time left, and if you are short of money, you have no time to pay off a new purchase.

Still, everything is not so gloomy as you may think. Fortunately enough, there's another option, i.e. online credit card payments so that you can save you money, and it's very easy and convenient.

Still, if you want to make the most of your credit card deals, you'd better read carefully the items in your credit card agreement. In case your creditor uses an average daily balance method including new purchases, forget benefits. This method of calculation means that interests will be added right after you have made a new purchase. Pay attention that if you have paid your balance in full the previous month, you have a grace period in the following month. So, if you don't carry a balance, you may also take advantage of this card.

And if your card has an average daily balance excluding new purchases, it means that you have all the chances to benefit from the grace period of your card.

In addition it's worth saying that every cardholder should pay close attention to the smallest credit card details. In case you cannot figure out some points, feel free to get in contact with your creditor and clear the question up.

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