How to Compare Credit Card Grace Periods
These days, it seems as though credit card companies are giving consumers the runaround on everything from annual percentage rates to hidden fees. It's important for consumers to know everything about their credit cards, including the grace period---the time the card holder has to pay the balance before interest is assessed. Grace periods for credit cards can be a complicated factor when trying to find the right credit card. But doing your homework and comparing grace periods can help you decide which credit card company will suit you best.
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Instructions
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Call or research the credit card company you are interested in. Grace periods can sometimes depend on your credit and user agreement, but they're typically the same for all members. According to the Federal Citizen Information Center, all credit card solicitations and applications must include certain key information, such as annual percentage rates, variable-rate information and grace periods.
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Make sure the credit card company actually offers a grace period. The Credit Card Act of 2009 says that if a credit card issuer does have a grace period, it must last at least 21 days. However, the act doesn't require credit card companies to offer one. Credit cards on which interest is calculated daily do not have any grace periods, for example. Avoid credit cards without grace periods when possible.
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Use online resources for comparing grace periods. Websites like Asapcreditcard.com and Lowcards.com allow you to view and compare not only the grace periods for most available credit cards but also annual percentage rates, annual fees and variable rates.
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References
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