grace period

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Grace period

The time period stipulated in most loan contracts and insurance policies during which a late payment will not result in default or cancellation.

Grace Period

1. The time after the due date for a loan payment during which one may make the payment without any late fees or penalties. The length of the grace period depends on the loan terms, but is usually around 15 days.

2. The time after rent is due, during which one may pay rent without a late fee. The grace period for rent is usually five days.

3. In bonds, the time between the issue of the bond and the first coupon payment. This grace period usually applies to long-term bonds, where interest payments do not begin to occur for a few years after issue.

grace period

The period during which the issuer of a bond is not required to make interest payments. For example, a bond issued this year might only start paying interest five years from now. Bonds with grace periods are sometimes issued during a corporate restructuring.

Grace period.

A grace period is the number of days between the date a credit card issuer calculates your new balance and the date your payment is due.

In most cases, if you have paid the previous balance in full and on time, and you haven't taken any cash withdrawals, no finance charges are added to the amount of your purchases.

If you generally pay the entire balance due on time, you may want to choose a card with a longer rather than a shorter grace period, assuming the other terms are comparable. That gives you more time to be sure your payments arrive on time.

However, a minority of credit arrangements include a minimum finance charge, even if you do pay on time. Other lenders go back two billing cycles and will add finance charges if you have not paid the full amount due each time.

The grace period on a student loan allows you to defer repayment so that the first installment isn't due until six or nine months after you graduate or are no longer enrolled at least half time. The timing depends on the type of loan.

You also have a grace period in which to pay the premium on an insurance policy before the policy is cancelled. It's usually one month after the due date.

grace period

The allotted time during which a payment can be made without penalty and without entry upon credit records as delinquent or in default.

Grace Period

A number of days, usually 10 to 15, that a borrower is allowed to be late in making the mortgage payment without suffering any penalty.

References in periodicals archive ?
I keep his book, Days of Grace, next to my nightstand with books by Howard Thurman," says Moutoussamy-Ashe who says she has found great solace in the writings of the late theologian ever since a friend sent her some of sermons some five years ago.
I never thought Days of Grace would have been that for me," she continues, "but often I pick it up and have conversations with Arthur.
In the first leg, Days Of Grace and Maron stand out, while in the concluding race on the card, Two Step and Border Glen look superior to the others by a similar clear-cut margin.
Days Of Grace is preferred to Maron in the opener and Two Step to Border Glen in the finale but, in both cases, I would be surprised if there was much between them.
Older filly/mare: Days Of Grace (Stephen and Michelle Bayless; Les Montague Hall).
Les Montague Hall has his horses in flying form and, following the last- stride victory of his Days Of Grace in the concluding sprint handicap, the Epsom trainer said his mare would bid for a hat-trick in a classified event at Folkestone on Thursday.
The Matty Batchelor-ridden Mister Ermyn completed a double on the day for Montague Hall, who had earlier saddled Days Of Grace to win the fillies' sprint handicap at Salisbury.
Days Of Grace makes more appeal at 6-1, because she is in good form on the all-weather and is 10lb lower than for her Wolverhampton win last month.
DAYS OF GRACE can transfer her consistent all-weather form to turf in the Tote 'totalbet.
Of the four drawn highest today, Susan's Pride needs further and Double-O is best on softer going, so Days Of Grace and Supreme Angel are the pair to support.
On the same card, Les Hall's admirably consistent mare, Days Of Grace, can land the Bet Direct From Littlewoods Handicap (2.