We are certain that you dislike paying credit card interest on your hard-earned money. Additionally, we are aware that everyone desires to save money. Let's examine how to maximise the grace period on your credit card.
Managing your payments is a difficult effort in and of itself, but when credit card interest rates kick in, the work becomes even more difficult. To prevent incurring credit card debt, you might utilise your credit card provider's grace period.
ICICI Bank is a well-known bank that also provides other services, such as the grace period. For the services offered, ICICI Bank credit cards are one of the most popular in the industry. Let us begin by defining the interest-free grace period that credit cards provide.
Period of No Interest (Grace):
When using an ICICI Bank Credit Card, the grace period is typically between 18 and 48 days. Let us examine the interest-free period in further detail:
For example, if your credit card statement covers the period from 15th April to 15th May, the payment due date is 2nd June. Assume you paid the whole balance due on your previous month's credit card statement on the specified due date.
As follows would be the grace period:
If you make a purchase on April 24th, the interest-free grace period will begin on April 24th and will extend until June 2nd, a total of 40 days. On the other hand, if a purchase is made on May 14th, the interest-free grace period begins on that date and continues until the payment is due.
In general, the grace period varies by purchase date. As a credit card user, there is no interest-free period if you have not made any payments by the due date.
Guidelines for maximising the grace period on your credit card
To take advantage of your grace period and prevent incurring interest charges, make monthly credit card payments on time.
Ensure that you pay your entire monthly bill.
If you are unable to make a full payment on your credit card statement, make a minimum payment.
The less the balance on your credit card, the lower the interest rate will be.
What happens if you do not pay your bill by the due date?
Once the grace period expires and you have not paid the entire balance of your credit card statement, your credit card provider will revoke your grace period permission. Then, you must pay the bill before the cycle expires or you will be charged interest immediately upon the expiration of the period.
How do you regain access to your grace period?
All you have to do is make on-time payments on all of your credit card bills before the cycle expires. Your credit card company will closely monitor the dates on which you pay your bills. After several cycles of on-time and full credit card payments on your part, your credit card company will almost certainly reinstate your credit card grace period.
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