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Chapter 8. CREDIT CARDS > Other Terms with Which You Should Be Familiar

Other Terms with Which You Should Be Familiar

It was George Bernard Shaw who observed that “England and America are two countries divided by a common language.” Unfortunately, when it comes to the language of credit cards, the language often is not commonly understood. These are a few of the terms with which you should be familiar.

Grace Period

This is an important item. It represents the period of time, most often between 20 and 25 days, during which you can pay your credit card bill without incurring interest charges. But it only applies if you pay your entire bill in full each and every month. By law, the credit card issuer must send you your monthly credit card statement of charges at least 14 days before the due date. If you carry any balance from month to month, interest will accrue. And (remember their Golden Rule) the grace period does not apply to cash advances.


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