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GRACE PERIOD

TheLaw.com Law Dictionary & Black's Law Dictionary 2nd Ed.

Usually used with regard to credit card bills, it is a time when a debtor is not required to make payments on a debt nor accrue interest. Most credit cards allow a 20-30 day grace period from the billing date from which no interest charges are accrued and the debt may be paid in full. Cash advances have no grace period and interest accrues from the withdrawal date.

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