The Chase grace period for most credit cards is at least 21 days, from the end of the monthly billing cycle until your payment due date. If you always pay your balance in full during the Chase credit card grace period, you will not owe any interest. Your monthly statement will clearly show when the due date is.
For example, let’s say your credit card statement closes on January 15. Your due date won’t be until at least February 5, 21 days later. If you pay your bill in full on or before February 5, you will not owe any interest.
If you do not pay your entire balance in full one month, you will lose your Chase credit card grace period. Interest will accrue daily on the unpaid balance as well as any new purchases you make and any interest you haven’t paid yet. That will continue until you pay your bill in full two months in a row.
Chase’s grace period covers credit card purchases but not cash advances or balance transfers. Cash advances always start accruing interest the day you do them. And interest applies to balance transfers either right away or as soon as any low intro APR period ends.
Here is more information on the Chase credit card grace period:
- The Chase credit card grace period is a minimum of 21 days, during which you can pay your balance in full and avoid interest charges. It lasts from the end of each monthly billing cycle until the due date. Only the Chase Business credit cards have a slightly shorter grace period of at least 20 days.
- You will lose your Chase grace period if you don’t pay your full monthly statement balance by the due date.
- Interest on an unpaid balance compounds daily, meaning interest is charged on both the principal balance and previous days’ interest charges.
- Chase will reinstate a grace period if you pay your balance in full for 2 months in a row.
- Chase’s grace period applies to new purchases, not cash advances or balance transfers.
- If you make your minimum payment by the due date, you will be considered “on time.” But you’ll still owe interest on the remaining balance and lose your grace period. Only paying in full will let you keep the grace period and avoid interest.
At the end of the day, knowing how Chase’s grace period for credit cards works can help you better manage your credit card balance and avoid paying unnecessary interest.