The Discover card grace period is at least 25 days from the end of each billing period until the payment due date. Billing periods that begin in February get a minimum of 23 days. Discover will not charge interest during the grace period as long as there’s a $0 balance at the start of the billing period. So to avoid interest charges, pay the balance in full by the payment due date every month. The due date is included on each monthly statement and will always be the same date each month (e.g. the 15th).
If you don’t pay a Discover card’s balance in full by the due date, the remaining balance will begin to accumulate interest. Every day there’s an unpaid balance, interest charges accrue both on the principal balance and the previous days’ interest. New purchases will accrue interest right away, too. This cycle will continue until you pay off the entire balance.
Keep in mind that grace periods apply only to purchases. Grace periods do not cover cash advances or balance transfers. Those types of transactions will begin to accrue interest the day they’re processed.
There isn't such a thing as "Discover late payment forgiveness". Though your first missed minimum payment won’t incur a $27 late fee, subsequent missed minimum payments will. And if you’ve been charged a late fee during the prior six billing periods, the fee will be $37. So payments made after the grace period are late payments, and they will affect your credit score.… read full answer
The Discover minimum payment is the greater of $20, 3% of the full balance plus any past-due amount, or $15 plus new interest and late fees. If the entire balance is lower than $20, then the balance amount is the minimum payment.
The Discover minimum payment calculation is a bit unusual. Most other major credit card companies charge 1% of the balance plus interest and fees, or a flat dollar amount (e.g. $25), whichever is higher.… read full answer
It’s important to always make at least the Discover minimum payment by the monthly due date. Doing so will keep your account in good standing. There’s no fee for the first late payment. After that, there’s a fee of up to $39 per late payment. And you may suffer credit score damage as well.
The Discover minimum payment is the greater of:
3% of the new balance (plus past-due amounts, but not fees/interest)
$15, plus past due-amounts, interest and late fees (totaling 4% or less of the new balance)
A Discover minimum payment will never be more than your full balance. And you’ll only be required to pay your full balance if it’s $20 or less.
But it’s best to try to pay your balance in full each billing cycle. If you don’t, you will lose your grace period, which means interest will start to accrue on new purchases immediately from the purchase date. Credit card interest is really expensive. And it takes paying in full for two billing cycles in a row to get the grace period back.
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