Paddy Sullivan, WalletHub Credit Card Advisor
@PaddySully
The Mastercard grace period is 21 to 25 days long. However, grace periods are determined by the issuing bank, not by the card network. For instance, Chase Mastercard credit cards have a 21-day grace period, while Capital One has a 25-day grace period for their Mastercard credit cards.
The CARD Act says that issuers don’t have to offer grace periods. But if they have one, it must be at least 21 days. If your Mastercard has a grace period, the issuer is also required by law to include those details in your credit card agreement.
How grace periods work
A Mastercard grace period is the time between the close of a billing cycle and when your bill is due. During the grace period, you are allowed to pay your Mastercard bill without having to pay interest. But if you carry any balance between billing cycles, you will lose it. As a result, purchases will begin to accrue interest right away. And you’ll have to pay your full statement balance two billing cycles in a row to get the grace period back.
Keep in mind, however, that there is no Mastercard grace period for cash advances and balance transfers. So, these transactions will start accruing interest immediately.
People also ask
Did we answer your question?