If you lose the grace period, are there still 21 days between your billing cycle closing date and the due date? (pay, credit)
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I'm new to credit cards and recently learned that in the U.S., the Credit CARD Act of 2009 requires that if credit card companies provide a grace period (the amount of time when accumulated interest isn't charged to your account and won't be after the due date if you pay the balance off in full), and that if you don't have a grace period, per that law companies are required to send the bill out 21 days before it's due.
I just wanted to verify that they still send the bill out the day after the billing cycle ends and you have 21 days before the due date. It wouldn't make sense any other way.
I'm new to credit cards and recently learned that in the U.S., the Credit CARD Act of 2009 requires that if credit card companies provide a grace period (the amount of time when accumulated interest isn't charged to your account and won't be after the due date if you pay the balance off in full), and that if you don't have a grace period, per that law companies are required to send the bill out 21 days before it's due.
I just wanted to verify that they still send the bill out the day after the billing cycle ends and you have 21 days before the due date. It wouldn't make sense any other way.
Yes, they don't alter the billing cycle based on whether or not you are paying your bill in full.
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