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Originally Posted by NoSoup
Typically you have 25 days to pay the bill after they've mailed it. It isn't related to the date of purchase. However, read the fine print, as I have run across several different definitions of grace period, and you will want to know what your card specifically is.
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Usually your bill will have a PAYMENT DUE DATE--typically 20-25 days after the cycle closing date, and a few days before the next cycle closing date. If they receive and post payment of your balance in full by the PAYMENT DUE DATE you won't find any finance charge on the next bill. If they post the payment sometime between the PAYMENT DUE DATE and the closing date, they may charge you finance charge, and possibly even a late payment fee. So the PAYMENT DUE DATE is more important than quibbling about the grace period.
I have an American Express card that closes on the 30th, but I rarely have the bill in hand before the 10th following, and PAYMENT DUE DATE is the 25th. So only a couple of weeks between actually receiving the bill, and the PAYMENT DUE DATE. Make sure that you mail the payment in plenty of time to get there. One of the advantages of getting the card from a local bank or CU is that you can go to a branch to make the payment if you have the money but are running out of time.
Lindy
I live in Boston, but send my AmEx payment to someplace in Texas. I'm just cynical enough to believe that AmEx has all their cardholders in Texas send payment to Boston. More late fees that way.