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Make sure to check with your loan provider before assuming you have a grace period at all.Before the act was passed, banks could raise interest rates without warning, vary due dates from one month to the next, and charge “inactivity fees” if a customer did not use the card.Student loans have a six-month grace period after you've graduated or your enrollment has dropped below half-time. If you are getting charged interest on your credit card, it means you are carrying a balance that is not covered by a grace period. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. After this six-month grace period, your student loan goes into repayment and you're required to make a payment each month.JGI/Jamie Grill / Blend Images / Getty Images When you need to reference your credit card agreement, you can find a copy on your issuer's website, or you can have a copy mailed to you directly.The Credit Card Accountability Responsibility and Disclosure (CARD) Act was passed by Congress and signed by U.S. President Barack Obama on May 22, 2009. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories.
This period of time is typically around 15 days. Maybe your credit card does not offer a grace period, or maybe you did not pay off your balance before the grace period ended. We maintain a firewall between our advertisers and our editorial team. Our experts have been helping you master your money for over four decades. We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. Bankrate has answers. This compensation may impact how, where and in what order products appear. This means that both your current balance and any new purchases will begin accruing interest immediately. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions.