On most credit cards, your grace period is "canceled" if you don't completely pay off all of your previous month's borrowing.

Question

BlackTom AI · Accepted Answer

Let’s unpack the statement about grace periods on credit cards. 
Option 1: True. The typical rule is that card issuers grant a grace period on new purchases only if you pay your previous statement balance in full by the due date. If you fail to pay in full, the grace period for future purchases is usually lost, and interest begins accruing on the outstanding balance as well as on new purchases from the date of purchase in many cases. Put simply, carrying a balance often means you are no longer in a grace-period state, so interest applies from purchase date rather than from the due date. This aligns with common credit card terms and is a standard mechanism to encourage paying in full. 
Option 2: False. This would be incorrect in the typical framework because the standard practice is to cancel or suspend the grace period when you do not pay the full balance by the due date. Saying the grace period remains available regardless of carrying a balance would misstate how most issuers handle interest calculation and the grace period. Some cards or promotional offers can vary, or certain types of balances (like cash advances) may not have a grace period at all, but the general rule for regular purchases is that not paying in full often ends the grace period. 
In summary, under common credit card terms, not paying the full previous balance generally results in losing the grace period for new purchases, making the statement true in the standard case, with caveats for exceptions such as specific card features or promotional terms.

FSOS 1301 (001) Quiz 3

On most credit cards, your grace period is "canceled" if you don't completely pay off all of your previous month's borrowing.

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