Grace period - wikipedia Grace period Look up grace period in Wiktionary, the free dictionary. A grace period is a period immediately after the deadline for an obligation during which a late fee, or other action that would have been taken as a result of failing to meet the deadline, is waived provided that the obligation is satisfied during the grace period. Grace periods can range from a number of minutes to a number of days or longer, and can apply in situations including arrival at a job, paying a bill, or meeting a government or legal requirement. In law, a grace period is a time period during which a particular rule exceptionally does not apply, or only partially applies. For the grace period in patent law, see novelty ( patent ). Contents 1 Types 1.1 Business 1.2 Politics 2 Advantages and disadvantages 3 Credit cards 4 See also 5 References Types Business Some companies and organizations do not view someone who fulfills an obligation within a grace period any differently from someone who does so before the original deadline. Thus a subject who is past due, but who meets the obligation within the grace period, receives equal treatment and no penalty or negative reputation. In other cases, clients may receive a partial, less severe penalty. For example, many utility companies will charge a small late fee for those who do not pay their bill by the stated due date. However, the utility service provider will wait a longer time before cutting off service. Some companies may suspend certain privileges during a grace period. For example, self storage services will often waive a late fee if the rent is not paid for up to several days past the due date, but will deny the tenant access to his or her unit until the bill is paid. Politics In politics, a grace period or honeymoon period may be observed during the transition to a new administration as `` an initial period of harmony and goodwill ''. Advantages and disadvantages Grace periods can provide some advantages. For example, people who habitually fulfill their obligations on time, but are late on a rare occasion due to special circumstances, can avoid a penalty and maintain their reputation for timeliness provided they fulfill the obligation within the grace period. However, habitual procrastinators may come to view the grace period as the actual deadline, and if, due to unforeseen circumstances, they are occasionally late beyond that, they might complain about the applied penalty. Credit cards In personal finance, a grace period is the period during which no interest is charged on a credit card. See Credit card interest for further information. A time period after a payment due date within which the fee can be paid without penalty. For example, late charges may not be incurred for rental payments due on the first of the month if they are paid on or before the 10th of the month. See also Grandfather clause Sunset clause Turn - off notice References Jump up ^ `` An extensive tutorial on the types of Grace Period and their implementation ''. American Express. Archived from the original on 6 March 2007. Jump up ^ `` Honeymoon Define Honeymoon at Dictionary.com ''. dictionary.com. Dictionary.com, LLC. Retrieved January 30, 2017. any new relationship characterized by an initial period of harmony and goodwill Jump up ^ Debenedetti, Gabriel ( January 26, 2017 ). `` Democrats launch scorched - earth strategy against Trump - POLITICO ''. Politico.com. POLITICO LLC. Retrieved January 30, 2017. `` They were entitled to a grace period, but it was midnight the night of the inauguration to 8 o'clock the next morning, when the administration sent out people to lie about numerous significant things. And the damage to the credibility of the presidency has already been profound, '' said Washington Gov. Jay Inslee. `` They were entitled to a grace period and they blew it. It 's been worse than I could have imagined, the first few days. '' Jump up ^ `` A USA Today article discussing the pros and cons of Grace Period ''. Usatoday.com. 2005 - 05 - 24. Retrieved 2013 - 07 - 16. Jump up ^ `` Grace Periods in the context of Credit ''. Partners.leadfusion.com. Retrieved 2013 - 07 - 16. Credit, charge and debit cards Major cards American Express Diners Club MasterCard Debit MasterCard Maestro Visa Visa Debit Visa Electron Regional and specialty cards Bancomat BC Card BCA Card Carte Bleue China UnionPay Dankort Discover EFTPOS Electronic Payment Services ( EPS ) Girocard Interac JCB Mir MEPS NETS RuPay UATP V Pay Verve Defunct cards Access Bankcard Carte Blanche Choice enRoute Eurocard Everything Laser Rail Travel Card Revolution Card Solo Switch Accounts Payment card number Card enclosure Credit card balance transfer Credit limit Installment credit Revolving account Deposit account Current / checking account Savings account ATM card Debt Cash advance Charge - off Maxed out Interest Grace period Introductory rate Universal default Payment Card not present transaction Chargeback Controlled payment number Dispute Interchange fee Interchange fee Surcharge Security Card security code Chargeback fraud Credit card fraud Credit card hijacking Enculturation Technology Cash machine Chip and PIN Contactless payment Credit card terminal EMV Interbank network Magnetic stripe card Smart card Retrieved from `` https://en.wikipedia.org/w/index.php?title=Grace_period&oldid=797775874 '' Categories : Personal financial problems Credit card terminology Talk Contents About Wikipedia Polski Русский Edit links This page was last edited on 29 August 2017, at 03 : 21. 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Question: what does a 15 day grace period mean
Answer: a period immediately after the deadline for an obligation during which a late fee, or other action that would have been taken as a result of failing to meet the deadline, is waived provided that the obligation is satisfied during the grace period