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Discover Student Card Grace Period: Here’s What To Know

Discover Student Card Grace Period: Here’s What To Know

The Discover Student Card grace period is anywhere from 23-25 days, depending on the month. Grace periods allow you to pay off your credit card balance in full before the due date without incurring interest charges.

These grace periods can help you save money so you’re not stuck with a large credit card balance that can negatively affect your credit. 

A credit card grace period helps you to use your available credit without having to incur any penalties such as interest. During this time, you’re able to use your credit card without incurring any interest charges.

This is only the case if you didn’t carry a balance from the month prior. A grace period can be the time you need to pay off purchases and clear your balance for the next month to avoid paying any interest at all.

Discover Student Card Grace Period

The Discover Student Card grace period is typically 25 days, with a minimum of 23 days in February. 

The grace period for the Discover Student Card is there to help you save money and still make purchases. It allows you to charge a purchase to the card and then pay it off before the grace period expires without having to pay any interest.

This is a great way to use your Discover Student Card without having to worry about paying extra each month, as long as you pay the balance off in full before your due date. 

In contrast, cash advances and balance transfers incur interest charges on the transaction day or the first day of the billing period in which the transaction was posted. That’s why it’s important to know your grace period and due dates, so you can avoid late fees and interest charges that can stack up quickly. 

What are Grace Periods

Grace periods are something credit card companies offer to allow you to make purchases without accruing interest. They have to be at least 21 days long per the Credit CARD Act of 2009.

Not all credit cards offer a grace period, but those that do typically give their customers 21-25 days between the last day of the credit card’s billing cycle and the minimum-payment due date. Interest charges will not apply during this time, so it’s a great time to pay that balance down and avoid interest charges next month. 

If you carry a balance from one month to the next, your grace period is gone. You will have to pay your balance in full for 2 months in a row to gain the grace period back. Even if you pay more than the minimum payment, the balance carried over will incur interest charges. 

How Do Grace Periods Work

Grace periods remain in effect as long as you pay your credit card balance off in full, and apply only to purchases. 

A grace period allows you time to pay your credit card balance off in full before the next due date without incurring any penalties, such as interest charges. This grace period only remains in effect if you don’t carry a balance over from the previous month. 

If you do carry a balance over, you will no longer have access to the terms of the grace period.

If you can maintain a zero balance from one month to the next for 2 months in a row, the grace period will be reinstated, but only for as long as you keep that balance paid off each month. 

Cash advances and balance transfers do not have a grace period in their terms and conditions. Interest charges apply as soon as they are initiated in most cases. This makes them less desirable if you’re trying to keep your debt down, but they are a necessary alternative in some cases. 

Do Grace Periods Matter

Grace periods make a huge difference in keeping your credit card balance low and your credit score high to save you money in the long run.

Credit cards with no grace period due to carrying a balance incur full interest charges. This applies to new purchases as well. Paying your credit card debt off as soon as you can before the end of the billing cycle can help you pay less in interest.

This means you’ll be paying less overall for a purchase than you would if you had to pay interest on it. 

Incurring interest can seriously affect your debt if left unchecked. Interest can increase minimum payments significantly the higher your balance is, especially if you have a high interest rate as well. As interest drives your credit card balance up further, it’s easier to reach over a third of your credit limit, which will impact your credit score. 

Staying on top of credit card debt is the first step in optimizing your debt-to-income ratio. Keeping an eye on balances can also help you maintain a high credit score, which qualifies you for better loans and interest rates in the future. 

Final Thoughts

Discover Student Card grace periods are typically 23-25 days between the last day of the billing cycle and the payment due date. Grace periods allow you to pay off your balance in full and avoid interest charges.

You only have access to a grace period if you don’t carry a balance from month to month, but maintaining a grace period can help you save on interest payments in the long run.