Definitions for "Interest Free Period"
The "interest free" number of days which an issuer gives between the date of your transaction and the date your bill was created. A grace period is usually between 20 to 25 days. If your card includes a grace period, the issuer must mail your bill at least two weeks before the payment due date so you have sufficient time to arrange payment to be made.
The period during which no interest will accrue on credit card transactions.
Some cards calculate interest from a calendar date instead of the date of purchase. The days between the actual purchase and this calendar date will therefore be interest free. You may lose this interest free amount unless you pay off the balance in full.