A grace periodA period of time between the end of a billing cycle and the due date of your payment is called grace period.
During this time, you don’t charged any interest, if you pay your balance in full by the due date. Companies are not required to give a grace period. However, most credit cards provide a grace period on purchases.
If you have a card that gives you a grace period and you are not carrying a balance, then you can avoid paying interest on new purchases if you pay off your credit card bill fully by the due date. If you don’t pay off your bill fully by the due date(only pay minimum amount due), you will be charged interest on the remaining balance. You will also be charged interest on purchases in the new billing cycle starting on the date each purchase is made.
It is mandatory for Credit card providers to establish procedures to assure that their bills are mailed or delivered to credit card users at least 21 days before the due date.
Grace periods are only applicable for purchase transactions not for cash advance or check received from bank.
In the case of cash advance you will be charged interest from the date of transaction.
Click here to know how Interest rates are calculated on credit card
To get benifit of Grace period, pay your bill fully by the due date. You don’t get any grace period for the month that you don’t pay in full and for the month after.