How does the grace period for Salmon Credit Line work?

With Salmon Credit Line, you get extra time to pay for your purchases without any interest - this is called a grace period. It can last anywhere from 28 to 62 days, giving you the flexibility to manage your finances.

What is the grace period?

The grace period begins the day you made a purchase and continues until your payment due date, which falls after the statement date. If you repay your purchases in full during this period, you won't be charged any interest.

Statement date - the day where Salmon calculates everything you spent or owe during the billing cycle.
Payment due date - the deadline for making your minimum monthly payment or grace period payment, usually a month after the statement date.

This perk is exclusive to Salmon Credit Line customers and doesn't apply to Salmon Product Loan or Salmon Personal Loan products.

Benefits of the grace period

No interest charges: Pay the full grace period amount on time, and you won't pay a single centavo in interest.
More time to pay: The grace period can stretch from 28 days to 62 days, depending if your purchase was made before or after the billing cycle due date.

How to check your grace period

Your grace period depends on if your purchase was made before or after the statement date of a billing cycle.

Minimum grace period (28 days)

If you make a purchase before or at the end of your billing cycle, like in a short month such as February in a non-leap year, your grace period will be about 28 days.

Purchase date	February 1
Billing cycle statement date	February 1 (1st of every month)
Statement date	March 1
Grace period	28 days (February 2-28, plus March 1)

Maximum grace period (62 days)

If you make a purchase right after your billing cycle ends, like during two long months in a row such as July and August, your grace period can last up to 62 days.

This is because making your purchase right after the statement date in July gives you almost the full August billing cycle and the entire payment period in September to pay off your balance without incurring interest.

Purchase date	July 2
Billing cycle statement date	July 1 (1st of every month)
Statement date	September 1
Grace period	62 days (July 3-31, all of August, and September 1)

FAQs

Who can get a grace period?

If you have Salmon Credit Line, you're eligible for a grace period. Please note that this doesn't apply to Salmon Product Loan or Salmon Personal Loan products.

What's the difference between "minimum payment" and "grace period amount"?

Minimum payment - Prevents late fees and keeps your account active.
Grace period amount - Prevents interest charges and is usually higher than the minimum payment.

What happens if I don't pay on time?

Miss the minimum payment - You might get charged a late fee, and your Salmon Credit Line could be blocked.
Miss the grace period amount - Interest will be charged on your balance.

How do I know how long my grace period is?

The grace period begins the day after your purchase and continues until after your payment due date, which falls after the end of your next billing cycle.

I have more questions. Where can I get help?

Just open the Salmon app, tap the Help icon, and contact Salmon Customer Service via In-App Chat . We're ready to listen and help!