Grace

The Greek word for grace is probably equivalent to the Hebrew word chesed meaning “lovingkindness,” a word frequently used by the psalmists to describe God’s character. In the NT, the word charis usually means divine favor or goodwill, but it also means “that which gives joy” and “that which is a free gift.” This is a noteworthy occurrence of the word grace, because while it was one of Paul’s favorite words for God’s free gift of salvation, here we see Peter using it in the same way.

(Greek charis is mentioned in the following passages: Acts 15:11; Rom. 3:24; 5:15; Eph. 2:5; Titus 2:11) Strong’s #5485 Taken from NKJV Study Bible