I believe most of modern day Christendom has a deficient understanding of Grace based upon some old definitions and scripture references. If we had a better understanding of God's grace no one could conclude anything to be cheap concerning it. The cost of imparting it was paid by Christ.
In Titus Grace teaches us.
(Tit 2:11-12) For the grace of God that bringeth salvation hath appeared to all men, Teaching us that, denying ungodliness and worldly lusts, we should live soberly, righteously, and godly, in this present world;
In 2 Corintians grace is used synomously with Christ's power working in us.
(2Co 12:8-9) For this thing I besought the Lord thrice, that it might depart from me. And he said unto me, My grace is sufficient for thee: for my strength is made perfect in weakness. Most gladly therefore will I rather glory in my infirmities, that the power of Christ may rest upon me.
The Greek word charis is translated grace. In the old Strongs greek dictionary there is a definition given which says, "especially the divine influence upon the heart, and it's reflection in the life."
Quote:
G5485
χάρις
charis
khar'-ece
From G5463; graciousness (as gratifying), of manner or act (abstract or concrete; literal, figurative or spiritual; especially the divine influence upon the heart, and its reflection in the life; including gratitude): - acceptable, benefit, favour, gift, grace (-ious), joy liberality, pleasure, thank (-s, -worthy).
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The Puritans didn't believe grace meant just unmerited favor. God's grace is unmerited but it is much more than that. Charismata is the operation of God's Spirit working through man.
Grace is monergistic as it is also synergistic. It isn't both at the same time. Salvation by Grace is monergistic. Monergistic Grace is the Holy Spirit breathing life into our souls and quickening us into New Creatures in Christ. It is unmerited but it isn't just unmerited favor. That is where the semi Pelagians (Independent Baptists or Free Will advocates) greatly err. There definition of Grace is faulty. That is why their Grace is truly no grace at all.
Synergistic Grace is what Phi 2:12,13 is about.
(Phi 2:12-13) Wherefore, my beloved, as ye have always obeyed, not as in my presence only, but now much more in my absence, work out your own salvation with fear and trembling. For it is God which worketh in you both to will and to do of his good pleasure.
Websters
3. Favorable influence of God; divine influence or the influence of the spirit, in renewing the heart and restraining from sin.
Just my two cents on the topic.