A new technique to quantify the bulk craze density of transparent plates was used to characterize the craze growth behavior of polycarbonate at various stress levels. The craze growth rates were found to exponentially increase with an increase in stress, obeying the Eyring equation for thermally activated processes in the presence of an applied stress. The residual mechanical properties of crazed polycarbonate were then correlated to the crazing stress, relative craze density and strain rate. The results show that increasing the bulk craze density does not affect the yield stress but decreases both the failure stress and ductility of polycarbonate. Also, a crazing stress of 40 MPa was found to cause a much larger degree of degradation of failure properties than a crazing stress of 45 MPa. Correlating the crazing stress to the craze microstructure revealed that fewer, larger crazes form at the lower crazing stress. Therefore, flaw size has a greater effect on the failure properties of polycarbonate than flaw quantity.