Knowing the way in which interest free days works is fundamental to both getting the most out of your card(s) and for the debt-management plans outlined later. The first thing to know is that interest free days are only available on Purchases (unless otherwise stated in your terms and conditions, or as a balance transfer offer etc.)
It’s important to note that the terms for credit cards vary from country to country. Many countries have a 25 day payment ‘Grace Period’ (eg. USA, UK, Canada) while other countries have a ’55 Day Interest Free Period’ (Australia, New Zealand, some of Asia and Europe.) The time period is essentially the same (30 day statement period plus 25 day grace period = 55 days interest free.)
But the terms for eligibility are very different!
With a Grace Period, you need to pay the Full Owing Balance by the Due Date to be eligible for interest free. In other words pay the card off entirely, including any card usage after the statement period finishes.
However, for ’55 Day Interest Free’ cards, you only need to pay the Statement Closing Balance by the Due Date to be eligible for interest...
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