Interest-Free Days Credit Cards

Updated 22 September 2020

Aside from a card’s annual fee, the biggest cost associated with using a credit card is interest. For the most part, card providers charge interest on purchases, cash advances and balance transfers, often with a different rate applied to each type of transaction. Day by day, your balance will attract interest. However, there is a way to avoid paying interest, on purchases at least.

You may have seen card providers offering up to 44 days or 55 days interest free on purchases. In fact, most card providers offer some sort of interest free period, which allow cardholders to avoid paying interest if they’re smart about how they use their card. So, how does it work then?

If you want to take advantage of your card’s interest free period, all you need to do is pay your closing balance by the statement due date. Sound simple? When you get your head around it, it really is. But, you need to understand how your statement period works first.

You see, if your card offers up to 55 days interest free, it’s important to remember that not all purchases will receive the full 55 days with no interest. Instead, it depends on when the purchase is made during the statement period. If for example, you make a purchase on day 1 of your statement period, you will have 55 days before the payment is due and interest starts accruing. On the other hand, if you make a payment on day 20, you will have 35 days before interest starts accruing.

Once you get the hang of it, you can use your card’s interest free period to your advantage, managing your cash flow more effectively while keeping interest costs at zero.

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