What does ‘up to 55 days interest free’ mean?
A common misconception is that 55 days “interest-free” means that you will have 55 days to pay off a card purchase before any interest is charged.
However; 55 days interest-free refers to the maximum number of interest-free days that are available on a purchase. To attain the full 55 days interest-free, a purchase would need to be made on the first day of your statement period.
For example, if your statement commences on 1 March and you make a purchase on this day, you will have 55 days or until 24 April to repay that amount before you are charged interest starting 25 April on any outstanding amounts. Alternatively, if you receive your statement 1 March but you make a purchase on 10 March, you will only have 45 days to make payment before you are charged interest from the 25 April.