What does interest free period mean?
An interest free period is a period of time where no interest will be charged on new purchases, provided the total amount owing on your current statement is paid by the due date, and you also paid off your previous month’s balance in full by its due date.
If you do not pay the closing balance for each statement by the due date on that statement, the unpaid purchases will not enjoy an interest free period.
The 55 days interest free period commences with the opening of the credit card statement period which occurs on the 23rd of each month.
The interest free period for purchases starts on the date the purchase first appeared on your statement and ends on the due date for payment on that statement. The maximum length of the interest free period for a purchase is 55 days.
For example, an item purchased on the 23rd of the month will receive the maximum 55 days interest free period. An item purchased on the 24th will receive 54 days interest free.