Just how do interest free days work?
28 July 2008
Many credit cards offer interest free day features. But just what day does the interest free period start? You might think that the interest free period starts from the day of the purchase - and from there you have up to 55 days to repay.
Well, the interest free period does start from day of purchase - but ends at the end of your billing period.
So if you purchase an item at the beginning of your billing period, you'll probably get up to 55 days interest free. But if you purchase an item towards the end of your billing period, you won't get the 55 days interest free. Be sure to understand the terms and conditions of your credit cards.
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