55 day Interest free information

Hi, I would like to find out more about the ‘Up to 55 days’ interest free on transactions feature of my credit card. I’ll try and keep my questions succinct.

  1. What sort of transactions qualify for 55 days interest free?
  2. “Up to” refers that there are other time periods at play, when does a transaction get less than 55 days interest free?
  3. I generally settle my credit card every month, but have noticed that the ‘closing balance to pay to avoid further interest’ includes the whole month’s transactions, surely some (if I have 55 days interest free) should be excluded from this amount?

Take my case as an example.

Last month, my credit card statement included transactions from 13 Sep to 12 Oct, the payment due date for the statement is 6 Nov.

It means, if I made a purchase on 13 Sep, I don’t have to pay for this item until 6 Nov, which is 55 days from the date of purchase.

Upto 55 days of interest free is not related to what items that you purchased, but on which DATE you had made your purchase.

Hi @MariusB8402 credit cards run on cycles. You have 30 days in a cycle and then 25 days to pay it off. For example if your cycle started 7 Oct and ended 5 Nov you have until 30th Nov to pay off the transactions during 7 Oct and 5 Nov. If you are planning on buying a big purchase then ideally you want to buy it towards the start of your cycle so you have longer to pay it off. Interest-free days only apply to purchases, not to cash advances or balance transfers. Here is a link that helps explain how this works and when the 55 days interest free doesn’t apply. Understanding interest charges - BNZ Hope this helps, Cheers.