56 days

Options
Hi

For a CC when they say 56 days interest free purchases, as long as balance is cleared at the end of the month, what exactly does that mean?

Say your statement date is the 15th of every month.

You buy item for £100 on the 1st, making your account -£100
Statement on the 15th shows -£100 balance.

So you have to pay it all off to pay no interest? Where is the 56 days then?

Thanks!

Comments

  • ylesia
    ylesia Posts: 299 Forumite
    Options
    Hi there

    It will be up to 56 days interest free. For example my statement date on my card is the 8th of the month. I made a purchase on the 08/11/2008 but it didn't come through until my December 2008 statement which had a payment date of the 29/12/2008, hence 51 days interest free. All cards are different as to how many days is the maximum.
  • Paul_Herring
    Paul_Herring Posts: 7,481 Forumite
    Name Dropper Photogenic First Post First Anniversary
    Options
    aldino wrote: »
    Hi

    For a CC when they say 56 days interest free purchases, as long as balance is cleared at the end of the month, what exactly does that mean?
    They claim up to 56 days. And the period's more likely to be 40-odd days now.
    Say your statement date is the 15th of every month.

    You buy item for £100 on the 1st, making your account -£100
    Statement on the 15th shows -£100 balance.

    So you have to pay it all off to pay no interest? Where is the 56 days then?
    If you buy something on the 14th of the month, it'll likely appear on your statement produced on the 15th of the next month (32 days,) and it won't have to be paid for (say) a fortnight after the statement produced (another 14 days) - which, in this case is 46 days.
    Conjugating the verb 'to be":
    -o I am humble -o You are attention seeking -o She is Nadine Dorries
  • aldino
    aldino Posts: 41 Forumite
    Options
    They claim up to 56 days. And the period's more likely to be 40-odd days now.

    If you buy something on the 14th of the month, it'll likely appear on your statement produced on the 15th of the next month (32 days,) and it won't have to be paid for (say) a fortnight after the statement produced (another 14 days) - which, in this case is 46 days.
    thanks that makes sense.

    guess ill be making most of my purchases on the day of my statement in future lol!
  • Geenie
    Geenie Posts: 1,213 Forumite
    Options
    It does seem to vary with different cards. My Barclaycard statement started from the 3rd March and payment was due by the 27th April, so in theory it has 55 days from the start. But I pay about 4 days before the due date so that payment has time to clear. Still about 50 days though, and I keep my money in e savings so at least it earns some interest....... supposedly! :rolleyes:


    "Life is difficult. Life is a series of problems. What makes life difficult is that the process of confronting and solving problems is a painful one." M Scott Peck. The Road Less Travelled.
  • Paul_Herring
    Paul_Herring Posts: 7,481 Forumite
    Name Dropper Photogenic First Post First Anniversary
    edited 29 April 2009 at 9:58AM
    Options
    Geenie wrote: »
    But I pay about 4 days before the due date so that payment has time to clear.

    CC payments made by direct debit (Amex excepted) generally come out on the due date, and, (provided you have enough funds to cover the payment,) means you're not responsible if they fail to claim the payment on time.
    Conjugating the verb 'to be":
    -o I am humble -o You are attention seeking -o She is Nadine Dorries
This discussion has been closed.
Meet your Ambassadors

Categories

  • All Categories
  • 343.7K Banking & Borrowing
  • 250.2K Reduce Debt & Boost Income
  • 449.9K Spending & Discounts
  • 235.8K Work, Benefits & Business
  • 608.9K Mortgages, Homes & Bills
  • 173.3K Life & Family
  • 248.4K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards