Understanding credit card

night_hawk

Hi there, I have recently received my credit card but I seem to be having a bit of trouble understanding the "56 Day interest free period"

To make this clear, my credit card statement comes out on the 10th of every month. If I were to buy something for 100 pound on the 11th that would that give me 55 days to pay the balance back. Am I misconceiving this? If I am, are there ways of knowing how many days I would have to pay back my balance before making the transaction.

Sorry if this confuses you. First time using a credit card, you see

StuC75

In theory you are correct.

The time that you have (Barring any special offer \ Introductory deals on the card) is from Transaction -to- Next Statement Date -to- the Due Date.. This is assuming that previous statements have also been paid in full..

But do consider that the due date is the latest date that they need funds received and posted to your account. Even if you pay using debit card on the c\card website or using Fast Payments through your bank account.

If you pay manually these are days you may 'lose' at the end, the biggest benefit being to have Direct Debit set for Full Balance payment as that will usually claim and be debited from your account close to that due date..

InsideInsurance

Your basically correct but you have to pay the balance in full and factor in how long it takes your payment to clear at the credit card company. It is "up to" as if you buy it later in the month then you get less time