Time between purchase and paying-off

fimms

Morning all,

Am looking for a new credit card to use for business expenses, and was looking for a "cashback" card for the purpose.

However I don't obviously want to be paying interest, so was wondering what the period of time was between purchase and payment, before the interest "kicks in"?

For example, if I was to purchase a train ticket on 1st January, when would I have to pay that amount off of the card, to not pay any interest?

In this instance, my expenses (for this train ticket) wouldn't be paid into my account until 19th February.

Am looking at the Amex "Platinum Cashback Everyday
Credit Card", currently.

grumbler

fimms wrote: »

...Am looking at the Amex "Platinum Cashback Everyday Credit Card", currently.

See the Summary Box?

You will not be charged interest on new purchases if you pay your balance in full and on time every month. Otherwise interest will be charged on a daily basis from the date the transaction is applied to your account, until repayment is received.

Statements are issued once a month at the date you know and usually you have 20-25 days to pay the bill.
This is the same for all CCs with very few exceptions.

fimms

Cheers Grumbler

I'll go with a 0% then....

F1F93

You might get away with it. Each statement runs for a month, then you have about three weeks between getting the statement and paying before you earn interest.

For example, my most recent statement was 16th Nov to 16th Dec. I then have until 10th Jan to make a payment, and after then I will get charged interest. So, a purchase I made on the 16th Nov will not have to be paid off for 55 days, until 10th Jan.

So, if you were to get a statement running from 1st Jan to 1st Feb, you would then have until around 21st of Feb to make a payment.
However, the chances of you getting your statements on those exact dates and still having the card to make the purchase are practically non-existant, but possible. Do you have to buy your train tickets on the 1st Jan, or is it flexible? And I presume by your wording that you get your expenses a set number of days afterwards? If this is the case, you could buy your train ticket on the first day of the statement and then you would get paid JUST in time. Otherwise, no, sorry, the payment will arrive just too late.