Capitol One Interest free?

LouR

Hi all, I have a Capital One card (29% APR) coming and it says I have interest free on purchases for 56 days, in the same sentence it says "if paid in full monthly".

I can't seem to grasp whether I can buy something for say £100, and only have to back the £100 before the 56th day from purchase, or I have to pay back the £100 in a months time from purchase in order for it to be interest free?

SeduLOUs

You have interest free on purchases for 'up to' 56 days.

If you make a purchase the day after your statement is produced, it will be another 31 days until the statement with that purchase appears, and another 25 days until payment for that statement is due. Therefore the purchase was interest free for 56 days.

Purchases made later will have a shorter interest free period.

CLAPTON

LouR wrote: »

Hi all, I have a Capital One card (29% APR) coming and it says I have interest free on purchases for 56 days, in the same sentence it says "if paid in full monthly".

I can't seem to grasp whether I can buy something for say £100, and only have to back the £100 before the 56th day from purchase, or I have to pay back the £100 in a months time from purchase in order for it to be interest free?

it means you must pay whatever purchases are on your statement by the 'pay-by-date' on that statement

dresdendave

To reiterate Clapton's accurate post. Don't overthink things by trying to work out how many days ago you purchased items.

Just set up a DD to take the full payment every month and you will never pay interest. Only exception would be if you withdrew cash or used the CC for gambling or other cash-like transactions.