Interest free period and ramming as much purchases in during promotional cashback

seatbeltnoob

Hello. I have £500 I can spend at the promotional rate to get £25 cashback which ends in 2 days. These aren't spending for the sake of spending, these are outgoings I need to make some time in the future.
I would normally wait until I have to cash to spend but if it's in the interest free period I will spend it in advance before I get paid.
My last statement period ends 4th December. (next one will end 4th Jan). The balance on the last statement was -£2 (I overpaid the credit card by £2). I never kept any balance on the statements. Am I right in thinking if I have a £500 balance on this statement it will be interest free until the 4th Feb statement?

I want to pay off £250 balance early on an item I bought through amazon payment plan (interest free). I want to order 2 x £125 jacket in 2 sizes (XL and L) and return whichever one doesn't fit.
That should get me to my £500 purchase and get the cashback (will the £125 refund also reverse the cashback?)

seatbeltnoob

card is amex platinum cashback

https://www.americanexpress.com/uk/credit-cards/platinum-cashback-credit-card/

Maximum 56 days on purchases if you pay the full amount you owe on each statement date on time each month.

[Deleted User]

The balance will start incurring interest after the end of any interest free promo period. Once the promo has finished, interest will be waived if you clear the balance in full by the end date, as long as you weren't previously revolving a balance.

The refund will reverse the cashback.

seatbeltnoob

There's no interest free promo on this card. I'm a bit confused, what is a 56 day interest free period when it states balance needs to be paid in full at the end of each month?

seatbeltnoob

My understanding is, I'm allowed to carry a balance on a statement for one month and it doesn't incur interest if everything is paid in full on the next statement.

[Deleted User]

It means you have UP to 56 days interest free, but to get the maximum would mean making a transaction the day after your statement is produced.

You therefore only have less than a month if your transaction is just prior to statement production.

kaMelo

seatbeltnoob said:

My understanding is, I'm allowed to carry a balance on a statement for one month and it doesn't incur interest if everything is paid in full on the next statement.

In the absence of an introductory/special offer;
Any statemented balance needs to be paid in full by the due date to prevent interest being accrued.
Any statemented balance not paid off will incur interest from the purchase date until the next statemented balance is paid in full. (Even then their maybe some trailing interest on the next statement)

seatbeltnoob

kaMelo said:

seatbeltnoob said:

My understanding is, I'm allowed to carry a balance on a statement for one month and it doesn't incur interest if everything is paid in full on the next statement.

In the absence of an introductory/special offer;
Any statemented balance needs to be paid in full by the due date to prevent interest being accrued.
Any statemented balance not paid off will incur interest from the purchase date until the next statemented balance is paid in full. (Even then their maybe some trailing interest on the next statement)

This is what I thought initially, but how does 56 days interest free work? If you had to pay the card off in full by due date then the max interest free you could ever have would be 30/31 days.

Dazed_and_C0nfused

If your latest statement is 4 Jan 2021 and you buy something today how many days will you have to pay it off without being charged interest?

Clue.  Your next statement won't be generated until 3/4 February 2021.

kaMelo

seatbeltnoob said:

kaMelo said:

seatbeltnoob said:

My understanding is, I'm allowed to carry a balance on a statement for one month and it doesn't incur interest if everything is paid in full on the next statement.

In the absence of an introductory/special offer;
Any statemented balance needs to be paid in full by the due date to prevent interest being accrued.
Any statemented balance not paid off will incur interest from the purchase date until the next statemented balance is paid in full. (Even then their maybe some trailing interest on the next statement)

This is what I thought initially, but how does 56 days interest free work? If you had to pay the card off in full by due date then the max interest free you could ever have would be 30/31 days.

It will say "Up to 56 days" which is possible if the dates are as Dazed and C0nfused pointed out.

seatbeltnoob

you people keep bringing up the up to 56 days comment. Stop bringing that up. Yes I know what up to 56 days is.
How can it it be interest free up to 56 days. At the same time require payment in full at the end of each month. a month has 28/29/30/31 days. How is it possible to have UP TO 56 days interest free when a month is no longer than 31 days.