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

seatbeltnoob

Dazed_and_C0nfused said:

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.

How can you ever have up to 56 days interest free, if you are required to pay balance off in full before the next statements which will always be in 31 days or less. You explain that to me.

[Deleted User]

seatbeltnoob said:

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.

If you spend just after the statement is made, you don't have to pay until x number of days after the statement is issued the next month....

I did a BT on my card on 2nd December, statement was produced 27th December, payment is due 21st January - so 50 days between the spend and first payment where I paid no interest (obviously I also pay no interest on the balance as it's a BT card but same principle applies)

On another card, payment for something on 15th November, statement date is 13th December, payment due 4th January, again 50 days

kaMelo

seatbeltnoob said:

Dazed_and_C0nfused said:

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.

How can you ever have up to 56 days interest free, if you are required to pay balance off in full before the next statements which will always be in 31 days or less. You explain that to me.

You are quite correct in that a statement will always be within 30/31 days (bar February of course) however it's not the statement date that matters, it's the payment due date.
An example from my own AmEx account. 
Previous Statement date 15th November. 
New purchases made on 14th November but not processed until 15th November go onto next months statement which is dated 15 December.
Payment due date on 15th December statement is 9th January.

Purchases made on 14th November not due for payment until 9th January  = 56 days interest free.

seatbeltnoob

Deleted_User said:

seatbeltnoob said:

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.

If you spend just after the statement is made, you don't have to pay until x number of days after the statement is issued the next month....

I did a BT on my card on 2nd December, statement was produced 27th December, payment is due 21st January - so 50 days between the spend and first payment where I paid no interest (obviously I also pay no interest on the balance as it's a BT card but same principle applies)

On another card, payment for something on 15th November, statement date is 13th December, payment due 4th January, again 50 days

Thanks, that is true based on my experience as well. loaded the card with all my installments on 1st Jan, statement generated on 4th Jan. I paid everything off before the due date 28th January and not interest was applied.