Meaning of “Pay in full” CC

prowla

The day after the month's statement issue date is day 1 of the next month's interest-fre cycle.

Nasqueron

eskbanker said:

Nasqueron said:

eskbanker said:

Nasqueron said:

Spend £500 on day 1
Day 31 get statement to pay £500 by day 56
Day 56 have direct debit to pay balance in full

Max rewards, no interest, no black markers

Just to be clear, there's only one day in each month where it's possible to benefit from 56 days before payment!

Better IMHO for credit card newbies to understand the monthly cycle, i.e. everything spent in the month leading up to the statement being generated (on a date that's largely fixed) should be paid before the payment due date several weeks later.  Some cards collect DDs ahead of that due date rather than on it too....

Yes, hence spend on day 1?

But IMHO it's not obvious what 'day 1' means in this context - day that account is opened, day that physical card arrives, date of first purchase, 30 days before first statement is generated, etc (all of which may differ, with correspondingly varying intervals to statement and payment) - so was just emphasising that those new to credit cards and hoping to optimise fee-free period would generally benefit from understanding the monthly cycle.  There have been plenty of previous threads from those under the mistaken impression that every purchase carried a 56 day fee-free period, for example, by virtue of missing the key words 'up to'!

Per other reply - day 1 billing cycle 

it's not unclear at all, I didn't say anywhere that you'd get 56 days from every purchase, simply that that was the billing cycle - day after statement is day 1, after a certain number of days you get the statement issued, then a certain number of days later you pay in full and pay no interest.