http://www.creditcardfinder.com.au/understanding-credit-card-statement-features.html Welcome to Creditcardfinder.com.au! We want to help you find the best credit card for your needs. Fri, 10 Feb 2012 02:48:34 +0000 hourly 1 http://www.creditcardfinder.com.au/understanding-credit-card-statement-features.html/comment-page-1#comment-8188 carly Mon, 13 Apr 2009 03:02:13 +0000 http://www.creditcardfinder.com.au/?p=1097#comment-8188 The 55 days interest free period only applies if your balance is at $0 when you make the purchase. Eg- $0 balance then you spend $500 on a sofa- you then get UP TO the 55 days interest free period on the $500. If you already owe something, eg $50 and then you spend $500 on the sofa, you don't get the $500 interest free period, the total $550 will be accumulating interest at the interest rate from the date of purchase. So you will only get the UP TO 55 days interest free if balance at $0 when making the purchase. The 55 days interest free period only applies if your balance is at $0 when you make the purchase.
Eg- $0 balance then you spend $500 on a sofa- you then get UP TO the 55 days interest free period on the $500.
If you already owe something, eg $50 and then you spend $500 on the sofa, you don’t get the $500 interest free period, the total $550 will be accumulating interest at the interest rate from the date of purchase.
So you will only get the UP TO 55 days interest free if balance at $0 when making the purchase.

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