You will be charged interest if you:
- do not make the repayment during the repayment period,
- have completed a cash advance or bank transfer, or
- did not pay out the entire balance.
Being a few cents short or paying even a day late will make a difference. To regain your interest free period, you need to:
- clear the entire balance for two consecutive months, and
- not complete any cash advances or bank transfers.
Interest will be calculated on any unpaid credit card balance between the due date and the end of the next month’s payment cycle (14th of the month).
Example:
First statement period 1st June to 30th June with balance and payment due 21st July:
If you pay the balance one day late or you don't clear the full balance, you will lose the interest free period. Paying two consecutive statement period balances in full and on time will restore the interest-free period.
For the next statement period 1st July to 31st July with payment due on 21st August:
Interest will be charged on the 31st July. It will continue to accrue from the 31st until you pay the amount due.
If you make a payment in full and on time for the next statement period 1st August to 31st August, the interest-free period will restart. The interest-free period will apply for the next statement period starting 1st September.