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 15th June to 14th July with balance and payment due 28th 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 15th July to 14th August with payment due on 28th August:
Interest will be charged on the 14th of August. It will continue to accrue from the 14th until you pay the amount due.
If you make a payment in full and on time for the next statement period 15th August to 14th September, the interest-free period will restart. The interest-free period will apply for the next statement period starting 15th September.