What is an interest free period?
The maximum interest free period is the number of days during the statement period plus the number of days until the statement due date.
It is the maximum amount of days that may apply before interest is charged on purchases (assuming you do not already have interest accruing on balances left over from a prior statement period).
Your interest free period will run from the date of purchase of each item through to the payment due date as disclosed on your next statement (typically 25th day of the next month).
The number of interest free days will depend on the date you make a purchase and the date on which a statement period ends.
If you’ve forfeited your interest free period by not paying your full balance by the due date, it can only be reinstated once you’ve paid your statement balance in full by the payment due date again.
If you don’t pay your statement amount in full by the due date you will be charged interest from the day after the payment due date and on any new purchases from the date of each transaction.
Remember, don’t forget to allow a few days for payments like BPAY® and transfers from non-Greater Bank accounts to process.
So be smart about your spending. Larger transactions could be purchased closer to the beginning of the month to use the maximum interest free period.
But this will only apply if you pay off that statement balance in full by the payment due date.