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Understanding your credit card interest-free period 

We offer credit card accounts with interest free periods on purchases and some credit card accounts without. If you’re unsure whether your account has interest free periods on purchases please refer to your Letter of Offer. 

You may have noticed how we refer to ‘up to 44 interest-free days’ on purchases (or ‘up to 55-interest free days’ on purchases depending on your card) on our credit cards.

This refers to the maximum possible length of time between the first day of a statement period and the payment due date for that period. For example, if your credit card statement is from June 1st to 30th, your repayment will be due on July 14th, which is 44 days after the first day of that statement.

If your credit card account doesn’t have interest free periods on purchases, we will charge interest on the entire outstanding balance on the account (including in respect of any purchases), on a daily basis. 

For more information on interest free days, please refer to the ANZ Credit Card Conditions Of Use (PDF 372kB).

 

It’s up to 44 days, not 44 days for every purchase

Knowing this, you might realise that not all purchases you make get 44 interest-free days. Using the example above, it depends on when that purchase was made during the statement period:

  • If you made a purchase on June 1st, you’ll get the full 44 days before your bill is due.
  • If you made a purchase on June 28th, you’ll have 16 days before your bill is due.

 

Pay off in full to take advantage of interest-free days

If your account has interest free periods on purchases, you can avoid paying interest on the purchases balance by always paying the full Closing Balance shown on each statement of account by the applicable due date. If you don’t pay the full Closing Balance shown on a statement of account by the applicable due date , the purchases balance will attract interest. This interest will be charged on any amounts in the purchases balance that were debited to your account after the end of the statement period in respect of which you last paid the Closing Balance in full by the applicable due date, from the time that they were debited. (If you don’t pay the full Closing Balance shown on the very first statement of account issued to you by the applicable DUE DATE, interest will be charged on any amounts in the purchases balance that were debited to your account on or after the first day of the credit card contract, from the time that they were debited.)

 

Regain an interest-free period

If you miss a full payment, you may regain the benefit of interest free periods on purchases by paying the full Closing Balance shown on two subsequent consecutive statements of account by each applicable due date. Once you pay the full Closing Balance on the first statement of account, we will hold over unbilled interest charges on the purchases balance (other than those referred to below). If you pay the full Closing Balance on the second statement of account, you will not be billed that held interest, and you can avoid further interest on your purchases balance if you continue to pay the full Closing Balance shown on each subsequent statement of account by the applicable due date.

You will still be billed some interest, calculated for the period after the date of issue of the first statement of account up to and including the payment of the Closing Balance for that statement of account, on the full purchases balance during that period. If you pay the full Closing Balance on the first statement of account, but don’t pay the full Closing Balance on the second statement of account by the applicable due date, the held interest will appear on your next statement of account (along with any other interest on the purchases balance for the period after the date of issue of that second statement of account).

 

How to make full use of your interest-free days

  • Pay the full Closing Balance shown on each statement of account by the applicable due date. 
  • Know when your statement periods are.