How to manage the interest-free periods offered by Credit Cards

Hardik Sharma Credit Card Show

The best things in life are free, goes the old saying. Credit cards, which have emerged as a popular way for payments and spending, have for a long time given one of the most important things for free: interest. While they may charge over 3% interest per month, credit cards give spenders a great chance to pay ‘zero interest’ during the grace period. This interest-free credit period can range from 18-48 days to 25-55 days depending on your payment due date.

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Peerless opportunity

There is no other credit product that gives a solid chance of avoiding interest to its borrowers. Credit cards do it. In that sense, credit cards behave like a true friend who helps you in your need but doesn’t expect any commercial benefit.

Let us understand a few terms before we explain to you how you can smartly manage the credit card without paying any interest.

There is always a payment due date. This is written on your credit card statement. Plus, the bank also sends an SMS on your registered mobile phone and may mention this date.

Easy tips to save interest

Every credit cardholder should remember three tips.

1. If you make full payment of the total credit card outstanding every month before the payment due date, congratulations. No interest will be charged. So, you can shop, dine, travel, and spend with your credit card but as long as you pay all dues before the due date, you pay zero interest. To know about the range and benefits of our credit cards,

2. If you do partial payments of total outstanding credit card dues before the payment due date, there is some interest levied. The interest is then charged for all transactions incurred in the current statement, i.e. from the transaction date till the statement date.

3. If you normally make a partial payment but in the current month you have made full payment on the total dues before the payment due date, there will be some interest charged. The interest charged on your credit card will be on the closing balance as per your previous statement. Since you normally make partial payments, interest will accrue on the balance amount.