Does this sound right for a credit card?

[fizz47]

I have a Virgin Atlantic Black Credit card.

My billing period starts on the 14th of each month. I have a balance due date of 26th of the same month. As I pay of my balances in full each month whatever my balance was on 14th March, to not incur any interest I would have to pay it off in full by 26th March.


Is this right? - Is not the whole point of the credit card to be able to have a decent interest free period.

So with my card if I made a large purchase on 13th March it woul be included in my March statement and the balance would have to be paid by the 26th of the same month.


I called up the card company and they say well if you make a purchase on 15th March you effectively do not have to pay it till 26th of April and thats when their interest free period starts from.

Anyone else have the same card? Does this sound right?

What are billing periods like on other cards?

[ColuGav]

My First Direct credit card has about 56 days of interest free if you buy on first day of new period...

Period starts about the 8th of the month, bill not due until 3rd or so two months after..

[marshalla]

fizz47 said:

Is this right? - Is not the whole point of the credit card to be able to have a decent interest free period.

No, the point of a credit card is to make money for the card issuer. One of the ways they do this is by trying to make it look like they're offering you something for nothing.

All cards work the same way - the "interest free" period is the period between the start of a billing period and the date when payment must be made, thus to get the longest possible interest free loan, you have to use the card on the first day of the billing period.