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So you have a credit card with an interest free period, or have purchased a new fridge on a personal loan with an interest free period.

But you are not quite sure what it all means.

The confusion over when the interest free period starts is quite common, and can lead to huge charges being paid if you are not careful with your cash.

Many people get confused about when their “Interest Free” period starts on their credit card.

It is not each time you make a purchase. This period starts at the beginning of each statement period, which means that if you can never pay your balance off, and keep relying on your card for everyday living, you are paying interest on the ongoing balance, plus your purchases. Alternatively, if you pay off your card at the end of the period, you will never have to pay interest.