Some transactions don't have interest-free periods
Some types of transactions have no interest-free period, which means they accrue interest from the day they are made until they are repaid in full. With CommBank credit cards, this includes:
- Cash advance transactions such as ATM withdrawals, money transfers and transactions considered equivalent to cash (like traveller’s cheques)
- Balance transfers (you don’t need to pay this off to get an interest-free period on other purchases)
- SurePay® instalment plans
Similarly, some credit cards have no interest-free periods (such as CommBank Business Low Rate credit cards). All transactions on these cards accrue interest from the day you make the transaction until they're paid off.
How to stop paying interest
Interest is charged to your account on the last day of your statement period.
The easiest way to avoid paying interest is to always pay your statement’s closing balance on time, and not make any cash advances.
If you've been paying interest on purchases, you can regain your interest-free period by:
- Paying your account balance in full to get interest-free on all purchases from that day.1 This is everything you owe up until today, including any purchases you’ve made since your last statement.2
- Paying your closing balance in full by the due date shown on your statement to get interest-free on new purchases in your next statement period. This is the amount you owe from your last statement period.