What is the interest-free (grace) period on a credit card?
The grace or interest-free period is the time during which the bank does not charge interest on spending made with a credit card. The interest-free period starts from the first cashless debit transaction in the month.
Interest will be charged for:
— cash withdrawals from a credit card or account
— transfers
— quasi-cash transactions
— payments via Faster Payments System (SBP)
List of organizations for transfers to which interest will be charged on the credit card
Use your credit card and the Faster Payments System (SBP) to pay for goods and services, withdraw cash, and transfer money from card to card. The bank provides a credit limit — an amount of money on credit. After you repay a certain amount to the bank, you can borrow it again from the bank and use the credit funds.