Credit cards with 55 days interest-free

By   |   Verified by David Boyd   |   Updated 5 Jun 2023

As seen on

Media - The Sydney Morning Herald
Media - Yahoo Finance
Media - News.com.au
Media - Daily Mail Australia
Media - Australian Fintech
Media - Dynamic Business

Comparing credit cards with 55 days interest-free

American Express Explorer Credit Card

On website

Balance transfer

N/A

Purchase rate

23.99% p.a. ongoing

Annual fee

$395.00 p.a. ongoing

Highlights

  • Receive 50,000 Bonus Membership Rewards Points when you apply, are approved, and spend $4,000 on your new Card within the first 3 months. T&Cs apply. New Amex Card Members only.
  • Receive a $400 Travel Credit each year towards any flights, hotels, and car hire when you book online with this card.
  • Includes complimentary domestic & international travel insurance.

Pros

  • The 50,000 bonus Membership Rewards Points when approved and reach spend requirement within the first 3 months.
  • Receive a $400 travel credit every year.
  • Earn 2 Membership Rewards points per $1 spent on purchases except for government bodies in Australia where you will earn 1 point per $1 spent (uncapped).
  • Get two complimentary entries per year to The Centurion® Lounge.

Cons

  • The $395 p.a. annual fee.
Bankwest Breeze Mastercard

On website

Balance transfer

15 months at 0% p.a.

Purchase rate

15 months at 0% p.a.

Annual fee

$0.00 for 1st year

Highlights

  • Enjoy 0% p.a. on balance transfers for 15 months (2% BT fee, 12.99% p.a. thereafter).
  • 0% p.a. for 15 months on purchases (reverts to 12.99% p.a.)
  • First-year annual fee waiver. $49 p.a. thereafter.
  • New customers only. Limited time. Other fees and charges, T&Cs apply.

Pros

  • 0% p.a. on balance transfers for 15 months.
  • 0% p.a. for 15 months on purchases.
  • First-year annual fee waiver. $49 p.a. thereafter.

Cons

  • There are no rewards on this card.
  • There is a 2% BT fee.
St.George Vertigo Visa

Apply by 30 September 2023

St.George Vertigo Visa

Balance transfer

32 months at 0% p.a.

Purchase rate

13.99% p.a. ongoing

Annual fee

$55.00 p.a. ongoing

Highlights

  • Enjoy 0% for 32 months on Balance Transfers with a 0% balance transfer fee. Reverts to cash advance rate of 21.49% p.a.
  • 13.99% p.a. low variable interest rate on purchases.
  • Low annual fee of $55 p.a.

Pros

  • 0% p.a. for 32 months on balance transfers with no balance transfer fee.
  • 13.99% p.a. low variable interest rate on purchases.
  • Low annual fee of $55 p.a.

Cons

  • Balance transfer rate reverts to 21.49% p.a. after 32 months.
  • There are no rewards program for this card.
American Express Velocity Platinum Credit Card

On website

Balance transfer

N/A

Purchase rate

23.99% p.a. ongoing

Annual fee

$375.00 p.a. ongoing

Highlights

  • Receive 60,000 bonus Velocity Points when you apply online, are approved, and spend $3,000 on eligible purchases on your new Card within the first 3 months. Available to new Amex Card Members only.
  • Complimentary Virgin Australia return Economy domestic flight between selected cities each year after your first Card spend each anniversary year.
  • Enjoy 2 complimentary Virgin Australia lounge passes each anniversary year at selected domestic airports.

Pros

  • Receive up to 60,000 bonus Velocity Points when you meet the criteria.
  • Complimentary Virgin Australia return Economy domestic flight between selected cities each year after your first Card spend each anniversary year.
  • Enjoy 2 complimentary Virgin Australia lounge passes each anniversary year at selected domestic airports.
  • Receive 100 Velocity Frequent Flyer Status Credits, when you spend a minimum of $50,000 within your card membership year.
  • Complimentary domestic and international travel insurance.
  • Add up to 4 additional cardholders for free.

Cons

  • The interest rates applied to balances carried over is on the high end.
  • There is no balance transfer offer on this card.
St.George Amplify Platinum Credit Card (Amplify)

Balance transfer

24 months at 0% p.a.

Purchase rate

19.49% p.a. ongoing

Annual fee

$49.00 for 1st year

Highlights

  • Earn 90,000 bonus Amplify Points when you spend $3,000 on eligible purchases within 90 days from card approval. This could be worth up to $400 in eGift cards. Exclusions apply.
  • 0% for 24 months on balance transfers with a 1% balance transfer fee. Reverts to cash advance rate of 21.49% p.a.
  • $49 p.a. discounted annual fee for the first year ($99 p.a. annual fee thereafter)

Pros

  • The 90,000 bonus Amplify Points.
  • Earn uncapped Amplify Points per dollar on eligible purchases.
  • 0% p.a. for 24 months on balance transfers.
  • Comes with complimentary insurance (terms, conditions, exclusions, and eligibility criteria apply).
  • Compatible with Apple Pay, Google Pay, and Samsung Pay.

Cons

  • There is a 1% balance transfer fee. Other cards offer 0% balance transfer free.
Bankwest Breeze Platinum Mastercard

On website

Balance transfer

15 months at 0% p.a.

Purchase rate

15 months at 0% p.a.

Annual fee

$0.00 for 1st year

Highlights

  • Enjoy 0% p.a. on balance transfers for 15 months (2% BT fee, 12.99% p.a. thereafter).
  • 0% p.a. for 15 months on purchases (reverts to 12.99% p.a.)
  • First-year annual fee waiver. $69 p.a. thereafter.
  • New customers only. Limited time. Other fees and charges, T&Cs apply.

Pros

  • 0% p.a. on balance transfers for 15 months.
  • 0% p.a. for 15 months on purchases.
  • First-year annual fee waiver. $69 p.a. thereafter.
  • No foreign transaction fees.

Cons

  • There is no rewards program on this card.
  • There is a 2% BT fee.
American Express Platinum Edge Credit Card

On website

Balance transfer

N/A

Purchase rate

23.99% p.a. ongoing

Annual fee

$0.00 for 1st year

Highlights

  • $0 annual fee in the first year, saving you $195.
  • Earn 3 Membership Rewards points per $1 spent at major supermarkets and petrol stations.
  • Enjoy $200 to spend on travel each year that can be used on eligible flights, hotels, or car hire when booked through American Express Travel.

Pros

  • $0 annual fee in the first year, saving you $195.
  • Receive $200 to spend on eligible domestic and international flights, hotels, or car hire with American Express Travel.
  • Smartphone Screen Cover for smartphone screen repairs up to $500.

Cons

  • The ongoing purchase rate of 23.99%.
The American Express Essential Credit Card

On website

Balance transfer

N/A

Purchase rate

18.99% p.a. ongoing

Annual fee

$0.00 p.a. ongoing

Highlights

  • Get $100 back when you apply, are approved and spend $1,500 on your card in your first 3 months of Card Membership. T&Cs apply. New Amex Card Members only.
  • 0% p.a. annual fee.
  • Earn 1.25 Membership Rewards Gateway points for every $1 spent on everyday purchases, utilities, insurance and telecommunications.

Pros

  • Get $100 back when you meet the criteria.
  • $0 p.a. annual fee with the ability to earn points on your everyday spend.
  • Membership Rewards points can be transferred to several airlines for greater choice when redeeming for flights.
  • Comes with up to $500 of Smartphone Screen Cover.
  • Low 18.99% p.a. on purchases and up to 55 days interest-free when you clear the previous balance.

Cons

  • Doesn't come with travel insurance.
  • No access to concierge services.
  • There is no introductory balance transfer offer.
The Low Rate Credit Card from American Express

On website

Balance transfer

N/A

Purchase rate

10.99% p.a. ongoing

Annual fee

$0.00 p.a. ongoing

Highlights

  • Enjoy a low 10.99% p.a. interest rate on purchases.
  • $0 annual fee for as long as you have the card.
  • Up to 55 days interest-free.

Pros

  • Low 10.99% p.a. interest rate on purchases and $0 annual fee.
  • Comes with Card Purchase Cover and Card Refund Cover.
  • Up to 55 days interest free.

Cons

  • There are no rewards program for this card.
American Express Velocity Escape Card

On website

Balance transfer

N/A

Purchase rate

23.99% p.a. ongoing

Annual fee

$0.00 p.a. ongoing

Highlights

  • Earn Velocity Points and enjoy a $0 annual card fee.
  • Velocity Points earned on your card are transferred directly to your Velocity account each month and can be redeemed for a range of rewards including flights, accommodation, car hire, gift cards, and much more.
  • Earn 0.75 Velocity Points per $1 spent, except for government bodies in Australia where you will earn 0.5 Velocity Points per $1 spent.

Pros

  • No annual fee, but still earn points.
  • Earn 1.75 Velocity Points per $1 spent on purchases with Virgin Australia.
  • Get 0.5 points per $1 when paying tax to the ATO using the card.
  • 55 days interest-free on purchases when the previous balance has been cleared in full.

Cons

  • Doesn't come with complimentary travel insurance.
  • No complimentary lounge access.
  • No access to the concierge service.
  • There is no balance transfer offer for this card.
Bank of Melbourne Amplify Platinum Credit Card (Amplify)

Balance transfer

24 months at 0% p.a.

Purchase rate

19.49% p.a. ongoing

Annual fee

$49.00 for 1st year

Highlights

  • Earn up to 90,000 bonus Amplify Points when you spend $3,000 on eligible purchases within 90 days from card approval. Exclusions apply.
  • 0% for 24 months on balance transfers with 1% balance transfer fee. Reverts to cash advance rate of 21.49% p.a.
  • $49 p.a. annual fee for the first year ($99 p.a. annual fee thereafter)

Pros

  • The 90,000 bonus Amplify Points.
  • 0% for 24 months on balance transfers.
  • Comes with complimentary insurance (terms, conditions, exclusions, and eligibility criteria apply).
  • Compatible with Apple Pay, Google Pay, and Samsung Pay.

Cons

  • There is a 1% balance transfer fee. Other cards offer 0% balance transfer free.
ANZ First Visa Credit Card

Balance transfer

N/A

Purchase rate

20.24% p.a. ongoing

Annual fee

$0.00 for 1st year

Highlights

  • Earn $100 cashback when you spend $750 on eligible purchases in the first 3 months from approval. Terms and Conditions apply.
  • $0 annual fee on the first year ($30 p.a. thereafter).
  • Up to 55 days interest-free on purchases when you pay your account in full each month.

Pros

  • Earn a $100 cashback when you meet the criteria.
  • $0 first-year annual fee.
  • A low minimum credit limit of $1,000.

Cons

  • There are no ANZ Rewards or Qantas Points benefits.
  • There are cards with a lower ongoing purchase rate.
ANZ Rewards Platinum Credit Card

Balance transfer

N/A

Purchase rate

20.24% p.a. ongoing

Annual fee

$95.00 p.a. ongoing

Highlights

  • Receive 80,000 bonus Reward Points and $50 cashback when you spend $2,000 on eligible purchases in the first 3 months from approval.
  • A range of complimentary insurances for travel and purchases.
  • Earn ANZ Rewards Points on everyday purchases.

Pros

  • 80,000 bonus Reward Points and a $50 cashback when you meet the criteria.
  • Earn 1.5 points per $1 spent up to $2,000 per statement period.
  • No cap on the total number of points you can earn.
  • Comes with complimentary insurance covers, including international travel insurance and purchase protection insurance.
  • ANZ Rewards points can be transferred to several airline partners, giving you booking flexibility.
  • Up to 55 days interest-free on purchases.

Cons

  • There is a $65 annual fee per additional cardholder.
  • The earn rate drops to 0.5 points per $1 after $2,000 per statement period.
  • No balance transfer offer.
  • No lounge access.
ANZ Low Rate Credit Card

Balance transfer

28 months at 0% p.a.

Purchase rate

12.49% p.a. ongoing

Annual fee

$0.00 for 1st year

Highlights

  • Choose between these 2 introductory offers: 0% p.a. for 28 months on balance transfers with a 2% balance transfer fee (reverts to 21.24% p.a.), or get $250 cash back when you spend $1,500 in the first 3 months from approval. Terms and Conditions apply.
  • No annual fee for the first year ($58 thereafter).
  • Low 12.49% p.a. ongoing rate on purchases.
  • Up to 55 days interest-free on purchases when you pay your account in full each month.

Pros

  • Enjoy 0% p.a. on balance transfers up to 28 months or earn $250 cash back.
  • $0 annual fee for the first year ($58 p.a. thereafter).
  • Take advantage of the low purchase interest rate of 12.49% p.a.
  • Add up to 3 additional cardholders at no extra cost.

Cons

  • No purchase or travel insurance included.
  • No rewards program.
NAB Low Rate Card

Balance transfer

32 months at 0% p.a.

Purchase rate

12.49% p.a. ongoing

Annual fee

$0.00 for 1st year

Highlights

  • Enjoy 0% p.a. on balance transfers for 32 months with no balance transfer fee. Reverts to variable cash advance rate of 21.74% p.a. after the promotional period.
  • $0 first-year annual card fee ($59 p.a. thereafter).
  • Get a response in 60 seconds.

Pros

  • 0% p.a. on balance transfers for 32 months.
  • No balance transfer fee.
  • The waived annual fee for the first year.
  • Additional credit card is free.

Cons

  • No rewards program for this card.
  • No insurance coverage.
Qantas Premier Platinum Credit Card

Apply by 29 November 2023

Qantas Premier Platinum Credit Card

Balance transfer

12 months at 0% p.a.

Purchase rate

19.99% p.a. ongoing

Annual fee

$349.00 for 1st year

Highlights

  • Earn up to 80,000 bonus Qantas Points. Receive 60,000 bonus Qantas Points when you spend $3,000 or more on eligible purchases within 3 months from card approval. Plus an additional 20,000 bonus points if you have not earned Qantas Points with a credit card in the last 12 months. Terms and Conditions apply.
  • Enjoy 0% on Balance Transfer for 12 months with no Balance Transfer fee. Reverts to Cash Advance rate, thereafter. No interest-free days apply on retail purchases while you have a balance transfer.
  • Save with the reduced annual fee of $349 p.a. for the first year. An ongoing annual fee of $399 p.a. applies in the 2nd year.

Pros

  • Earn up to 80,000 bonus Qantas Points when you meet the criteria.
  • 0% p.a. for 12 months on balance transfers.
  • Additional savings with the $349 first-year annual fee.
  • Comes with complimentary travel insurance.

Cons

  • The annual fee increases to $399 p.a. after the initial year.
Citi Clear Credit Card

Citi Clear Credit Card

Balance transfer

15 months at 0% p.a.

Purchase rate

14.99% p.a. ongoing

Annual fee

$49.00 for 1st year

Highlights

  • Earn $400 cash back when you spend $3,000 on eligible purchases in the first 90 days from approval. Terms and Conditions apply.
  • Transfer your other banks’ credit card balances and enjoy 0% p.a. for 15 months with a 0% balance transfer fee (reverts to cash advance rate).
  • Reduced annual fee of just $49 in the first year, then $99 after the initial year.

Pros

  • Low ongoing variable purchase rate of 14.99% p.a.
  • Includes complimentary insurance.
  • Up to 55 days interest-free on retail purchases.

Cons

  • There is no rewards program on this card.
Coles Rewards Mastercard

Apply by 31 July 2023

Coles Rewards Mastercard

Balance transfer

12 months at 0% p.a.

Purchase rate

19.99% p.a. ongoing

Annual fee

$99.00 p.a. ongoing

Highlights

  • Get up to 100,000 Flybuys bonus points. Get 60,000 Flybuys bonus points when you spend $4,000 or more on eligible purchases within 90 days of approval, plus 40,000 Flybuys bonus points when you keep your card for over 12 months. Terms and Conditions apply.
  • Enjoy 0% p.a. on balance transfer for 12 months. Reverts to the cash advance rate of 19.99% p.a.
  • Collect 2 points per $1 on eligible spend – that’s on top of the usual Flybuys Points from other partners.
  • $0 international transaction fees for purchases made online or overseas.

Pros

  • Get up to 100,000 Flybuys bonus points when you meet the criteria.
  • 12 months at 0% p.a. for balance transfers.
  • Collect 2 points per $1 on eligible spend – that’s on top of the usual flybuys points from other partners.
  • Access to the Coles concierge service.

Cons

  • The annual fee of $99 p.a.
  • No international travel insurance.
BOQ Platinum Visa Credit Card

Balance transfer

N/A

Purchase rate

20.74% p.a. ongoing

Annual fee

$129.00 p.a. ongoing

Highlights

  • Earn 150,000 bonus Q Rewards points when you spend $3,000 on eligible transactions in the first 90 days from approval.
  • Enjoy 0% p.a. on balance transfers for 14 months with no balance transfer fee. Reverts to cash advance rate of 21.74% p.a. after the promotional period.
  • Earn 2 Q Rewards points for every 1 dollar spent on eligible transactions.

Pros

  • Get up to 150,000 Q Rewards points when you meet the criteria.
  • 0% p.a. on balance transfers for 14 months with no balance transfer fee.
  • Get up to 4 additional cardholders at no extra cost.

Cons

  • The $129 p.a. annual fee.

It makes sense to get a credit card with the longest interest-free period that you can. The delay between the purchase date and the payment due date means that you are getting an interest-free line of credit.

55 days interest-free cards offer interest-free purchases during the period between the statement start date and the statement end date. But a 55 days interest-free credit card does not allow you to make interest-free purchases for 55 days on every purchase. It all depends on what stage you are at in your statement cycle when you make your purchase.

Benefits and drawbacks

Typically, the 55-day period includes your 30-day monthly statement period plus a further 25 days, by the end of which you are expected to pay the balance on your statement. This means you get a further three weeks to pay off your statement balance.

Failing to pay off your closing balance in full by the end of the last day of the additional 25 days (the due date) will see you forfeit your interest-free benefit for the whole of the preceding statement period, and possibly for the following statement period as well.

What ‘up to 55 days’ actually means

Here is an illustration to show how statement periods and payments work with 55 days interest-free credit cards. (The dates are for example purposes only.)

A 55 days interest-free credit card with a statement start date of 1st November will have a statement end date of 30th November. Your payment due date, however, will be 25th December. The payment window is the 25-day gap between the statement end date and the due date. This means you can make a purchase with the card on the 2nd of November and have over 53 days to pay it back in full without paying any interest. This is the best way to enjoy the maximum interest-free period. Making a purchase on the 30th of November means you only have over three weeks to pay back the balance to enjoy interest-free credit card borrowing. Purchases made in the payment window (from 1st December to 25th December) will be included in the next statement period.

Bear in mind that you cannot enjoy interest-free transactions if you do not pay your closing balance in full by the due date. This includes all your purchases, cash advances and balance transfers.

Some cards have fewer interest-free days

Not all credit cards have up to 55 interest-free days. Many credit card have only 44 days interest-free, so you need to be aware of the difference when you are choosing a card.

Take a look at the 55 days interest-free credit cards below if you are looking for a long interest-free window between the purchase date and payment due date.

FAQs

What are 55 days interest-free credit cards?

55 days interest-free credit cards give the cardholder an interest-free line of credit, provided the account balance is cleared on the due date every month. The payment due date falls approximately 25 days after the end of the billing cycle. The billing cycle is approximately 30 days long.

What does ‘up to 55 days’ actually mean?

It does not mean that you get 55 days credit on every purchase.

Purchases made on the first day of the billing cycle do not have to be paid for (i.e. cleared from the account) until 55 days later. Purchases made on the last day of the billing cycle do not have to be paid for until 25 days later. So the maximum interest-free credit period for any transaction is 55 days, and the minimum is 25 days.

What is the best way to use a 55 days interest-free credit card?

Pay off your account balance in full on the due date to avoid ever paying interest. Make a diary note of the due date, or set up a reminder on your computer or phone, or organise a direct debit from a bank transaction account.

Try to organise the bulk of your purchases and monthly bills so that they occur near the beginning of your credit card billing cycle, to maximise the number of interest-free days that you receive.

Do all credit cards have up to 55 days interest-free?

No. Many credit cards have only 44 days interest-free. Cards with up to 44 interest-free days offer 132 fewer interest-free days every year. If your average monthly purchases are $2,000 and you keep your cash in a 4% mortgage offset account, those extra 132 days are worth $29 per year in saved interest cost. Before you apply for a new card, check to see how many interest-free days it has.

Will I get 55 days interest-free if I have a balance transfer on my card?

No. An unpaid balance transfer on your card means you will forfeit your interest-free days. Interest will be applied to any purchases you make, from the transaction date until they are finally cleared from your account. The same rule applies to any kind of unpaid credit card balance, unless there is an introductory zero-interest offer on purchases in place.

If I can’t pay off my card account balance each month, does it matter how many interest-free days it has?

Essentially, no. If you always carry credit card debt from month to month, you’d be better off looking for a card whose primary feature is a low ongoing purchase interest rate. However, you may be able to combine both features – low interest and 55 days – in a single card, ready for the day when you finally clear your debt.