How it works

Enjoy up to 55 days no payments and no interest on all purchases on your Farmers Finance Card, by paying your closing balance in full by the due date. Interest will apply to any part of the closing balance on your statement that is not paid by the payment due date. This interest will be calculated from the date the relevant Purchases were debited to your Account. Farmers Finance Card lending criteria, fees, and terms and conditions apply.

An interest free period refers to the time between buying something with your Farmers Finance Card and when interest is applied to that purchase. The number of interest free days you receive depends on when in your statement cycle you make a purchase. However, if you do not pay your balance in full by the payment due date stated on the statement, you will not receive interest free days on purchases covered by your statement that have not been paid in full by the payment due date.

 

Things to remember

  • The payment due date will be stated on the statement. This will be 25 days from the date of the statement (the “payment due date”).
  • If you always pay your balance in full by its payment due date, you can enjoy up to 55 days interest free on all purchases.
  • Purchases made earlier in your statement cycle will enjoy more interest-free days (up to a maximum of 55 days) than those made later in your statement cycle.
  • If you do not pay your balance in full by the payment due date, you will pay interest on any part of the closing balance not paid in full, calculated back to the date your purchase was debited to your account.
  • If you don’t pay at least the minimum payment shown on your statement, you could be charged a late payment fee.
  • “Up to 55 days interest free” only applies to purchases, not cash advances.
  • If your statement is dated 1 October, the payment due date (and the end of the “up to 55 days interest free” period) for all purchases on that statement will be 26 October.

 

Handy examples

If you made a purchase on:

  • 1 September ($100) - the payment date will be 26 October and you receive 55 days interest free
  • 15 September ($50) - the payment date will be 26 October and you receive 41 days interest free
  • 30 September ($25) - the payment date will be 26 October and you receive 26 days interest free
  • If you make payment of $150 on the payment due date leaving an outstanding balance of $25, interest will be calculated on $25 from 30 September (date of purchase) until the $25 is repaid in full.