New Delhi, Feb. 17 -- Have you seen anycredit card advert wherein the bank has asserted that the interest-free period is 45-day long? But how is the period 45-days long when the card statement is released every month?

For this, let us understand two concepts ofcredit card billing cycle and the last date of bill payment.

Billing cycle: Credit card's billing cycle is the 30-day period during which all transactions are clubbed and added to the final bill.

Last date: Once the billing cycle is complete, banks typically give 15 days to clear the bill, which begins with the end of the billing cycle. So, the total time period becomes 30 days for the billing cycle + 15 days for clearing the payment i.e., a total of 45 days.

If Mr A gets a cred...