Interest will not be charged on purchases and you will have an interest grace period for purchases of 21 days from the closing date on your statement to the payment due date if every month we receive payment in full by the due date. Payment in full means payment of the total new balance shown on your statement which is made up of all charges to your account (including purchases, funds advances, balance transfers and Amex cheques, fees and other charges) up to the closing date.
If we do not receive payment in full by the payment due date, the grace period on your next statement will be extended to up to 25 days. The specific due date will be shown on your statement. Interest will be charged on any previous balances during this period. The grace period will revert to 21 days on the next statement after we receive payment in full.
If the due date falls on a weekend or Canadian federal or applicable provincial holiday, if we receive payment in FULL by the next business day, you will still have an interest grace period for purchases as set out in this section.