Effective 1 January 2019, Bank First will change the way interest is charged on purchases. The change aligns with new legislation passed by the Government that will benefit customers.

Currently, customers are not charged interest on a purchase if the closing balance of the account, at the end of the statement period, is paid in full by the due date. If the balance has not been paid by the due date, interest is charged from the date of purchase.

From 1 January 2019 if the balance has not been paid in full by the due date, interest charges will only be charged from the repayment due date. Cash advances will continue to be charged interest from the date the transaction is debited from the account.