Is this Credit Card going to cost me?

Could somebody take a look at these terms & conditions of a credit card I am thinking of getting. I am only considering this card because it belongs to a particular Airline I will fly a lot with over the next year, and I will get their airmiles with each purchase. I always pay any balance on my credit cards in their entirety, as I refuse to pay the ridiculous interest. However, I am worried about item 5 on the above .pdf. Am I right in thinking that I will be paying interest, regardless, on the £ 1500.00 that is mentioned here? And if so, what would this cost me?

Original text: Is this Credit Card going to cost me?

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