UniqueGuy

No, you’re not interpreting it correctly. 

Here’s how it will work for this month (August 2019):

The billing period will end on 8/31.  The next day, on 9/01, your August “statement” will be generated and you will know your statement balance. You’ll then have until the end of 9/30 to pay your August statement balance. So Apple Pay cardholders will always have at least 27 days to pay before they’ll start incurring interest charges on the previous month’s purchases (actually 28 days if you start counting at the last day of the billing period). 

So Apple Card will actually have the longest grace period in the industry. 

Read the Terms & Conditions to see for yourself (you can do this without having applied for the card).