Common use of Skip Payment Option Clause in Contracts

Skip Payment Option. At our sole option, we may allow you to skip payment of the Minimum Payment Due for a certain Billing Cycle. During any Skip-Payment period, Interest Charges will continue to accumulate on the unpaid balance of your Account, but no Late Payment Fee will be assessed. At the end of any Skip-Payment period, the Minimum Payment terms of this Agreement that would have applied were it not for the Skip-Payment feature, will automatically resume. Taking advantage of the Skip-Payment option will not extend the Delay Period for special Promotional Credit Plans.