Common use of Extended Payment Terms Clause in Contracts

Extended Payment Terms. 9.1 From time to time we may offer extended payment terms on your credit card purchases. If you accept the extended payment terms, we will apply them to all purchases made from that point until the extended payment terms are cancelled. 9.2 The extended payment terms will increase the interest free period on purchases from a maximum of 56 days to a maximum of 117 days. This extended period will consist of three monthly statement periods, plus the standard twenty five days between the final statement date and the payment due date, which means you could have an interest free period of up to 117 days on purchases. 9.3 If you do not repay the full remaining balance that extended payment terms apply to before the end of the offer period, we will apply interest on the unpaid balance, at the standard rate which applies to purchases, from the date of each individual transaction. 9.4 If you do not make the minimum repayment in full for two consecutive months, any extended payment terms on your account will be cancelled, clause 9.3 will apply, and your standard terms will apply to all purchases from that point. 9.5 You have the right to cancel any extended payment terms that apply to your account at any time. If you do so, any extended payment terms on your account will be cancelled, clause 9.3 will apply, and your standard terms will apply to all purchases from that point.