Common use of SKIP PAYMENT Clause in Contracts

SKIP PAYMENT. You may elect to skip the January payment each year provided the following conditions are observed: (a) Your Account must have been active for each of the six months that immediately precede the month in which the payment will be skipped; (b) Your outstanding Account balance must be within the stated Credit Limit; (c) minimum payments must be current and up to date on Your Account; (d) any past due payment history on your Account must not include more than three instances of a delinquency that is 29 days or less past due, or more than one instance of a delinquency that is 30-59 days past due, or any instance of a delinquency that is equal to or in excess of 60 days past due; and (e) the payment to be skipped must be at least equal to the $15.00 minimum amount. You understand that Finance Charges will continue accruing on the unpaid balance of Your Account at the applicable Periodic Rate until Your balance is paid in full, and that skipping a payment will have the result of increasing the total amount of Finance Charges paid and affect the number of Your scheduled payments.