Common use of Prepaid Status Clause in Contracts

Prepaid Status. If you pay more than the Minimum Payment Due during any particular Billing Cycle, you still must pay the Minimum Payment Due in subsequent Billing Cycles unless we notify you that you are in “prepaid status.” Your Account can achieve “prepaid status” if you pay at least twice the amount of the Minimum Payment Due but less than the New Balance, whichever is less. Your Account can be in prepaid status without a payment being required for a maximum of three consecutive months. If your Account is in prepaid status and you continue to make payments, the prepaid status will remain in effect until the prepaid amount is equal to or less than the Minimum Payment Due. Your Account cannot be in prepaid status if your Account is in an adverse condition (delinquent, over-the-credit-limit, etc.) or if the entire Balance is due. If you pay the New Balance in full or make a payment that is greater than the balance, your Account cannot be in a prepaid status and any existing prepaid status that may exist is cancelled.

Prepaid Status. If you pay more than the Minimum Payment Due during any particular Billing Cycle, you still must pay the Minimum Payment Due in subsequent Billing Cycles unless we notify you that you are in “prepaid status.” Your Account can achieve “prepaid status” if you pay at least twice the amount of the Minimum Payment Due but less than the New Balance, whichever is less. Your Account can be in prepaid status without a payment being required for a maximum of three consecutive months. If your Account is in prepaid status and you continue to make payments, the prepaid status will remain in effect etfect until the prepaid amount is equal to or less than the Minimum Payment Due. Your Account cannot be in prepaid status if your Account is in an adverse condition (delinquent, over-the-credit-limit, etc.) or if the entire Balance is due. If you pay the New Balance in full or make a payment that is greater than the balance, your Account cannot be in a prepaid status and any existing prepaid status that may exist is cancelled.