Common use of Skip Payment Option Clause in Contracts

Skip Payment Option. At our option, we may offer you the opportunity to make (“skip”) a minimum payment during certain designated billing cycles (“skip payment period”) for a fee. If you do not make your minimum payments as provided in this Agreement, during such designated billing cycles, you understand that we will continue to apply finance charges to your account. Beginning with the billing cycle following an allowed skip payment period, all other provisions of this Agreement will apply. We have no obligation to accept your application for any skip payment period offered, and you authorize us to investigate your creditworthiness including obtaining consumer credit reports.