The following month, there will be an amount shown for the minimum payment due, and your automatic payment will resume. During the Skip a Payment month, the amount of the minimum payment due will automatically be set to $0. You do not have to make any changes to your automatic payment setting. I use automatic payments through TD to pay the minimum payment. I have automatic payments set up and would like to Skip a Payment. You will not incur any late fee or other penalty fee for not making a payment that month. Will I be charged a penalty or late fee when I use the Skip a Payment feature? This does not include balances that are not otherwise subject to interest during the Skip a Payment month (e.g., promotional balances). Therefore, interest will begin to accrue on your account's unpaid balance and new purchases. We do not charge interest on new purchases if you pay your entire balance in full by the payment due date each month.īy using the Skip a Payment feature, you will not pay your entire balance in full for the chosen month. The Skip a Payment feature will not affect how we determine when interest charges begin accruing. Will I owe interest if I use the Skip a Payment feature? I usually pay my balance in full in order to avoid interest. You will also pay more in interest over time, and it may take you longer to repay your outstanding balance. Īs a result, the amount of your next minimum payment will be higher than it would have been if you had not used the Skip a Payment feature. Also, you will not reduce your outstanding balance for that month. However, interest will accrue on any unpaid balances(s) and new purchases. When you use the Skip a Payment feature, you do not have to make a payment for the applicable billing cycle. Does interest apply during the Skip a Payment period?
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