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The phrase "credit terms" is correct and can be used in written English.
For example, "The company offered us generous credit terms to purchase the new machines for our factory."
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Credit terms are usually expressed with a discount for prompt payment.
In your case, O2 has agreed to halve your bill and offer credit terms.
Relaxed credit terms, like zero-down payment options encouraged by Fannie Mae and other lenders, helped.
Other measures he suggests for minimising the risk of delayed payments involve flexibility around credit terms.
The Federal Reserve reports that credit terms are now starting to ease a bit.
He declined to say whether any of the company's trading partners had suspended or altered credit terms.
"The key is to make it voluntary, to make it simple and to offer favorable credit terms".
It is no different in unregulated financial markets, where easy credit terms almost always produce an asset bubble.
The subprime market is too small to have much aggregate effect, but credit terms are getting a little meaner for mainstream borrowers too.
Promotional memos NovaStar sent to its 16,400 unsupervised mortgage brokers across the country told the tale of easy credit terms.
From the late 1980s, credit hire companies began to supply replacement vehicles on credit terms, recovering the costs from the at-fault drivers' insurer.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com