Scotiabank Introduces Instalment Plans for Credit Card Purchases
November 8, 2021 – Scotiabank has launched a revolutionary payment programme that allows customers the ability to convert large credit card purchases into fixed, flexible and affordable monthly instalments.
“Scotia SelectPay is an innovative and novel concept that was introduced based on our analysis of customer feedback and payment behaviours. We are very excited about it and we believe it will be very well received by our customers,” shared Perrin Gayle, Senior Vice President Retail Banking, why Scotiabank.
“We are also one of the first banks in the English-speaking Caribbean region to offer this credit card feature as a standard feature for all our credit cards in this way,” noted Gayle. This timely initiative is also being introduced just before the upcoming Christmas shopping season.
All Scotiabank credit card purchases over $40,000 are now eligible for Scotia SelectPay. Primary cardholders can access these flexible repayment options to convert these amounts into smaller monthly instalments.
After making a qualifying purchase, customers can log into the Scotiabank app, or online banking, within that same billing cycle period and select their Scotiabank credit card. They then tap the ‘SelectPay’ icon, choose any eligible purchase of $40,000 or more, review the summary and submit.
“For any qualifying transaction, customers have the opportunity to select whether they want to pay in 3, 6, 9 months, or in a year and these payments will be incorporated into their normal monthly credit card payment,” explained Gayle.
Scotia SelectPay provides a special interest rate plus a one per cent fee, which Gayle indicated is lower than the normal credit card rate.
“Using Scotia SelectPay will cost cardholders less and be more convenient. For customers, Scotia SelectPay offers unmatched flexibility and convenient financing of planned or unplanned purchases, while giving them greater control to choose payment options, with no need for credit checks or financing applications. This is a real benefit for customers who need to make a large purchase or have an emergency expense” Gayle further explained.
Scotia SelectPay is only available to primary credit cardholders with their account in good standing, and the flexible payment option must be set up within the current statement period when the purchase was made.