Scotiabank “SelectPay Cash Advance and/or SelectPay Balance Transfers” Installment Plan

These terms and conditions (the “Terms and Conditions”) which govern the Scotiabank “SelectPay Cash Advance and/or SelectPay Balance Transfers” installment plan supplement the terms and conditions of your Scotiabank Credit Card Cardholder Agreement (the “Cardholder Agreement”). Capitalised terms used but not defined in these Terms and Conditions shall have the meanings defined and sent out in the Cardholder Agreement.

The following definitions apply to these Terms and Conditions:

“Effective Annual Interest Rate” (EAIR) refers to the annual interest rate that is adjusted for compounding.
“SelectPay Cash Advance and /or SelectPay Balance Transfers Plan” is to take a cash advance from available credit limit and paying in 3, 6, 9, 12 monthly installments in accordance with these Terms and Conditions.
“Payment behavior” means the speed at which the customer pays their credit card and how this compares with the agreed term.
“Credit behavior” means if the Customer has timely or late payment.
"Installment payment” means a fixed paying installment throughout a fixed period of time.
“Good standing” means the credit card are still active, are being paid as agreed, and are not frozen or closed.
“Amortization scheduled” is a record of your installments payments that shows the principal amounts and the interest included in each payment and the balance outstanding.
“Scotiabank” or “Bank” means [TT: Scotiabank Trinidad & Tobago Limited] [BB: Scotiabank (Barbados) Limited] [JM: The Bank of Nova Scotia Jamaica Ltd.] [BS: Scotiabank (Bahamas) Limited] [TCI: Scotiabank Turks and Caicos Limited.]

SelectPay Cash Advance and/or SelectPay Balance Transfers Plan

Scotiabank will identify customers with good payment behavior, good credit behavior and available limit on their credit card to offer a Cash Advance or Balance Transfer to be paid in fixed installment payments. When you opt to create a SelectPay Cash Advance and/or SelectPay Balance Transfer Plan, you are agreeing to take funds from your available credit limit and deposit these funds into your Scotiabank deposit account. You will repay SelectPay Cash Advance and/or SelectPay Balance Transfers Plan with installment payments over a fixed period of time.
Minimum amount for SelectPay Cash Advance and/or SelectPay Balance Transfer must be equal or greater than USD 200 or JMD 25,000 local currency.
You will have the option to choose the payment term (in months) for the SelectPay Cash Advance and/or SelectPay Balance Transfers Plan with a corresponding annual interest rate and an effective interest rate dependant on the length of the term selected. The payment terms and interest rates offered to you may change from time to time as permitted in the Cardholder Agreement. It may take 2 to 3 business days for your SelectPay Cash Advance and/or SelectPay Balance Transfers Plan to appear in your Card Account on the Scotia Online and Mobile banking platforms.
SelectPay Cash Advance and/or SelectPay Balance Transfers Plan only applies to the:
- Primary Cardholder, and
- Available credit limit on customer credit card.
- Primary Deposit Account or Checking Account at Scotiabank.
The SelectPay Cash Advance and/or SelectPay Balance Transfers Plan will be serviced in local currency for single currency products.
A SelectPay Cash Advance and/or SelectPay Balance Transfers Plan is only available:
- on credit card in good standing, and
- for eligible retail Card types with an available credit balance that will meet the eligible transaction amount.
A one-time, non-refundable, set-up fee equivalent to 1% of your SelectPay Cash Advance and/or SelectPay Balance Transfer amount, will show as a separate line item in your list of transactions, in the same statement as your first monthly installment for SelectPay Cash Advance and/or SelectPay Balance Transfers™.
Participating in a SelectPay Cash Advance and/or SelectPay Balance Transfers Plan does not change your credit limit. The credit available for you to use for purchases will decrease by the amount you took through SelectPay Cash Advance and/or SelectPay Balance Transfers Plan. As payments are applied to the Select Pay Plan, the amount repaid will be made available for use on the credit card account.
The SelectPay Cash Advance and/or SelectPay Balance Transfers Plan doesn’t generate loyalty points or cash back and has no impact on any loyalty points or cashback that you may have already earned.

Making Payments
Each SelectPay Cash Advance and/or SelectPay Balance Transfers Plan installment payment will be included in your Total Minimum Payment and the Total Balance due on your Card Account and will be billed on each monthly statement starting with the first statement following the creation of the SelectPay Cash Advance and/or SelectPay Balance Transfers Plan.
After a SelectPay Cash Advance and/or SelectPay Balance Transfers Plan is made, the Total Minimum Payment due on your next statement will be the sum of 1) the minimum payment for the balance owing on your Card Account which relates to purchases, cash advance on your current credit card and 2) the installment principal amount, plus interest from SelectPay Cash Advance and/or SelectPay Balance Transfer. The one-time set-up fee will only be added to and included in the Total Minimum Payment due for the first statement following creation of the SelectPay Cash Advance and/or SelectPay Balance Transfers Plan.
You can always pay your Total Balance owing shown on your monthly statement in full at any time by calling the call center. However, you cannot allocate payments on your Card Account between the balance owing to your SelectPay Cash Advance and/or SelectPay Balance Transfers Plans and the rest of your Balance. Payments and other fees and charges will be allocated as set out in your Cardholder Agreement. If a payment is allocated to more than one SelectPay Cash Advance and/or SelectPay Balance Transfers Plan with the same interest rate, then it will be applied to your SelectPay Cash Advance and/or SelectPay Balance Transfers Plans starting with the SelectPay Cash Advance and/or SelectPay Balance Transfers Plan that will expire first.
If you do not pay the Total Minimum Payment shown on your Card Account statement in full in a particular month you will no longer qualify to maintain any active SelectPay Cash Advance and/or SelectPay Balance Transfers Plan(s). As such, the balance of your SelectPay Cash Advance and/or SelectPay Balance Transfers Plan payment(s) will accrue interest at the annual interest rate applicable to your Card Account starting the first day of the next statement period after the missed payment. Interest is added to your Card Account at the end of each statement period.
If you receive a credit for a SelectPay Cash Advance and/or SelectPay Balance Transfers Plan, it will be applied to the Total Balance on your Card Account and be allocated as set out in your Cardholder Agreement.
Your last SelectPay Cash Advance and/or SelectPay Balance Transfers Plan monthly payment may be higher than the previous SelectPay Cash Advance and/or SelectPay Balance Transfers Plan monthly payments if you change your existing Card to another Scotiabank Card, change your statement period, or a payment is reversed on your credit card in any statement period following receipt of your payment.

Interest
Interest payable on the SelectPay Cash Advance and/or SelectPay Balance Transfers Plan will be charged at the Annual Interest Rate offered to and agreed by you at the time of the offer of SelectPay Cash Advance and/or SelectPay Balance Transfers Plan (the “Plan Interest”).
The Plan Interest rate is different from the applicable credit card annual interest rate set out in the Schedule of Rates and Fees and Additional Terms which forms part of the Cardholder Agreement. The Total Balance on your Card not including the principal balance in any SelectPay Cash Advance and/or SelectPay Balance Transfers Plan(s) will continue to accrue interest calculated at the Effective Annual Interest Rate for your Card.
The Plan Interest applicable to SelectPay Cash Advance and/or SelectPay Balance Transfers Plan will be calculated based on an amortization schedule using the interest rate at the time of the SelectPay Cash Advance and/or SelectPay Balance Transfers Plan is set up. For example:
- The quoted Plan Interest rate is converted into a monthly rate.
- This monthly rate is then used to calculate interest for each term of the SelectPay Cash Advance and/or SelectPay Balance Transfers Plan.
- The monthly rate is applied to the remaining balance on the SelectPay Cash Advance and/or SelectPay Balance Transfers Plan.
- The amount of interest payable decreases each term while the principal amount paid towards your SelectPay Cash Advance and/or SelectPay Balance Transfers Plan increases each term, keeping the monthly payment amount equal for each term.
Scotiabank does not charge interest on SelectPay Cash Advance and/or SelectPay Balance Transfers Plan during that statement period if we receive payment in full of the Total Balance by the payment due date for that statement.

Cancelling Your SelectPay Cash Advance and/or SelectPay Balance Transfers Plan
Scotiabank will cancel your SelectPay Cash Advance and/or SelectPay Balance Transfers Plan if:
- Your Card Account is no longer in good standing, i.e., you have not paid your Total Minimum Payment in full by the statement due date.
- You pay your Total Balance in full.
- Your Card Account is closed for any reason.
You may cancel your SelectPay Cash Advance and/or SelectPay Balance Transfers Plan by calling the call center and paying out the balance of your SelectPay Cash Advance and/or SelectPay Balance Transfers at any time after the amount has been posted to your Card Account. If your SelectPay Cash Advance and/or SelectPay Balance Transfers Plan is cancelled in the same statement period in which it was created, the SelectPay Annual interest Rate for cash advance or balance transfer that applies to your credit card will be calculated on the SelectPay Cash Advance or SelectPay Balance Transfer from the day after the SelectPay Cash Advance and/or SelectPay Balance Transfers Plan cancellation request is processed, to the end of the statement period and will be charged as set out in the SelectPay Terms and Condition. The one-time installments set-up fee will be refunded, only in case that you cancel your SelectPay Cash Advance and/or SelectPay Balance Transfers Plan in the same statement period in which it was created. Please allow 2 to 3 business days for processing of any cancellation request.
If your SelectPay Cash Advance and/or SelectPay Balance Transfers Plan is cancelled in any statement period after the statement period in which it was created, the entire amount becomes due as a part of the minimum payment on your next statement immediately after it is cancelled. The balance of the cancelled SelectPay Cash Advance and/or SelectPay Balance Transfers Plan (“the Canceled SelectPay Cash Advance and/or SelectPay Balance Transfers Plan Amount”) will be charged interest as follows:

- If you have not paid the Total Amount Due (excluding the Cancelled SelectPay Cash Advance and/or SelectPay Balance Transfers Plan Amount) for the statement period prior to the cancellation, then the Cancelled SelectPay Cash Advance and/or SelectPay Balance Transfers Plan Amount will be added to your Balance and the new Balance (including the Cancelled SelectPay Cash Advance and/or SelectPay Balance Transfers Plan Amount) will be subject to the Annual Interest Rate that applies to your Card Account. The interest will be calculated starting the day after the SelectPay Cash Advance and/or SelectPay Balance Transfers Plan cancellation request is processed until we receive a payment which covers the unpaid Cancelled SelectPay Cash Advance and/or SelectPay Balance Transfers Plan Amount.

Changes to these Terms and Conditions
We may amend any of these Terms and Conditions in accordance with your Cardholder Agreement and we will notify you of the changes by any method permitted by applicable law.