These terms and conditions (the “Terms and Conditions”) which govern the Scotiabank “SelectPay™” plan supplement the terms and conditions of your Scotiabank Credit Card Cardholder Agreement (the “Cardholder Agreement”).

Capitalized terms used but not defined in these Terms and Conditions shall have the meanings defined and sent out in the Scotiabank Credit Card Cardholder Agreement.

The following definitions apply to these Terms and Conditions:

• “Annual Percentage Rate (APR)” refers to the interest rate applied to outstanding amounts on your credit card and is typically stated as a yearly rate, called the annual percentage rate (APR).
• “Effective Annual Interest Rate (EAIR)” refers to the annual interest rate that is adjust for compounding. For SelectPay APR and EAIR will be the same rate and therefore will represent the same value.
• “Eligible Transaction” refers to a completed transaction for a Purchase/Cash Advance which is equal to or greater than US$75.00, or its equivalent in your local currency or in another currency, but does not include any related fees (including cash advance fees, if applicable) or charges.
• “SelectPay™ Plan” means the repayment (installment) plan which allows a Primary Cardholder to repay certain Eligible Transactions in fixed monthly installments in accordance with these Terms and Conditions.
• "Purchase" means any retail, internet, phone or mail order purchase or Point of Sale transaction.
• “Cash Advance” means a transaction that is made when a credit card is used to withdraw cash from an ATM or from a branch or any other channel defined by the Bank.
• “Good Standing” means that your credit card account is not past due (including any payment due for a SelectPayTM Plan) or not in default, and you are not in breach of any terms of the Agreement, including these Scotiabank SelectPayTM Plan Terms and Conditions, and you are managing your credit card account as required by the Scotiabank Credit Card Cardholder Agreement and our requirements. For the avoidance of doubt, your credit card account will not be in Good Standing if you do not pay the Minimum Payment due on your credit card in full.
• “Scotiabank” or “Bank” means Scotiabank Trinidad & Tobago Limited, Scotiabank & Trust (Cayman) Ltd, Scotiabank (Bahamas) Ltd, Scotiabank (Jamaica) Ltd, Scotiabank (Turks and Caicos) Ltd, Scotiabank (Barbados) Limited. 

• An Eligible Transaction cannot be converted until the date it is posted to your credit card account which may be different from the Transaction date. You can convert Eligible Transactions we identify for you, during the statement period in which they are first posted to your credit card account but have not yet appeared on your statement. Fees, including cash advance fees, cannot be converted to a SelectPay™ Plan. Eligible Transactions must be converted to a SelectPay™ Plan during the same statement period in which it was posted to your credit card account and before the credit card account’s next statement date. After that, the Eligible Transaction will no longer be eligible for a SelectPay™ Plan. Your Plan will appear on your statement once it has been activated and posted to your credit card account (the posted date on your statement). 

1. If you make a purchase or perform a cash advance in another currency besides your local currency it will be converted to your local currency automatically using the daily conversion rate established by Scotiabank. USD transactions involving USD currency credit cards or dual currency credit cards will not be subject to a conversion. Scotiabank will identify Eligible Transactions through Scotiabank Online or Mobile Banking. When you opt to create a SelectPay™ Plan, you are agreeing to convert an Eligible Transaction posted to your credit card account to an installment payment plan. This is a series of regular, fixed payments made by the Cardholder to the Bank over a specific period of time. These payments cover both the principal amount and the interest accrued on the SelectPayTM Plan.
   
   
2. You will have the option to choose the length of time over which the SelectPay Plan will be repaid (“Term”). You will also have the option to choose the corresponding APR/EAIR (if applicable), depending on the Term selected. The payment terms and interest rates offered to you may change from time to time as permitted in the Scotiabank Credit Card Cardholder Agreement. It may take 2 to 3 business days for your SelectPay™ Plan to appear in your credit card account on the Scotia Online and Mobile Banking platforms.
   
3. An Eligible Transaction can only be converted to a SelectPay™ Plan by the Primary Cardholder.
   
   
4. The SelectPay™ Plan must be serviced in local currency and US dollar currency for dual currency products.
   
   
5. A SelectPay™ Plan is only available for accounts in Good Standing.
   
   
6. A one-time, non-refundable, set up fee equivalent to 1% of the Eligible Transaction will be charged to your credit card account whenever you set up a new SelectPay Plan (“Set-Up Fee”). This fee will show as a separate line item in your list of transactions, on your credit card statement. It is a charge to cover operational costs associated with setting up the SelectPay™ Plan. The Set-up Fee forms part of the Minimum Payment in the first statement following the creation of the SelectPay™ Plan.
   
   
7. Participating in a SelectPay™ Plan does not change your credit limit and has no impact on your eligibility for any loyalty points or cashback that you may have already earned from your Purchase. However, the credit available for you to use for Purchases and Cash Advances will decrease by the value of the Eligible Transaction that is converted to the SelectPay™ Plan. 

• Each SelectPay™ Plan monthly 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™ Plan
  
  
• After a conversion to the SelectPay™ 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 credit card account which relates to other transactions that have not been converted to the SelectPay™ Plan and;
  2) the installment principal amount plus interest on all Eligible Transactions that you have converted to the SelectPay™ Plan . The Set-Up Fee will only be included in the Total Minimum Payment due for the first statement following the creation of the SelectPay™ Plan
  
  
• You can always pay your Total Balance owing on your SelectPay Plan in full at any time by calling the Call Center. However, you cannot allocate payments on your credit card account between the balance owing to your SelectPay™ Plans and the rest of your Balance. Payments and other fees and charges will be allocated as set out in your Scotiabank Credit Card Cardholder Agreement. If a payment is allocated to more than one SelectPay™ Plan with the same interest rate, then it will be applied to your SelectPay™ Plans starting with the SelectPay™ Plan which Term is due to expire first.
  
  
• If you do not pay at least the Total Minimum Payment shown on your credit card statement in full in a particular month then your credit card account will no longer be in Good Standing. See section “Failure to make repayments on time” for more details.
  
  
• If you receive a credit for an Eligible Transaction that you converted to a SelectPay™ Plan, it will be applied to the Total Balance on your credit card account and will be allocated as set out in your Scotiabank Credit Card Cardholder Agreement.
  
  
• Your last SelectPay™ Plan monthly payment may be higher than the previous SelectPay™ Plan monthly payments if you change your existing credit card to another Scotiabank Credit Card, change your statement period, or a payment is reversed on your credit card account in any statement period following receipt of your payment. 

• Interest payable on the SelectPay™ Plan will be charged at the APR offered to and agreed by you at the time of the conversion of the Eligible Transaction to a SelectPay Plan (the “Plan Interest”). Please refer to the Bank’s Schedule of Rates and Fees on your country’s Scotiabank website for further details.
  
  
• The Plan Interest rate is different from the applicable credit card APR set out in the Schedule of Rates and Fees and Additional Terms which forms part of the Scotiabank Credit Card Cardholder Agreement. The Total Balance on your credit card not including the principal balance in any SelectPay™ Plan(s) will continue to accrue interest calculated at the APR for your credit card.
  
  
• The Plan Interest applicable to Eligible Transactions converted to a SelectPay™ Plan will be calculated based on an amortization schedule using the APR displayed at the time the SelectPay™ Plan is set up. For example:

1. The quoted Plan APR converted into a monthly rate.
2. This monthly rate is then used to calculate interest for monthly installment due under the SelectPay™ Plan.
3. The monthly rate is applied to the remaining balance on the SelectPay™ Plan. (see example below)

Calculation Example:

Let’s say you took a SelectPay Plan for $500 with an APR of 11 percent and a 12-month repayment timeline.

Here’s how you would calculate interest payments.

• Divide the interest rate you're being charged by the number of payments you'll make in a year.
• Multiply that figure by the initial balance of your SelectPay Plan, which should start at the full amount that you converted to the SelectPay Plan.

For the figures above, the payment formula would look like:

0.11 divided by 12 = 0.009

0.009 x $500 = $4.58 

 For further details on Credit cards please visit the following websites visit jm.scotiabank.com