Scotiabank Introduces Instalment Plans for Credit Card Purchases

Scotiabank has launched SelectPay - a revolutionary payment programme that allows customers the ability to convert large credit card purchases into fixed, flexible and affordable monthly instalments.

“We have been listening to our customers, collecting their feedback and analyzing their payment patterns. Scotia SelectPay is a great payment programme and we know our customers will welcome the freedom and convenience of repaying their larger credit card purchases using this option,” said Chervain Stuart, Senior Manager Retail Banking — Scotiabank Cayman.

This timely initiative was introduced just before the Christmas shopping season and so customers are currently benefitting from the instalment payment option on purchases they may have made.

All Scotiabank credit card purchases over USD$250 or its equivalent are now eligible for Scotia SelectPay. Primary cardholders can access these flexible repayment options via the Bank’s digital platforms — Scotia Mobile App or Scotia Online Banking — to convert these amounts into smaller monthly instalments.

“Customers will be charged lower interest than their usual credit card rate and will have monthly payment options to choose from ranging from three, six, nine and 12 months. This will be a great offer for emergency, unplanned or any large expenses customers may have” noted Stuart.

After making a credit card purchase, customers can log into the Scotiabank app, or online banking, immediately after a purchase is posted and select their Scotiabank credit card. Tap the ‘SelectPay’ icon, choose any eligible purchase of US$250 or more, review the summary and submit.

“For Scotiabank credit card holders, Scotia SelectPay will be a real benefit, saving them time and money as the programme offers a lower interest rate than the traditional monthly credit card interest rate and can be accessed without further applications or credit checks. It can even be used to simplify monthly household or personal budgets,” Stuart further noted.

Scotia SelectPay is only available to primary credit card holders with their account in good standing, and the flexible payment option must be set up within the statement period in which the purchase was made.