Scotiabank launches new credit card payment plan feature

Scotia SelectPay^™ is a new way to convert credit card purchases into fixed monthly installment payments

TORONTO, Aug. 4, 2021 /CNW/ - Scotiabank announced today the launch of Scotia SelectPay^™*, a new payment solution for eligible Scotiabank Visa* credit cards that provides customers with the option to convert purchases made on their credit card into smaller installment payments.

With Scotia SelectPay, Scotiabank customers can shop in person or online and then choose to turn their credit card purchases of $100 or more into 3, 6 or 12-month fixed installment payments, while still earning rewards and insurance coverage on their purchases.

"Our customers told us that they're looking for more options to help them manage their finances, which is why we are pleased to introduce Scotia SelectPay. This new credit card feature offers our customers more flexibility in how they pay for purchases, in addition to the convenience, rewards and lifestyle benefits that our credit cards already provide," said Brett Mooney, Senior Vice-President, Credit Cards and Lending at Scotiabank. "Scotiabank customers now have the ability to choose a repayment option that best suits their needs, which helps them plan ahead for major purchases or manage unexpected expenses."

Customers can convert eligible purchases to a Scotia SelectPay plan using their Scotia mobile banking app or online within seconds. No additional credit checks or credit applications are required because the plans are a feature of the credit card. Scotia SelectPay plan options, including payment and fee amounts, are displayed prior to selecting a plan to help customers make informed decisions that align to their overall financial needs. Plan details are included in customers' credit card statements and plans can be cancelled at anytime without additional fees or penalties.

"Scotiabank offers market leading credit card products and Scotia SelectPay is another example of how we're listening to our customers and providing them with flexible solutions to meet their overall lifestyle and financial needs," added Mooney.

For more information on Scotia SelectPay, visit www.scotiabank.com/selectpay

To learn more about Scotiabank's credit cards, visit the Scotiabank Advice+ Centre, an online hub that provides financial resources including a comprehensive list of the different credit cards available for your lifestyle and needs. There's also an option to book an in-person appointment with a Scotia advisor for more personalized, tailored financial advice.

About Scotiabank

Scotiabank is a leading bank in the Americas. Guided by our purpose: "for every future", we help our customers, their families and their communities achieve success through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets. With a team of approximately 90,000 employees and assets of approximately $1.1 trillion (as at April 30, 2021), Scotiabank trades on the Toronto Stock Exchange (TSX: BNS) and New York Stock Exchange (NYSE: BNS). For more information, please visit https://www.scotiabank.com and follow us on Twitter @ScotiabankViews.

^* Terms and conditions apply. Only available on eligible Scotiabank credit cards for eligible purchases. Not available to Quebec residents. Visit Scotiabank.com/selectpay to learn more.
Small business Scotiabank credit card accounts are not eligible for the SelectPay feature.

Scotia SelectPay is currently not available for Scotiabank American Express or Scotiabank Mastercard credit card accounts.

^™ Trademark of The Bank of Nova Scotia

SOURCE Scotiabank