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Scotiabank has followed in the footsteps of other
card issuers in Canada like American Express and CIBC by now offering an
optional flexible payment plan for purchases over $100. Called
Scotia SelectPay
the new feature allows eligible Scotiabank Visa cardholders to turn
eligible purchases of $100+ into installments. They can choose fixed
installment plan of three, six, or 12-months and pay a flat fee with no
interest. The example Scotia provides shows a 2% fee ($24) being applied
to a $1,200 purchase. This makes carrying a balance on big purchases
much more tolerable than the two figure interest rates but do know you
do have to pay the full amount of the purchase within the fixed
installment plan time frame you selected.
Learn more aboust SelectPay here. To see what Visa cards Scotiabank offers please
visit our Scotia page here.