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Scotiabank converts credit card repayments into BNPL instalment plans

Scotiabank converts credit card repayments into BNPL instalment plans

Canada's Scotiabank is converting credit card repayments into buy now, pay later plans, with the option to pay off debt in three, six or 12-month fixed instalment payments.

Available for purchases over $100 instore or online, customers can convert to a Scotia SelectPay plan using their Scotia mobile banking app or online within seconds.

No additional credit checks or credit applications are required and customers continue to benefit from rewards and insurance coverage on their purchases. Plan details are included in credit card statements and can be cancelled at anytime without additional fees or penalties.

Brett Mooney, SVP, credit cards and lending at Scotiabank, comments: "Our customers told us that they're looking for more options to help them manage their finances. 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."

Comments: (1)

Mark Sibthorpe
Mark Sibthorpe - msba - Pointe-Claire 10 August, 2021, 10:17Be the first to give this comment the thumbs up 0 likes

At what interest rate? Yikes! This sounds like a bad deal from consumers.