NASSAU, BAHAMAS — Scotiabank (Bahamas) has introduced a payment system that allows customers to convert large credit card purchases into bite-sized monthly installments.
Scotiabank (Bahamas) Retail Banking Director Na-amah Barker said: “Scotia SelectPay is a new concept that allows any cardholder to make high-value purchases and repay them in smaller instalments over time.
“As one of the first banks in the region to offer this feature, we are confident that Scotia SelectPay will greatly benefit our customers’ needs.”
Credit card purchases of BD$250 or more are eligible for Scotia SelectPay — just in time for the approaching Christmas shopping season.
“Customers will be charged a lower interest than their usual credit card rates and will have monthly payment options to choose from, ranging from three, six, nine and 12 months,” noted Barker.
She added: “Payments are provided based on purchases made 26 days from the next statement date.”
Scotia SelectPay offers unmatched flexibility and convenient financing of planned or unplanned purchases, while giving the customer greater control to choose payment options, with no need for credit checks or financing applications.
After making a credit card purchase, customers simply need to log into the Scotiabank app, or online banking, immediately after a purchase is posted, within the same credit card cycle, and select their Scotiabank credit card. Tap the “SelectPay” icon, choose any eligible purchase, review the summary and submit.
“We think this product will be a game changer for us. Not only is this new feature more convenient, but it will afford cardholders a great way to save on interest costs, manage larger purchases and help with monthly budgeting, which can add to even more savings,” Barker added.
Primary credit card holders whose accounts are in good standing can enjoy all the program’s benefits.
For more information, and to get started with Scotia SelectPay, log on to https://bs.scotiabank.com/personal/credit-cards/select-pay.html.