The Tribune

SCOTIABANK (Bahamas) has introduced a payment system that allows customers to convert large credit card purchases into smaller monthly installments.

“Scotia SelectPay is a new concept that allows any cardholder to make high value purchases and repay them in smaller instalments over time,” said Scotiabank (Bahamas) retail banking director, Na-amah Barker. “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 $250 or more are eligible for Scotia SelectPay, which is being introduced just ahead of the 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,” said Ms Barker. “Payments are provided based on purchases made 26 days from the next statement date.”

The bank said Scotia SelectPay provides flexibility and the convenient financing of planned or unplanned purchases, while giving customers greater control over payment options with no need for credit checks or financing applications.

After making a credit card purchase, customers can log in to the Scotiabank app, or online banking, immediately after a purchase is posted (within the same credit card cycle) and select their Scotiabank credit card. Then then 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,” Ms Barker added.

Credit card holders whose accounts are in good standing can enjoy the initiative’s benefits.