Scotia SelectPay™
Enjoy the flexibility of buying now and paying little by little.
Turn eligible credit card purchases of $100 or more1 into monthly installment payments over a fixed period of time with Scotia SelectPay2 after purchase.
Here’s what you pay
Let’s say you bought a $1,200 laptop and converted it into a 3-month Scotia SelectPay installment plan with a low installment interest rate of 5.99% and no installment plan fee.
Your payments and interest for your Scotia SelectPay plan would be as follows:4
| Month | Monthly Installment Plan Payment (Principal Amount + Accrued Interest) |
Interest |
|---|---|---|
| Month 1 | $404.00 | $0.00 |
| Month 2 | $404.00 | $8.27 |
| Month 3 | $403.01 | $2.74 |
| Total | $1,211.01 | $11.01 |
Interest savings
Here’s how much you could save on interest on that same purchase for 3 months versus if you paid it off at a typical credit card annual interest rate of 20.99%:4
|
Interest Rate |
Interest Payments over 3 Months |
| Scotia SelectPay 3-Month Installment Plan Interest Rate | 5.99% |
$11.01 |
| Credit Card Annual Interest Rate on Purchases | 20.99% |
$38.47 |
| Total Savings |
$27.46 |
|
For illustrative purposes only. Certain assumptions and exclusions apply. See below4 for more details.
After purchase using the Scotia mobile app or Scotia online banking
After you make a purchase and your transaction has been posted to your Scotiabank credit card account (approximately 3 to 5 business days), sign into the Scotia mobile app or Scotia online banking. Select your Scotiabank credit card account and follow these steps:
- Click the Scotia SelectPayTM icon on your mobile app or select ‘Additional Services’ and then SelectPay through Scotia online banking.
- Choose an eligible Scotiabank credit card purchase1 you’d like to convert into a Scotia SelectPay Installment plan.
- Pick the plan that works for you (choose from the 3, 6, or 12 month option)3 and review the fee that applies.
- Read and agree to the SelectPay Plan Terms and Conditions.
- Slide or select to confirm.
Or watch the video to learn more
Insert heading text
with an optional subtitleStart using Scotia SelectPayTM
2 ways to get started
Get started with the Scotia mobile app
1. Download the Scotia mobile app or update it to the latest version
Scotia online banking
Start banking now from your computer, smartphone, or tablet.
1. Sign into Scotia online
Scotia SelectPay is an installment plan feature (the “Plan”, “Installment Plan” or “SelectPay”) made available on eligible Scotiabank credit card accounts (the “Eligible Account(s)”) that allows primary cardholders to convert an eligible credit card purchase of at least $100 in Canadian dollars (including taxes) posted to the Eligible Account to an Installment Plan with monthly payments over a fixed payment period (the “Installment Payment Period”) with a fixed interest rate (the "Installment Rate") during the Installment Payment Period that applies to that Plan.
The total amount of your Installment Plan will be divided over the months you selected in your Installment Payment Period in monthly installment payments of equal amounts over a fixed period, except for the last installment payment, which may be higher or lower than the other installment payments, due to rounding.
No installment plan fee (the “Installment Plan Fee”) applies to these Installment Plans.
The Installment Rate and installment Payment Period may vary per Plan and will be disclosed to you at the time you select the Plan.
All Installment Rates and applicable Installment Fees and other applicable terms of Installment Plans are subject to change. Installment Plan offers cannot be combined with any other offer.
The Installment Rate that applies to your Plan will apply during the Installment Payment Period to the amount of your Eligible Purchase converted to a Plan on the date the Plan is processed (the conversion date) to your Account. Prior to that conversion date, the annual interest rate on Purchases that applies to your Account will apply to that Eligible Purchase from the transaction date.
If we do not receive payment of the full balance (the “New balance”) by the payment due date that appears on your statement in the month in which the Eligible Purchase was posted to your Eligible Account you will lose the benefit of your interest-free grace period on that Eligible Purchase and any applicable interest during that time will then apply at the annual interest rate that applies to Purchases on your Eligible Account from the transaction date until the conversion date.
You may lose the benefit of the Installment Rate and your Plan could be cancelled if we do not receive payment of your monthly minimum(s) payment applicable to your Plan (the “Current Installment Payment”) by your payment due date while your Plan is in effect (as set out in your full SelectPay Installment Plan terms and conditions - see below for which terms and conditions apply to your Eligible Account). If that occurs, any remaining outstanding balance owing on your Plan at the time of cancellation will be subject to the then current annual interest rate that applies to Purchases on your Eligible Account
In the case of Eligible Accounts that are subject to the SelectPay Terms and Conditions after January 29, 2024, if we do not receive payment of the entire amount of your Current Installment Payment by the payment due date shown on that statement, any unpaid portion of that Current Installment Payment will accrue interest at the annual interest rate that then applies to Purchases on your Eligible Account beginning from the first day of the statement period after the missed Current Installment Payment until that amount is paid in full. You will still owe us payment of any Current installment Payment(s) due after that missed payment.
Any unpaid remaining balance on your Installment Plan (the “Remaining Installment Amount Balance”) after the Plan ends or is cancelled by you or us will be applied to the outstanding balance on your Eligible Account. Your Remaining Installment Amount Balance is again eligible for an interest-free grace period. You will not pay interest on that Remaining Installment Amount Balance if we receive payment of the full balance (the “New balance”) that appears on your statement in the month in which your Remaining Installment Amount Balance was applied to the outstanding balance on your Eligible Account. If you lose your interest-free grace period on the Remaining Installment Amount Balance, any applicable interest will then apply at the annual interest rate that applies to Purchases on your Eligible Account on that amount from the date of expiration or cancellation of the Installment Plan until the amount is paid in full.
Your Eligibility to convert an Eligible Purchase to an Installment Plan and the terms made available to you are subject to Scotiabank’s assessment at the time you request to convert your Eligible Purchase to a Plan. SelectPay is only available through the Scotia mobile banking app and Scotia online to primary cardholders on an Eligible Account.
Eligible Purchases that we identify to you as eligible for a SelectPay Plan (After Purchase Plans) must be converted to a Plan through our Scotiabank Online or Scotiabank mobile banking within the time period as described in your SelectPay plan terms and conditions otherwise those Eligible Purchases may no longer be eligible for a Plan.
See the full Terms and Conditions for eligible Scotiabank Credit cards, eligible purchases and additional SelectPay terms and conditions, which are subject to change.