Scotia SelectPay™      

Scotia SelectPay™ is a  credit card product feature that lets you use your revolving credit limit to convert eligible credit card purchases into equal monthly installment payments. You will have the option to pay off your SelectPay™ plan within 3, 6, 9 or 12 months.

1. Purchase must be equal to or greater than USD $75 (or local equivalent).

2. Purchase must be made in the same statement period as the SelectPay™ plan is set up.

3. Your credit card accounts must be in good standing.

To convert a credit card purchase:

1. Log in to your Scotia Caribbean App or Scotia OnLine Banking and view your credit card transactions.

2. Click on the eligible transaction you want to convert into a SelectPay™ plan.

3. Select “Convert your transactions".

4. Select the term you want for your SelectPay™ plan (3, 6, 9 or 12 months).

5. Accept the terms and conditions.

6. Slide or click to submit request for SelectPay™ plan setup. 

Only the primary cardholder can convert credit card transactions into a SelectPay™ monthly installment plan and the credit card must be in good standing.

Your SelectPay™ plan may take approx. 2-3 business days to show in the Scotia Caribbean App and Scotia OnLine Banking. 

You may only select one transaction for each SelectPay™ plan. There is no limit to the number of SelectPay™ plans you can create within a statement period.

A one-time, non-refundable, set up fee equivalent to 1% of your original transaction, will show as a separate line item in your list of transactions, in the same statement as your first monthly installment for SelectPay™. The one-time set-up fee of 1% covers operational costs associated with setting up the SelectPay™ plan and will include taxes, where applicable. This charge is non-refundable, unless you cancel the SelectPay™ plan within the same statement cycle.

Interest will be charged as the annual interest rate you agreed to at the time your transaction is converted to a SelectPay™  plan. The SelectPay™  plan interest is calculated as set out in the latest Cardholders Agreement. Learn more.

Interest on the eligible transaction converted to the SelectPay™ plan will be calculated based on an amortization table with a rate displayed at the time of the installment creation. 

a. The quoted SelectPay™ interest rate converted into a monthly rate.

b. This monthly rate is then used to calculate interest for each term.

c. The monthly rate is applied to the remaining balance on the SelectPay™ plan.

d. The interest amount decreases each term while the principal amount paid towards your plan increases each term, keeping the monthly payment amount equal for each term. 

Your SelectPay™ plan monthly payments are included in your Minimum Payment and Amount Due and will be billed on each monthly statement starting with the first statement following the creation of the SelectPay™ plan.

After a conversion to the SelectPay™ plan is made, the Total Minimum Payment due on your next statement will be the sum of 1) the minimum payment for the balance owing on your Card Account which relates to other transactions that have not been converted to a SelectPay™ plan and 2) the installment principal amount plus interest on all Eligible Transactions that you have converted.

The credit card limit will not change once you convert a transaction into a SelectPay™ plan. However, the limit available for revolving credit purchases will decrease by the amount of the transaction that is converted into the SelectPay™ plan. Example:

Credit Limit: $5,000

Amount Owing on Credit Card: $500

Transaction value converted to SelectPay™ plan: $500

Credit Available for purchases: $4,500

Yes. The available limit will increase as you pay down the SelectPay™ plan each month. Each payment consists of principal and interest. Only the principal portion of the payment will affect the limit available for purchases.

Yes. You can pay off the SelectPay™ plan in full or make larger payments by calling the Contact Centre.

Yes. You can cancel your SelectPay™ plan at any time after it has been posted to your account. It will take 2-3 business days to process a cancellation request. To cancel the SelectPay™ plan, call the Contact Centre. 

Scotiabank will cancel your SelectPay™ plan(s) if:

• Your account is no longer in good standing, i.e. once your Minimum Balance is not paid on time.
• You pay your Card Balance in full.
• Your Account is closed for any reason.

You will have your credit card transaction available to convert into a SelectPay™ plan, until the next statement cycle.
In order to convert your credit card transaction into a SelectPay™ plan,  your purchase must be made in the same statement period in which you wish to set up the plan. 

Example: If your transaction was completed on the 7th of the month and your next statement is on the 22nd of that month, you will have until the 21st of the month to set up the SelectPay™ plan.