Scotia SelectPayTM Terms and Conditions

These terms and conditions (the “Terms and Conditions”) which govern the Scotiabank “SelectPay” installment plan supplement the terms and conditions of your Scotiabank Credit Card Cardholder Agreement (the “Cardholder Agreement”). Capitalised terms used but not defined in these Terms and Conditions shall have the meanings defined and sent out in the Cardholder Agreement.

The following definitions apply to these Terms and Conditions:

·        “Annual Percentage Rate (APR)” refers to the annual interest rate applied to your credit card account when you carry a balance.

·        “Eligible Transaction” refers to a completed transaction for a Purchase which is equal to or greater than US$250.00, its equivalent in your local currency or another currency but does not include any related fees or charges.

·        “Eligible Card Typesrefers to the card brand networks that have installments enabled.

·        “SelectPay Plan” means the repayment plan which allows a Primary Cardholder to repay certain Eligible Transactions in 3, 6, 9 or 12-month installments in accordance with these Terms and Conditions.

·        "Purchase" means any retail, internet purchase, phone or mail order purchase or Point of Sale transaction.

·       “Scotiabank” or “Bank” means Scotiabank Trinidad & Tobago Limited, Scotiabank (Barbados) Limited, The Bank of Nova Scotia Jamaica Ltd., Scotiabank (Bahamas) Limited and Scotiabank Turks and Caicos Ltd.

Converting an Eligible Transaction into a SelectPay Plan

1.      Scotiabank will identify Purchases that are eligible to be converted to a SelectPay Plan through Scotiabank Online or Mobile Banking. When you opt to create a SelectPay Plan, you are agreeing to convert an Eligible Transaction posted on your Card Account to fixed installment payments (including interest), which means you will make equal payments on that Eligible Transaction over a fixed period of time.

2.      A Purchase must be equal to or greater than USD$250 (or local equivalent) in order to be deemed an Eligible Transaction for conversion to a SelectPay Plan.

3.      You will have the option to choose the payment term (in months) for the SelectPay Plan with a corresponding annual interest rate and an effective interest rate dependant on the length of the term selected. The payment terms and interest rates offered to you may change from time to time as permitted in the Cardholder Agreement. It may take 2 to 3 business days for your SelectPay Plan to appear in your Card Account on the Scotia Online and Mobile Banking platforms.

4.      An Eligible Transaction can only be converted to a SelectPay Plan

a.       by the Primary Cardholder, and

b.       during the same statement period in which that Eligible Transaction was posted but before your next statement date.

5.      The SelectPay Plan will be serviced in local currency for single currency products.

6.      A SelectPay Plan is only available:

a.      on accounts in good standing, and

b.      for eligible retail Card types and Eligible Transactions.

7.      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.

8.      Participating in a SelectPay Plan does not change your credit limit and has no impact on your eligibility for any loyalty points or cashback that you may have already earned for your Purchase. However, the credit available for you to use for purchases will decrease by the amount of the Eligible Transaction that is converted to the SelectPay Plan.

Making Payments

9.      Each SelectPay Plan monthly payment will be included in your Total Minimum Payment and the Total Balance Due on your Card Account and will be billed on each monthly statement starting with the first statement following the creation of the SelectPay Plan.

10.   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 the SelectPay Plan and 2) the installment principal amount plus interest on all Eligible Transactions that you have converted. The one-time installment fee will only be added to and included in the Total Minimum Payment due for the first statement following creation of the SelectPay Plan.

11.   You can always pay your Total Balance owing shown on your monthly statement in full at any time by calling the call center. However, you cannot allocate payments on your Card Account between the balance owing to your SelectPay Plans and the rest of your Balance. Payments and other fees and charges will be allocated as set out in your Cardholder Agreement. If a payment is allocated to more than one SelectPay Plan with the same interest rate, then it will be applied to your SelectPay Plans starting with the SelectPay Plan that will expire first.

12.   If you do not pay the Total Minimum Payment shown on your Card Account statement in full in a particular month you will no longer qualify to maintain any active SelectPay Plan(s). As such, the unpaid principal portion of your SelectPay Plan payment(s) will accrue interest at the annual interest rate for Purchases applicable to your Card Account starting the first day of the next statement period after the missed payment. Interest for Purchases is added to your Card Account at the end of each statement period.

13.   If you receive a credit for a Purchase that you converted to a SelectPay Plan, it will be applied to the Total Balance on your Card Account and be allocated as set out in your Cardholder Agreement.

14.   Your last SelectPay Plan monthly payment may be higher than the previous SelectPay Plan monthly payments if you change your existing Card to another Scotiabank Card, change your statement period, or a payment is reversed on your Card Account in any statement period following receipt of your payment.

Interest

15.   Interest payable on the SelectPay Plan will be charged at the annual interest rate offered to and agreed by you at the time of the conversion of the Eligible Transaction to a SelectPay Plan (the “Plan Interest”). Please refer to the Bank’s Schedule of Rates and Fees on your country’s Scotiabank website for further details.

16.   The Plan Interest rate is different from the applicable credit card annual interest rate set out in the Schedule of Rates and Fees and Additional Terms which forms part of the Cardholder Agreement. The Total Balance on your Card not including the principal balance in any SelectPay Plan(s) will continue to accrue interest calculated at the APR for your Card.

17.   The Plan Interest applicable to Eligible Transactions converted to a SelectPay Plan will be calculated based on an amortization schedule using the interest rate displayed at the time the SelectPay Plan is set up.  For example:

a.      The quoted Plan Interest rate is converted into a monthly rate.

b.      This monthly rate is then used to calculate interest for each term of the SelectPay Plan.

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

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

18.   Scotiabank does not charge interest on an Eligible Transaction that has been converted to a SelectPay Plan during that statement period if we receive payment in full of the Total Balance by the payment due date for that statement.

Cancelling Your SelectPay Plan

19.   You may cancel your SelectPay Plan by calling the call center at any time after it has been posted to your Card Account. Please allow 2 to 3 business days for processing of any cancellation request.

20.   Scotiabank will cancel your SelectPay Plan if:

a.      Your Card Account is no longer in good standing, i.e., you have not paid your Total Minimum Payment in full by the statement due date.

b.      You pay your Total Balance in full.

c.      Your Card Account is closed for any reason.

21.   The one-time Installment Set-up fee will not be refunded unless you cancel your SelectPay Plan in the same statement period in which it was created.

22.   If your SelectPay Plan is cancelled in the same statement period in which it was created, the APR for Purchases that applies to your Card Account will be calculated on the Purchase from the day after the SelectPay Plan cancellation request is processed to the end of the statement period and will be charged as set out in the Cardholder Agreement.

23.   If your SelectPay Plan is cancelled in any statement period after the statement period in which it was created, the unpaid principal of the cancelled SelectPay Plan (“the Cancelled SelectPay Plan Amount”) will be charged interest as follows:

a.      If you have paid the Total Amount Due (excluding the Cancelled SelectPay Plan Amount) for the statement period prior to the cancellation, then the unpaid Cancelled SelectPay Plan Amount will become subject to the APR applicable to Purchases on your Card Account starting the first day of the statement period following the cancellation until we receive a payment which covers the unpaid Cancelled SelectPay Plan Amount, or

b.      If you have not paid the Total Amount Due (excluding the Cancelled SelectPay Plan Amount) for the statement period prior to the cancellation, then the Cancelled SelectPay Plan Amount will be added to your Balance and the new Balance (including the Cancelled SelectPay Plan Amount) will be subject to the APR that applies to your Card Account starting the day after the SelectPay Plan cancellation request is processed until we receive a payment which covers the unpaid Cancelled SelectPay Plan Amount.

Changes to these Terms and Conditions

24.  We may amend any of these Terms and Conditions in accordance with your Cardholder Agreement and we will notify you of the changes by any method permitted by applicable law.