Will I still receive an interest-free grace period on my eligible purchases that I convert to a Scotia SelectPay Installment Plan?
Yes. Similar to any other new purchase that appears on your statement for the first time, you will receive an interest-free grace period on your new eligible purchase that appears on your statement for the first time, so long as you pay your new balance that appears on that same statement that month in full.
If not, then we will charge you interest on that eligible purchase from the transaction date until it’s paid in full.
For example, if you converted your eligible purchase on April 22 and you made your purchase on April 18 (transaction date), and you have not paid your new balance in full on the statement on which the converted eligible purchase appears, you will incur interest on that amount:
- first, from the transaction date of April 18 at the purchase rate that applies to your credit card account
- and thereafter at the installment plan interest rate (if any) that applies to your account
- and if any balance of your eligible purchase after the installment plan ends, at the purchase rate that then applies to your account