Important Notice of Changes

The changes being made relate to:

1. How we Apply your Minimum Payments
2. When we Prepare your Statements 
   
3. How we Calculate Interest

For more information, refer to your credit card's applicable Notice of Changes found at the top of this page

These changes are being made to our Scotiabank credit cards and are related to system enhancements that will allow us to serve your banking needs better now and into the future. 

The changes are being made to all of our Scotiabank Credit Card Accounts (except for ScotiaLine for business VISA Credit Card Accounts).

There is no action required on the part of cardholders due to these changes. 

These changes will be automatically applied to Scotiabank credit card accounts effective on or after your statement dated as of November 12, 2024.

As set out in any of the notices sent to you about our system enhancements, if you do not agree with these changes, you must notify us 30 days after the effective date of these changes.

If you do notify us, we can discuss an alternative product, or we can close your Account (without cost or penalty) and discuss payment options for any outstanding balance on your Account at that time.

The main difference between the two methods is that one (daily balance method) calculates interest on every daily amount you owe us each day in your statement period (also referred to as your billing cycle), while the other method (average daily balance method) calculates interest on the average of the daily amounts you owe us each day in a statement period.  Under both methods we do not charge interest on interest.

For more information, refer to your credit card's applicable Notice of Changes found at the top of this page.

The way we are applying your minimum payment is changing to align with system enhancements that will allow us to serve your banking needs better now and into the future. We also took this opportunity to simplify the descriptions of transaction categories within the minimum payment allocation order.

There is no change to how we calculate your minimum payment. The change is only to the way we apply your minimum payment. 

For your minimum payment only, please note the amounts with the lowest interest rate(s) are paid first before those with higher interest rate(s).

The way we apply any amount paid above the minimum payment is not changing.

For more information, refer to your credit card's applicable Notice of Changes found at the top of this page.

No, there will be no impact to pre-authorized payments set up to automatically pay your Scotiabank credit card account. The pre-authorized payments will continue to be drawn automatically the same as before on the payment due date.

Note: This change should result in a more consistent monthly payment due date. 

No, the interest rates are not changing as a result of the Notice of Changes.

The changes being made relate to:

1. What happens if you overpay your Account (credit balance) is changing
2. How we apply your payments is being updated to include a DPO Plan.
3. How interest applies is changing due to the new DPO Plans
4. One-time fee terms for SelectPay Plans are being updated.
5. Number of plans on your Account
6. Miscellaneous changes
7. Disclosure Statement changes

For more information on these Select Pay changes, review Scotiabank.com/selectpay and the applicable SelectPay Notice of Changes found at the top of this page.

What happens if you overpay your Account (credit balance) is changing. A credit balance could result in a plan being paid in full before the plan period expires (currently it would remain a credit balance). Updates to the “Vouchers” and the “How we Apply Payments if you have a plan” sections in your SelectPay terms. For more information refer to the Notice of Change.

For vouchers, if you receive a credit or refund or other reduction for any portion of the amount of an Eligible Purchase that is part of a SelectPay Plan, it will not be considered a payment to your Eligible Account and will only be applied to reduce any outstanding balance that you still owe on your Eligible Account.

If we receive payment of more than your New balance (in other words, you have paid more than the billed balance (the “New balance”)), we will apply any payment amount in excess of the New balance to unbilled Transactions including any Current Installments Payments or any DPO Amount not yet billed (unbilled) to your statement.

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 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.

If you have a SelectPay Plan and we do not receive payment of the Total Minimum Payment on your statement two (2) consecutive times, we have the right to cancel any of your SelectPay Plan(s).

One-time fee terms for SelectPay Plans are being updated.

We may offer you a SelectPay Plan with a one-time fee, in addition to plans with monthly fees, and therefore, we have updated terms on how we charge interest on that one-time fee.

For more information, refer to “One-time Fees” section on the SelectPay Notice of Change.

We may limit the number of SelectPay Plans you can have on your Account at any time. If you have met the maximum number of plans, you may not be eligible for a further plan.

For more information, refer to the SelectPay Notice of Change.

With the new addition of DPO Plans, plural references have been made in the SelectPay Terms (“plans” vs “installment plan only”), clarifying when a section is about a DPO Plan or Installment Plan only or both, including in headings and changes to the term “credit card account” to instead use the defined term “Eligible Account”.

For more information, refer to the SelectPay Notice of Change.

A fee and/or annual interest rate may apply to a SelectPay Plan. Details of the fee and/or rate are added to the Disclosure Statement for your Account under the headings “Annual Interest Rate or Rates” or “Other Fees” as disclosed in the Notice of Change

For more information, refer to the SelectPay Notice of Change.

A DPO Plan is a feature that we make available on an Eligible Account. A DPO Plan will allow you to convert an Eligible Purchase (as defined above) into a DPO Plan to defer payment of that Eligible Purchase over a fixed period of time, after that Eligible Purchase has been posted to your Eligible Account. DPO Plans are not available to Quebec residents or at checkout.

For more information, refer to the SelectPay Notice of Change.

To provide “During Checkout” SelectPay Plans to eligible Scotiabank Visa credit cardholders, Scotiabank shares information about your eligibility and selections with Visa Canada Corporation and with the participating merchant with whom you make an Eligible Purchase.

They use this information to display SelectPay Plans from us and to process your purchase. Visa and any participating merchant may also handle the information you or we provide them, as set out in their own privacy policies and practices.

For all SelectPay Plans, we may share your information with third parties (who also have to keep it secure and confidential) in certain circumstances, including: the Scotiabank Group of Companies (for example, for marketing purposes or internal reporting where those companies provide services to us), our service providers and their agents, fraud prevention agencies, and other finance-related entities. Your information may be stored outside of your province of residence or Canada.

As a first course of action, please contact your Bank Representative, visit the Branch or reach out to the Customer Contact Centre (1-800-4SCOTIA or 1-800-472-6842).

Scotiabank is committed to providing accessible information and communication to its customers. We recognize that persons with disabilities may use methods other than standard print to access information. Scotiabank will communicate with individuals with disabilities in ways that account for their disability while remaining accommodating and respectful. Some methods that Scotiabank offers include large print, accessible PDF, and braille.

You can request alternate format documents and communication supports by:

• Calling 1-800-472-6842 and entering your card or account number when prompted (when asked why you’re calling, say “Agent” or press “0.”)
• Speaking to your Scotiabank advisor
• Emailing clientaccessibility@scotiabank.com to let us know exactly what you need
• Using the live chat in our app. To access the live chat, please sign in to your Scotia mobile app and select More, then select Contact us, and finally Chat with us

For more information, please visit https://www.scotiabank.com/ca/en/about/accessibility/accessibility-features.html.