Credit Cards and Unsecured Line of Credit (ULOC) Payment Deferral


Terms and Conditions

By submitting a request to defer your credit card or line of credit monthly payments, you agree to the following terms and conditions:

  1. You represent and warrant that all information provided to Scotiabank in connection with your credit card or line of credit deferral request is correct and true. By submitting your deferral request, you certify that you that:

    • If applicable: all borrowers/cardholders under a line of credit under a Scotia Total Equity Plan have consented to submitting this deferral request.

  2. You have requested to defer your minimum payment for your credit card or line of credit account for up to 3 months (the “deferral period”). You understand that your regular payments will be required following the deferral period.

  3. During this deferral period, any applicable interest will continue to apply to your outstanding balance at the interest rates that apply to your account and that interest will be added to your balance. You understand that this means you may have to pay more interest once the deferral period is over. We do not charge interest on accrued interest on our Visa or American Express credit cards or line of credit products. We do charge interest on accrued interest on our Mastercards. You can see how much interest is being charged to your account each month on your monthly statement. You can always make a payment to your account at any time even during a deferral period.

  4. If you have a Scotia Professional Student Plan or a Scotialine for Students product, please read the additional information below:

    • Please note that following the deferral period, the payment amounts you owe will be adjusted based on the amortization period remaining for the account.  As disclosed to you, your payment amounts may be adjusted by us, including in the event of any deferred (skipped) payments.  It is possible that after the deferral period ends, depending upon your account activity and payment history, we may review your payment amount and amortization period and we may determine that no adjustment of the payment amount is required. We will advise you and any co- borrower on this account who has selected to receive separate disclosures each time your payment amount changes.  We will not provide any notice where the payment amount does not change after our review.  Even if we do not provide such a notice, this will not prevent the payment amount from varying. Any notice will be provided to you (and the co-borrower if applicable) in writing or electronically if you (and any co-borrower) have consented to receive such notice electronically.

  5. We will not charge an overlimit fee in any statement period where your account is over limit (balance exceeds the credit limit) if that overlimit resulted from the interest that accrued on your account during your deferral period.

  6. If you have creditor insurance on your credit card or line of credit, insurance premiums will continue to be charged to your credit card or line of credit during the deferral period in order to maintain your insurance coverage.

  7. We reserve the right to review your account activity and may adjust your credit limit during a deferral period.

  8. Your statement will continue to show a minimum payment due through any deferral period.

  9. If this account is currently set up with an automatic payment, you agree that we may cancel this automatic payment if you are approved for a deferral period.

  10. For Credit Cards only: If your account has been approved for a credit card payment deferral, we will reduce your interest rate on purchases and cash advances to 10.99% on a temporary basis during the deferral period. This interest reduction will be reflected as an interest credit. You’ll receive an interest credit for every month of your deferral period, and you’ll see that credit on your statement in 2 months’ time. This temporary interest rate reduction will end when your deferral period is over.