BMO PaySmart enables customers to turn their credit card purchases into smaller, interest-free monthly payments
BMO Launches PaySmart. (Credit: Erik Mclean on Unsplash)
BMO today announced the launch of PaySmart, a new digital credit card installment plan feature now available for Canadian BMO retail credit card customers via online banking. The new feature allows customers to turn eligible credit card purchases over $100 into smaller, interest-free monthly payments with a low fee.
The new feature offers customers the choice of different payment terms of either three, six or 12 equal monthly payments with no interest charges and a low monthly fee of up to 0.9 per cent. With PaySmart, purchases are made within existing credit limits, so no credit checks or approvals are required and cardholders continue to enjoy all the benefits of their credit card such as rewards and insurances.
“BMO’s new PaySmart feature provides customers with a predictable and convenient solution to help make their purchases and payments more manageable,” said Jennifer Douglas, Head North American Retail & Small Business Payments. “By having the option to break down their purchases, customers can spend on a schedule that works for them, help control cashflow and continue to make real financial progress. A BMO PaySmart plan can make life more affordable now by turning credit card purchases into smaller, monthly payments with a low fee. Whether it’s for an appliance upgrade, a much-needed home renovation or an unexpected purchase, customers can make a purchase now with the confidence that they’ll pay it off by a set date.”
“BMO’s PaySmart is another example of BMO’s Digital First strategy in action, focused on building a digitally-enabled, future-ready bank that drives real financial progress for our customers,” said Mat Mehrotra, BMO’s Chief Digital Officer. “This feature offers our customers a convenient and digital option to manage their payments in a way that aligns to their unique financial situation.”
PaySmart complements a host of digital capabilities focused on helping our customers make real financial progress, including BMO’s Pre-Authorized Payments Manager, Same Day Grace feature, BMO Insights, BMO CashTrack and Selfie ID.
Source: Company Press Release