{"id":168196,"date":"2021-09-15T14:57:21","date_gmt":"2021-09-15T18:57:21","guid":{"rendered":"https:\/\/mp-2702.milesopedia.dev\/?p=168196"},"modified":"2026-05-08T15:52:47","modified_gmt":"2026-05-08T15:52:47","slug":"buy-now-pay-later-flexible-payment-options-in-canada","status":"publish","type":"post","link":"https:\/\/mp-2702.milesopedia.dev\/en\/guide\/buy-now-pay-later-flexible-payment-options-in-canada\/","title":{"rendered":"Buy Now, Pay Later: Flexible Payment Options in Canada"},"content":{"rendered":"\n

If you have followed this blog long enough, you will know that we believe that the responsible use of a credit card can have a wide range of benefits. As the pandemic restrictions begin to lift, Canadians like you have more reason to make larger purchases.<\/p>\n\n\n\n

Maybe you wanted a new laptop, appliance, or furniture; the bottom line is that most Canadians will likely opt to buy these goods on credit. In fact, a survey conducted by the Bank of Canada found that credit card purchases make up 56% of the total value of goods and services purchased<\/a>.<\/p>\n\n\n\n

Instead of carrying a balance month to month and paying ungodly amounts of interest, what if we told you that some credit card companies would offer installment plans for these large purchases at favourable rates?<\/p>\n\n\n\n

In this article, we will be talking about the buy now, pay later plan and some of the options available that you can use to your advantage.<\/p>\n\n\n\n

Let\u2019s get started.<\/strong><\/p>\n\n\n\n

What is the buy now, pay later plan?<\/h2>\n\n\n\n\n\n

The buy now, pay later plan is essentially financing a purchase with credit. You can buy something in full with the option of spreading the payments over time. There are many buy now, pay later options in Canada, and the movement has grown with programs offered by companies like Afterpay, Sezzle and PayBright.<\/p>\n\n\n\n

There are two types of buy now, pay later options to consider:<\/p>\n\n\n\n

1- Equal payment plan<\/h3>\n\n\n\n

The equal payment plan, also called installment payments, establishes the minimum amount you pay each period. When your payment period arrives, you pay the agreed upon amount until it is paid in full.<\/p>\n\n\n\n

Most credit card issuers will opt for this<\/strong>.<\/p>\n\n\n\n

2- Deferred payment plan<\/h3>\n\n\n\n

The deferred payment plan has no set payment amounts. You will essentially pay the balance in full when the due date has hit.<\/p>\n\n\n\n

How do I get started?<\/h2>\n\n\n\n

Several major credit card issuers offer credit card installments with varying fees and application processes. The process for most is relatively straightforward.<\/p>\n\n\n\n

To get a plan started with your credit card, you can log into your account to see the qualifications, select the eligible purchase you would like to make, find out the cost and installment plan, and there you have it!<\/p>\n\n\n\n

Who offers these plans? Top 5 credit card issuers<\/h2>\n\n\n\n

Here is a look at some of the top issuers of installment loans. As we mentioned before, most issuers will offer favourable interest rates and low fees. These figures are usually based on the total amount and are charged monthly.<\/p>\n\n\n\n

Note: For some of the companies featured, these credit card offers will not be shown in Quebec.<\/em><\/p>\n\n\n\n

1- Scotia SelectPay<\/h3>\n\n\n\n

What does this plan offer?<\/h4>\n\n\n\n

The Scotia SelectPay plan offers cardholders a 0% interest rate on purchases of $100 or more.<\/p>\n\n\n\n

Payment options<\/h4>\n\n\n\n

Payment options range from 3,6 and 12-month periods. While there is a SelectPay fee, you will not be charged any other fees associated with setting up the installment plan. This could be an excellent option, considering that the monthly installment fee is calculated by multiplying the entire purchase transaction amount by the total fee % and dividing it by your total months.<\/p>\n\n\n\n

Below provides detail on how the plans are structured:<\/p>\n\n\n\n