Bank of Montreal is introducing a digital credit card instalment plan that allows consumers to make interest-free monthly payments on their purchases.
The PaySmart function provides clients with the option of three, six, or twelve equal monthly payments with no interest charges and a monthly cost of up to 0.9%.
Since purchases are made within current credit limits, no credit checks or approvals are necessary, and cardholders get all the advantages of their credit card, including incentives and insurances.
Jennifer Douglas, head, North American retail and small business payments, BMO, says: “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.”
