- BMO PaySmart enables customers to turn their credit card
purchases into smaller, interest-free monthly payments
TORONTO, Nov. 28,
2022 /CNW/ - 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.
With BMO PaySmart, customers will benefit from:
- A fully digital self-service feature through BMO Online
Banking®
-
- Customers can set up an installment plan in a few easy steps
with no set-up fee.
- No additional payments or statements involved, as installment
plans are included in monthly credit card bills.
- Multiple installment plans can be set up and managed through
online banking and installment plans can be cancelled at any
time.
"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.
For more information on BMO PaySmart visit
bmo.com/paysmart
About BMO Financial
Group
Serving customers for 200 years and counting, BMO is a highly
diversified financial services provider - the 8th largest bank, by
assets, in North America. With
total assets of $1.07 trillion as of
July 31, 2022, and a team of diverse
and highly engaged employees, BMO provides a broad range of
personal and commercial banking, wealth management and investment
banking products and services to more than 12 million customers and
conducts business through three operating groups: Personal and
Commercial Banking, BMO Wealth Management and BMO Capital
Markets.
Internet: www.bmo.com
Twitter: @BMOMedia
SOURCE BMO Financial Group