Bank of Montreal is rolling out a digital credit card instalment plan that lets shoppers split their purchases into interest-free monthly payments.
The PaySmart feature offers customers the choice of different payment terms of either three, six or 12 equal monthly payments with no interest charges and a monthly fee of up to 0.9%.
Purchases are made within existing credit limits, so no credit checks or approvals are required and cardholders get all the benefits of their credit card such as rewards 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."