TD Bank Group announced the launch of TD Payment Plans, a new credit card feature that gives eligible TD cardholders the opportunity to pay for qualifying purchases of $100 or more in six, 12 or 18 equal monthly payments, according to a Tuesday (June 14) press release.
“We know our customers are looking for more convenience and flexibility, especially when it comes to managing their monthly expenses,” said Meg McKee, senior vice president, Canadian card payments, loyalty and personal lending, in the company press release. “With the launch of TD Payment Plans, we’re excited to offer more choice in how customers pay for purchases, and more control over their budgets.
“Whether they’re looking to purchase a big-ticket item, or simply seeking another option to help control cashflow, this new feature is designed to help make payments feel more manageable,” she said.
The new program helps cardholders with cash flow management by enabling scheduled payments for credit card purchases for a fee or a lower interest rate. Cardholders can also continue to use existing credit card benefits for their purchases, such as rewards and insurances, and can pay off a plan at any time without penalties, the press release said.
TD Payment Plans are available now on TD’s online bank EasyWeb and will be added to the TD mobile app in the coming months.
In March, TD Auto Finance became the first indirect lender and the first major auto lender to offer the means for real-time payments nationwide to its network of car dealers. The capability enabled TD Auto Finance to make payments to dealers throughout the day as contracts are booked and avoid the overnight process of sending batch payments using automatic clearing houses (ACH).