BMO Launches PaySmart™ Credit Card Installment Plan Feature in the U.S.

• BMO PaySmart gives customers the ability to split purchases into smaller, low-fee monthly payments
  

CHICAGO, Oct. 9, 2024 /PRNewswire/ - BMO today announced the launch of PaySmart, a credit card installment feature now available to U.S. retail credit card customers through BMO Digital Banking. PaySmart allows cardholders to break-up eligible purchases of $100 or more into smaller monthly payment terms of three, six, or 12 months for a fixed monthly fee.

Cardholders continue to enjoy their regular credit card benefits, including rewards and cell phone insurance coverage, while managing payments on their terms.

With BMO PaySmart, customers gain access to:

• A fully digital, self-service solution via BMO Digital Banking
  Easily set up installment plans in just a few steps and keep tabs on existing plans.
• Seamless integration into existing billing
  Installment payments are automatically included in the monthly credit card billing statement, with no need for additional payment management or management of multiple statements.
• Flexible plan management
  Customers can establish multiple installment plans digitally, with the ability to cancel any plan at any time.

"BMO PaySmart gives our customers a flexible and straightforward way to manage their spending without added complexity," said Jennifer Douglas, Head North American Retail & Small Business Payments. "By turning larger purchases into smaller, low-fee payments, we're providing a solution that aligns with their financial goals and empowers them to maintain control over their cash flow. This is another way BMO is helping our customers make real financial progress, whether they're managing everyday expenses or handling bigger financial commitments."

PaySmart is part of BMO's comprehensive suite of digital tools that help customers make real financial progress, including BMO Savings Goal, BMO CreditView and FundsNow.

For more details on BMO PaySmart, visit bmo.com/bmopaysmart.

About BMO Financial Group 

BMO Financial Group is the eighth largest bank in North America by assets, with total assets of $1.4 trillion as of July 31, 2024. Serving customers for 200 years and counting, BMO is a diverse team of highly engaged employees providing a broad range of personal and commercial banking, wealth management, global markets and investment banking products and services to 13 million customers across Canada, the United States, and in select markets globally. Driven by a single purpose, to Boldly Grow the Good in business and life, BMO is committed to driving positive change in the world, and making progress for a thriving economy, sustainable future, and inclusive society.

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SOURCE BMO Financial Group