429 – Credit Card Installment Plans – What’s The Risk?

Some credit card issuers like CIBC and Canadian Tire now offer installment plans for specific credit card purchases. This means that if you buy something expensive, you may be able to spread the payments on it and pay less interest than the typical credit card rate, making repayment more affordable. The question is though – should you take a loan out on your credit card debt? How can a credit card installment plan go wrong? On today’s podcast, Ted Michalos and Doug Hoyes discuss the true cost of these installment plans, the extra fees you need to pay, and why they can put your finances at risk. Tune in for lots of practical advice.

Links Mentioned In The Show:

Should You Be Charged a Fee For Using Credit Cards? https://youtu.be/k-R_ipxjjHk

New Buy Now Pay Later Apps – Is It Debt? https://www.youtube.com/watch?v=KvCO7_PUCDI

CIBC Pace It https://www.cibc.com/en/personal-banking/credit-cards/manage/installment-plans.html

Canadian Tire Bank equal payment plan: https://triangle-uat15.cantire.net/en/financing.html

TD Payment Plans: https://www.td.com/ca/en/personal-banking/how-to/manage-my-credit-card/payments-plans/

RBC PayPlan https://www.rbcroyalbank.com/personal-loans/payplan-for-consumers.html

Scotiabank SelectPay https://www.scotiabank.com/ca/en/personal/credit-cards/selectpay.html

BMO PaySmart Installment Plan: https://www.bmo.com/main/personal/credit-cards/paysmart-installment-plans/

Interest calculator: https://www.calculatorsoup.com/calculators/financial/amortization-schedule-calculator.php