TD Bank Group recently announced the launch of TD Payment Plans, a new credit card feature available “to eligible TD cardholders with EasyWeb online banking access.”
With TD Payment Plans, eligible TD cardholders “can enroll qualifying purchases of $100 or more into equalized monthly payments, with 6,12, or 18-month term options.”
Meg McKee, SVP, Canadian Card Payments, Loyalty and Personal Lending, said:
“We know our customers are looking for more convenience and flexibility, especially when it comes to managing their monthly expenses. 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.”
TD Payment Plans can “support cashflow management by enabling a fixed payment schedule to pay for eligible credit card purchases for a fee or a lower interest rate.”
Additionally, cardholders can “continue to enjoy their existing credit card benefits for their purchases, such as applicable rewards and insurances, and can pay off a plan at any time without penalties regardless of the length of the term they have chosen.”
Currently available on EasyWeb, the capability “will roll-out to the TD Mobile App in the coming months.”
Primary cardholders can “set-up and manage a TD Payment Plan at their convenience in just a few simple steps.”
As noted in the update, the Toronto-Dominion Bank and its subsidiaries are collectively known as TD Bank Group.
TD is “the fifth largest bank in North America by assets and serves more than 26 million customers in three key businesses operating in a number of locations in financial centres around the globe: Canadian Retail, including TD Canada Trust, TD Auto Finance Canada, TD Wealth (Canada), TD Direct Investing, and TD Insurance; U.S. Retail, including TD Bank, America’s Most Convenient Bank®, TD Auto Finance U.S., TD Wealth (U.S.), and an investment in The Charles Schwab Corporation; and Wholesale Banking, including TD Securities.”
TD also “ranks among the world’s leading online financial services firms, with more than 15 million active online and mobile customers.”
TD had CDN$1.8 trillion “in assets on April 30, 2022.”