You’ve probably seen the ads or prompts at online checkouts offering to let you break up your purchase into multiple instalments. This is a new trend in payments called buy now, pay later or BNPL. And a lot of consumers might be wondering, ‘What’s the catch?’ Laura Scheck, Scotiabank’s Vice President of Credit Cards, joins this episode to give us a crash course on this emerging way of paying. Scheck recently helped launch the Bank’s own offering, called SelectPay, and explains exactly how BNPL works, how to use it wisely, as well as some helpful tips.    On Laura’s previous appearance on the show, she busted some common myths around the ever-mysterious credit score. You can find that episode in our podcast feed or visit the show page. Key moments this episode:  1:32 — What exactly is buy now, pay later?  2:03 — Does it seem like this type of payment option is popping up everywhere?  3:15 — Why buy now, pay later appears to be having a moment right now  4:35 — How exactly does this type of payment plan work?  5:36 — Is there a catch?  6:41 — Laura’s insider tip of how to make the most of BNPL  7:12 — Why are banks getting in on BNPL  7:40 — Advice on when to use BNPL and when to use your credit card  8:33 — What to look out for before using BNPL with different providers  9:23 — Laura addresses some of the frequently asked questions and misconceptions  11:31 — What is Scotiabank currently doing on the buy now, pay later front?