This well-established bank has a variety of cards that offer everything from travel rewards to cash back. Read on to discover which card is best for your needs.
Scotiabank (originally called the Bank of Nova Scotia) is technically older than Canada itself. Founded in Halifax in 1832, the bank beat Confederation by 35 years. With that amount of history in the business, it’s no surprise the bank can offer and support a wide variety of products—including 18 credit cards—tailored to various financial needs and goals. Read on to determine the best Scotiabank offers in a selection of categories from travel, to cash back, to perks.
While the bank has a few options when it comes to collecting travel rewards, our top pick is the Scotiabank Gold American Express. The $120 annual fee is well worth it for the card’s earn rate, welcome bonus and perks, including no foreign transaction fees. Card holders will accumulate a generous 6 points per $1 at eligible grocery stores, 5 points per $1 at other eligible grocery stores, on food delivery services, restaurants and drinking establishments, and on entertainment, like movies. Gas and transit get 3 points per $1 as does select streaming services like Netflix, and everything else earns at 1 point per $1. For those who cross-border shop or travel, this is like an automatic 2.5% to 3.0% savings on each purchase in a foreign currency. Additionally, a suite of travel-related insurance coverage sweetens the deal.
Cash back cards are exactly what they sound like: cards that rebate a percentage of your purchases as cash (usually applied directly to your balance). Our pick in this category is the Scotia Momentum Visa Infinite. For an annual fee of $120, this card features an excellent earn rate of 4% back on groceries, recurring bills and subscription services (such as Netflix), 2% back on gas, public transit and ride-sharing services (including Uber), and 1% on all other purchases. Comprehensive travel insurance and concierge service make this an attractive card.
Click here for more details about the Scotia Momentum Visa Infinite*
Our runner-up in this category is the Scotia Momentum Visa. For only $39 per year, this card features a solid earn rate of 2% back at eligible grocery and drug stores, plus gas and recurring bill payments—categories that cover the lion’s share of the average Canadian’s spending; all other purchases earn 1%. And, with a low introductory interest rate of 0% for six months, you’ll save on any outstanding balance.
Students have to make sure that they can cover the costs of their tuition and books, but that doesn’t mean they can’t also get access to lots of fun perks when choosing a credit card. Scotiabank’s no-annual-fee Scene Visa is a great pick for students who may not want to pay a fee each year for their credit card. It lets members collect Scene rewards Points on everyday purchases, which are redeemable for movies and at the concession shop at Cineplex cinemas. Scene Points can also be used for discounts at restaurants including Milestones, Bier Markt and Swiss Chalet—perfect for a study break or night out with friends. Points accumulate on every purchase at a rate of 1 point per $1, except spends at Cineplex, which get 5 points per $1 (general admission for a movie is 1,250 Points). Scotia is also offering new applicants 2,500 bonus Scene Points with a $500 spend in the first three months. Going out to dinner and a movie is one of the most popular ways to unwind, and the Scene Visa puts this within reach, even for students on a budget.
If you’re looking for a card with a low interest rate, it’s likely because you’re carrying a balance. At regular credit card interest rates even a small debt can increase quickly, so it’s important to get back on track as soon as possible. With a low 12.99% interest rate and an introductory 0.00% rate on cash advances for 6 months. The Scotiabank Value Visa is an effective tool to help pay down outstanding debt.
For travellers willing to pay an annual fee, the Scotiabank Passport Visa Infinite card delivers. Like the Amex above, this card charges no foreign exchange fee and includes a robust suite of insurance valuable to frequent travellers. Cardholders collect points in the Scene program at a rate of 3 points per $1 on eligible grocery stores, 2 points per $1 on restaurants and other grocery stores, entertainment and transit, and 1 point per $1 on other eligible purchases; new members can earn a bonus of up to 30,000 points in their first year when you use the card for $1,000 of everyday purchases in the first three months. Complimentary enrolment in Priority Pass with 6 free airport lounge passes annually is an added temptation for this travel card. Plus, you can use your points to travel on any airline of your choosing.
Premium credit cards offer exclusive—and often quite expensive—perks in exchange for a hefty annual fee. For $399 annually, the Scotiabank Platinum American Express bundles many of the rewards and perks of the bank’s other products into one uber-card.
The Platinum allows you to earn rewards at a very enticing earn rate of 2 Scene Points per $1 spent on eligible everyday purchases. New cardholders get 50,000 Points when they spend at least $3,000 in eligible purchases within the first three months, and an additional 10,000 points when they spend at least $10,000 in the first 14 months. As with other Scotia Rewards cards, Points can be redeemed for merchandise, gift cards or even cash, but it’s the travel rewards that really shine with the Platinum. In addition to the ability to book travel without restrictions, Platinum cardholders can enjoy access to complimentary concierge service Priority Pass for airport lounges, and membership in the Hertz #1 Club Gold. Cardholders are eligible for premium events through American Express Invites and VIP Pass. Seven types of travel insurance helps members travel safely, and with priceless peace of mind.
MORE ABOUT CANADA’S BEST CREDIT CARDS:
Affiliate (monetized) links can sometimes result in a payment to MoneySense (owned by Ratehub Inc.), which helps our website stay free to our users. If a link has an asterisk (*) or is labelled as “Featured,” it is an affiliate link. If a link is labelled as “Sponsored,” it is a paid placement, which may or may not have an affiliate link. Our editorial content will never be influenced by these links. We are committed to looking at all available products in the market. Where a product ranks in our article, and whether or not it’s included in the first place, is never driven by compensation. For more details, read our MoneySense Monetization policy.
Share this article Share on Facebook Share on Twitter Share on Linkedin Share on Reddit Share on Email
The federal government announced measures to improve housing affordability and give borrowers some relief. Here’s what to expect from...
Interest rates stand pat, reports from small Canadian banks, the November stock market rocket, and Dave Ramsey drops pearls...
Quickly find your federal and provincial tax brackets to help you prep for your 2023 income tax return.
Find the credit cards in Canada that offer the most rewards and the lowest fees, based on latest information...
We look at four common ways of financing the purchase of a second property using equity built up in...
Looking for great gifts and great value? Our editors share their picks for presents that are fun, thoughtful, cozy,...
Alberta auto insurance has been in the news a lot lately. Let’s look at the data to see...
Quebec plans to raise tuition fees for out-of-province university students in 2024. Here’s how to decide if it’s financially...
Interested in buying a second property? Familiarize yourself with the mortgage rules first to make sure it’s the right...
If shopping is your hobby, or you want discounts on everything—from groceries to a new car—check out this list...
BE AWARE: to get the welcome bonus points out of Scotia Rewards is a pain. Account opened back in Oct 2019, spent the one thousand dollar requirement back in Nov 2019. Now, I have to spend $277.52 to get to a total of $40k spent with Scotia Credit Card, which will trigger another 10k of points milestone.
Around Feb and March, I was in touch with Scotia CS regarding my bonus point for the Ultimate Pkg account and didn’t get it until mid-April. ($350)
At the same time, I was inquiring about my $250 worth of points, but that fell into the cracks.
On 4/16 called and opened another ticket. The agent told me it would take up to 10 business days to get a resolution.
I called on the week of 5/4, and they escalated the ticket.
Called on 5/11 for follow up and the same answer “this has been escalated, and someone will get back to me”
Called twice today 5/15, the same answer until the last agent got it escalated further up to the chain and got an email saying the same thing, “it has been escalated and waiting for Scotiabank to approve the adjustment.”
Oh boy, if I knew it would be this painful, then I would not have opt-in for Scotiabank at all.