Cash back on everyday spending
2.99% introductory interest rate on balance transfers for the first 6 months*
Cash back with low annual fee
2% on eligible gas station, grocery store and drug store purchases and recurring bill payments
1% cash back on all other eligible everyday purchases
Rates, fees and other information are effective as of February 1, 2018. Subject to change.
* Visit the application page for further details
◊ Eligibility and Exclusions: Individuals who are currently or were previously primary or secondary cardholders of a Scotiabank retail credit card in the past 2 years, including those that switch from an existing Scotiabank retail credit card, as well as employees of Scotiabank, are not eligible for the 7.99% introductory interest rate offer (the Offer). Subject to the above exclusions, Scotiabank small business credit cardholders are eligible for the Offer.
Offer Description and Conditions: The introductory 7.99% interest rate applies only to eligible purchases subject to the conditions below (the Offer). This rate applies when the new Scotiabank credit card account (Account) is opened by October 31, 2019 and will continue for 6 months from date of Account opening (the Promotional Period). After the Promotional Period, purchase balances at the promotional rate of 7.99% (including any unpaid balances) will increase to the preferred interest rate for purchases (currently 19.99%). If you dont pay the minimum payment on your Account by the payment due date on your statement, two times in any consecutive 12-month period, you will lose the benefit of this promotional rate Offer and the interest rates that apply on any unpaid balance and purchases will increase to the standard annual interest rates that apply to your Account (currently 24.99% on purchases and 27.99% on cash advances (including balance transfers, Scotia® Credit Card Cheques and cash-like transactions)). Eligible purchases include purchases (less any refunds, returns or other similar credits) but do not include payments, cash advances (including balance transfers, Scotia® Credit Card Cheques or cash-like transactions), interest, fees or other charges.
Payment Allocation: In general, if you make a payment that exceeds the minimum payment on your statement, we will apply your payment on a proportionate basis among each group of billed charges on your Account. We group charges based on the interest rate that applies to the group of charges. Your payment cannot be applied to the balance(s) of your choice. See your credit card agreement for more information about how we apply payments to your Account.
Rates and Fees: There is currently no annual fee for the primary card and no fee for each additional supplementary card.
The current preferred annual interest rates for the Account are: 19.99% on purchases and 22.99% on cash advances (including balance transfers, Scotia® Credit Card Cheques and cash-like transactions).
All rates, fees, features and benefits are subject to change. Offer may be changed, cancelled or extended and cannot be combined with any other offers.
*See Card Provider's website and Card Application for complete card details, terms and current offers. Reasonable efforts are made to maintain accuracy of information.
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Cash Back Rebate will be paid upon card approval.
One card that is becoming quite popular throughout Canada is the Scotia Momentum VISA card. The Momentum VISA card was created with the thought that some people might prefer getting cash back instead of receiving rewards or points for using it.
Like having an extra savings account, the money that you save accrues on your monthly credit card statements for one year. At the end of that 12 month period, the money will either be deposited into your Scotiabank bank account, or it will show up as a credit on your VISA statement.
There are three main categories of businesses that will provide you with 2% cash back on your purchases: grocery stores, service stations, and drug stores. Almost every grocery store chain in Canada participate. It is a similar situation with service stations and drugstores. If you are unsure if your retailer is a participant, you can visit the Scotiabank website and download a comprehensive list.
If you want to, you can arrange to make recurring payments with your Visa card through participating retailers. This means that you should be able to pay your cable, gas, phone, and other utility bills using your card and more importantly, your code. Because of that, you will be able to receive 2% credited back to you on most of your monthly purchases.
By using a Scotia Momentum VISA card, you automatically qualify for a 20% discount on any car rental through Avis. You do not have to rent from Avis in Canada for this discount to be applicable. You can also take advantage of some technology that Scotia built into the Momentum VISA card called payWave. PayWave allows you to visit any participating merchant and wave your VISA card in the air near the cash register to pay your bill. It is designed to make it much easier and more secure for you to walk into a service station or restaurant and pay.