Scotiabank – Company Review

Scotiabank is perhaps better known as a banking institution (it currently serves over 20 million customers in over 50 countries, many of them Canadians just like you), but they also has a big stake in the Canadian credit card market. If you’re wondering whetherone of their cards might be for you, keep reading for our full Scotiabank company review.

Scotiabank Review

You May Be Interested In Scotiabank Credit Cards If

Scotiabank cards are most useful for those who have money to spend and want to get something back from the credit card companies for that money. They offer many fun rewards, travel and cash back options that you can use to make your life a little more interesting

More About Scotiabank

Scotiabank products reviews

Scotiabank’s Credit Card Lineup

An examination of each type of credit card offered by this company will begin our Scotiabank company review.

Low Interest Cards

Scotiabank does offer a set of low interest cards, but these are easily the worst of their assortment. The Scotiabank Value Visa Card charges a mediocre 12,99% interest rate on all purchases, cash advances, and balance transfers, but costs $29 in annual fees. A no-fee version is available, but the charges on that card are 16.99%, barely a bargain in comparison to the rates you’d get from other companies’ standard cards. While neither of these options are egregiously terrible, they aren’t good either. You can find better cards from other companies, and Scotiabank has more to offer in other card categories.

Rewards Cards

No Scotiabank company review would be complete without mentioning their extremely popular Scene card. This credit card lets you earn points that you can use at participating Cineplex locations to purchase movie tickets and sometimes concessions. These are great rewards because virtually everyone will enjoy them. You get points for all purchases you make with it and there are plenty of bonuses available for spending at restaurants and Cineplex concession stands, so you won’t have trouble getting enough points to make use of them.

If movies aren’t your thing, they also offer a more typical rewards card with their Scotiabank More Rewards Visa Card – this one lets you earn extra points at select retailers, but is generally oriented around rewarding you for everyday purchases like gas and groceries. There are also two different Scotiabank GM Visa cards which let you earn points toward the purchase or lease of a GM vehicle, which can be nice if you’re in the market for a new car at some point in the next few years.

Lastly, Scotiabank also provides a multitude of great travel cards, from the basic Scotiabank American Express card to the premium Scotiabank Platinum American Express card. These cards carry very few (if any) travel restrictions, come bundled with travel insurance to make your trips more enjoyable and affordable and grant you access to the Scotia Rewards travel service. Many of the higher-tier options also come with bonus benefits like a lack of foreign exchange fees when making purchases, a little extra that could come in handy when making a lot of transactions on your voyages.

Cash Back Cards

Scotiabank’s cash back line is represented by the Scotia Momentum MasterCard, Visa Card, and Visa Infinite Card. This category offers between 1-4% cash back on select purchases (generally gas, grocery, and even drug store purchases) depending on the card. While the more basic ones are nothing too noteworthy, the highest tiered card (the Scotia Momentum Visa Infinite Card) offers an excellent cash back rate and plenty of bonus services and insurance to make it worth your while. You’ll need a fairly high income to be accepted, though. The other cards, while good, aren’t standouts.

Other Cards

Unlike most other credit card companies, Scotiabank actually carries a line of cards specifically for students to ease their way into using credit. There are two different options to choose from – the L’earn Visa Card (1% cash back rewards) and the Scene Visa student card (standard Scene points rewards). These cards have no annual fee and are easy to get, making them perfect for their student audience with little income and probably little established credit as well. They also yield rewards that most students will find useful and fun, further enhancing their utility to their target audience. The only drawback is that the interest rates on both remain at the high 19.99% purchase/22.99% cash advance and balance transfer rates that are standard for full-fledged credit cards with this provider. While established adults might not have too much trouble staying out of credit card debt and avoiding the impact of these high rates, students often struggle to do so and can get themselves into trouble quite quickly. If you’re considering this option for yourself or your child, you should make sure to consider and plan for this possibility.

One final unique option we’ll cover in our Scotiabank company review is the Scotiabank US Dollar Visa Card, a card which allows its holder to avoid conversion fees when used to purchase items in USD. It costs $35 annually and uses the same interest rates as the other Scotiabank standard cards, but also has the potential for lots of savings, particularly if you often shop online in US currency. It isn’t useful for all customers but it’s a nice option to have for those that do need it.

Conclusions

As a rule, Scotiabank cards charge high interest rates and are not good to those who can’t pay off their balance in full (or nearly full) every month. However, if you’re confident that you can do this, they offer plenty of rewards and a lot of specialty products that ensure you get exactly the kind of card you need.

What We Think

To conclude our Scotiabank company review, we’d like to reiterate one crucial point; outside of the student options, these are cards for wealthier people with good cash flow. If you’re struggling with credit, there are cards out there that are better suited for your needs. If all you want is a convenient way to pay that will come with some extra benefits for you, however, Scotiabank cards will probably make you very happy in terms of rewards.

The Scotia Momentum Visa Lets You Get Extra Cash Back For Less

Posted on12 Jun 2019

Shopping is never better than when you get some money coming back to you at the end of it. The Scotia Momentum Visa allows you to do this, and despite its relatively humble nature, its reward rates are a step above what you might expect to get from most cash back cards at its level. It’s very consumer-friendly and makes it easy for just about anyone to earn plenty of reward money, but it does have one notable drawback that we’ll discuss below. Extra Cash For Controlled Spenders The Scotia Momentum Visa is a cash back credit card that offers two different possible rates for earning the money it can provide. Using it will get you 2% cash back on…

Read More

Want Free Movie Tickets? The Scotiabank Scene Visa Is For You

Posted on14 May 2019

Taking time to go have a nice meal or see a movie is a great way to give yourself a bit of time to unwind and enjoy yourself if you have the money for it. If you don’t, though, you might have to go without this small pleasure for a while. Using the Scotiabank Scene Visa can change that by making it much more affordable for you to go out every once in a while, especially if you are careful about how you use it. What You’ll Get With This Card The Scotiabank Scene Visa is structured similarly to most reward cards at first glance. You’ll be charged 19.99% interest for purchases and 22.99% on your balance transfers and any money you withdraw…

Read More

Bump Up Your Cash Back Rates With the Scotia Momentum Visa

Posted on11 May 2019

A cash back card is always the most useful to you when it fits into your life, not when you have to force it into place. The Scotia Momentum Visa is a great option for those who want to recoup some of what they spend each month without having to drastically change their conservative spending patterns. Some Basic Facts About This Card The Scotia Momentum Visa isn’t a difficult card to understand – it’s essentially just a basic cash back card that has been given a considerable boost to its reward rates. Commensurately with that, it’s very easy to get. Scotiabank advertises that no credit history is needed for this card, but since it’s a slightly higher quality card than the…

Read More

Pay Less In Interest With the Scotiabank Value Visa

Posted on27 Mar 2019

If you don’t pay off your credit card balance in full every month, you’ll owe your provider some interest fees on top of your balance. The Scotiabank Value Visa offers a lower interest rate than a standard card to help you keep those costs low and make it easier to recover from any mounting debt problems that you encounter. Reduce the Interest You Owe Unpaid credit card balances are a widespread problem in this country; Canadians as a whole are currently carrying around $599 billion in credit card debt and paying interest on each of their individual slices of that problem every month. While not everyone has an equal share of that sum, many people find it hard to manage their…

Read More

Scotiabank SCENE Visa Card | Credit Card Review

Posted on10 Feb 2019

While getting rewarded for shopping with your credit card is great, no one likes to open up the reward catalogue and find that there’s nothing in there that they really want. With the Scotiabank SCENE Visa Card, you’ll never have that problem; you’ll be able to turn your rewards into fun nights out at the movie theatre instead. Take advantage of an excuse to go to the movies by earning points towards free tickets with every transaction you make.   General Information You Are Interested If You need an entry-level credit card and want to make sure you get rewards that you’ll actually use. Brief Description The Scotiabank SCENE Visa Card is a low-level credit card that allows you to…

Read More

Scotia Momentum Visa | Credit Card Review

Posted on15 Nov 2018

Cash back cards are extremely popular credit card options that put you in ultimate control of your rewards. However, sometimes the free versions available are just too stingy, and the highest-tier options are either hard to get or too expensive in terms of fees. Our Scotia Momentum Visa review is here to help you examine this particular card in greater detail and decide if it strikes the balance you want. Imagine getting 2% cash back every time you go to the drug store, grocery store or gas station – now you can.   General Information You Are Interested If You want a cash back card with more than just the minimum in rewards, but don’t want to pay any high…

Read More

Scotia Momentum Visa Infinite Card | Credit Card Review

Posted on09 Nov 2018

Who doesn’t wish they had a little more cash in their pocket? Cash back reward credit cards make it easy for consumers to recover small percentages of the money they spend making common purchases. We’ve prepared this Scotia Momentum Visa Infinite card review to bring you more details on an excellent cash back credit card option you might be able to add to your wallet right now. Be the envy of all your friends with an incredible 2-4% cash back on many common purchases you’re already making.   General Information You Are Interested If You’re after a cash back card with the best possible rates you can manage to find. Brief Description The Scotia Momentum Visa Infinite credit card is an excellent…

Read More

Scotiabank American Express Card | Credit Card Review

Posted on07 Nov 2018

Even though credit card reward systems can be extremely fun to use, not everyone has the income or credit needed to get a top-tier reward card. Thankfully, many lower-end options are still made available to Canadians. This Scotiabank American Express card review is here to bring you more details on one such option that you might enjoy. Apply now for an entry-level credit card with a highly accommodating rewards system.   General Information You Are Interested If You want a decent rewards card but are adamant about not paying an annual fee to get it. Brief Description The Scotiabank American Express credit card is a basic rewards credit card that offers plenty of versatility at the expense of premium-level point…

Read More