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.
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
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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.
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.
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.
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.