To assist you in finding the ideal Scotiabank credit card tailored to your needs and preferences, we’ve curated a list of the top Scotiabank cards for various types of Canadian consumers. Explore our recommendations below to identify the Scotiabank credit card that aligns perfectly with your lifestyle, spending habits, and requirements.
Scotiabank has over 15 credit cards to choose from. Here are some more that fall into the runner up category for us, but may still suit you best.
If you’re considering applying for a Scotiabank credit card, follow these simple steps:
1) Review our comprehensive Scotiabank credit card reviews to identify the card that best aligns with your needs and objectives.
2) Click on the ‘apply now’ button associated with your chosen card.
3) Check if you meet the specified requirements for the card, including income and credit score criteria.
4) Provide your personal information as requested during the application process.
5) In case of non-instant approval, contact Scotiabank to provide any additional information required for the application.
6) Await the arrival of your credit card via mail.
7) Upon receiving your card, activate it using the provided instructions.
Alternatively, you can apply over the phone or visit a Scotiabank branch in person. Applying in-branch might be advantageous for students who have an existing banking relationship with Scotiabank, as branch staff may be able to expedite the approval process based on your banking history.
To be eligible for a Scotiabank credit card, you need to meet certain minimum requirements:
Residency: You must be a Canadian resident.
Age: You should be at least the age of majority in your province or territory of residence.
Bankruptcy: You must not have declared bankruptcy within the past seven years.
Financial Criteria: You must meet the minimum personal, household, or total assets under management requirement, which varies depending on the specific card.
Credit Profile: You must consent to allow Scotiabank to access your credit profile.
While Scotiabank doesn’t specify a minimum credit score for approval, it’s advisable to have a credit score of at least 700, indicating good credit standing, to increase your chances of approval.
When using a Scotiabank credit card, you’re essentially borrowing money from Scotiabank, typically interest-free for a specified period. However, to avoid interest charges, you must pay the full balance by the due date when your bill arrives. If you make a partial payment, interest will accrue from the time of the purchase.
Scotiabank issues two types of credit cards: Visa and American Express. As long as the merchant accepts Visa or American Express, you can use your Scotiabank credit card for purchases, whether in-store or online. In-store transactions may require inserting your card and entering your PIN for added security, while online purchases typically require your card’s expiration date and CVV.
Although Scotiabank credit cards permit cash withdrawals from ATMs, this is treated as a cash advance and incurs immediate interest charges at a higher rate than purchases. Cash advances should generally be avoided except in emergencies.
Scotiabank has two types of rewards programs: cash back and Scene+. The type of rewards you’ll earn depends on the credit card you have.
With Scotiabank’s cash back program, you earn cash back on eligible purchases, the amount depending on your card and where you’re shopping. Cash back accumulates and appears on your monthly statement. Payout occurs annually on your November statement, with the cycle restarting in December.
Scene+ is Scotiabank’s rewards program that allows you to redeem your points for various products such as:
Earn Scene+ points with your Scotiabank credit card and redeem them for various rewards:
Groceries: Use points at Empire-owned grocery stores like Sobeys, Safeway, Foodland, Fresh Co, IGA, Voila, and more.
Travel: Instantly redeem points when booking travel through the Scene+ travel portal. Apply points (minimum 5,000) to travel expenses charged to your Scotiabank credit card as a statement credit.
Movies: Offset purchases made at Cineplex theatres or Cineplex.com with Scene points.
Dining: Redeem points at select restaurants like Montana’s, Swiss Chalet, Harvey’s, and East Side Mario’s to get cash off your meal.
Gift cards: Choose from dozens of gift cards for retailers like Amazon, Costco, Esso, and Canadian Tire on the Scene+ website.
Merchandise: Exchange points for physical items like electronics, small appliances, perfume, and more.
Statement credit: Use points to reduce your current credit card balance.
While Scene+ offers various redemption options, not all provide the same value. Redeeming points for groceries, travel, movies, and participating restaurants offers the best value. Gift cards, merchandise, and statement credits offer less value.
Aside from earning Scene+ points with your Scotiabank credit card, you can also earn points at participating grocery stores, Cineplex, select restaurants, and Rakuten.ca. Scene+ points expire after 24 months of inactivity.
Pros of Scotiabank Credit Cards:
Variety of options: Scotiabank offers a range of credit cards to suit diverse needs, preferences, and lifestyles.
Multiple credit card providers: Scotiabank provides credit cards through all three major credit card networks, offering flexibility and wider acceptance.
Avoidance of foreign transaction fees: Some Scotiabank cards allow you to avoid foreign transaction fees, saving you money when making purchases abroad.
Double-dip points: Certain merchants allow you to earn Scene+ points by scanning your Scene+ card and then pay with a credit card that also earns you Scene+ points, maximizing your rewards accumulation.
Cons of Scotiabank Credit Cards:
Higher interest rates: Rewards cards may have higher interest rates compared to traditional credit cards, which can lead to increased costs if you carry a balance.
Annual fees: Many rewards cards, including those offered by Scotiabank, come with annual fees, adding to the overall cost of card ownership.
High annual fees for premium rewards: The credit cards offering the most lucrative rewards often come with high annual fees, which may outweigh the benefits for some users.
Encouragement of unnecessary spending: Rewards cards can incentivize unnecessary spending, especially for those who struggle with money management, leading to potential debt accumulation.
Scotiabank is a leading international bank headquartered in Canada, offering comprehensive banking and financial services to customers worldwide. With a network of over 900 branches and a robust online banking platform, Scotiabank serves both Canadian and international clients. In addition to providing a wide range of banking products such as savings and chequing accounts, business banking, and wealth management services, Scotiabank boasts an extensive selection of credit cards. These include various types of reward cards and cashback cards, available through major processors such as Mastercard, Visa, and Amex.
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