Scotiabank offers a range of cash back credit cards that allow cardholders to earn cash back on their purchases. Cash back credit cards are a type of rewards credit card that offer a percentage of the amount spent as cash back, which can then be redeemed for a variety of rewards or applied to the card balance.
Scotiabank’s cash back credit cards offer varying levels of cash back on different types of purchases, such as groceries, gas, and recurring bill payments. Some cards have no annual fee, while others have an annual fee but offer higher cash back rates and additional benefits.
To choose the best Scotiabank cash back credit card for you, it’s important to consider your spending habits and the benefits each card offers. By using a cash back credit card, you can earn rewards for your purchases and potentially save money in the long run.
About Scotiabank
Scotiabank, also known as The Bank of Nova Scotia, is a Canadian multinational bank founded in Halifax, Nova Scotia in 1832. It is now one of Canada’s largest banks and operates in over 50 countries worldwide.
Scotiabank offers a wide range of financial services, including personal banking, commercial banking, wealth management, investment banking, and more. It has a strong presence in the Americas, particularly in Canada, Mexico, Chile, Colombia, and Peru.
In addition to its banking services, Scotiabank also sponsors various sports teams and events, including the National Hockey League (NHL) and the Scotiabank Toronto Waterfront Marathon.
Scotiabank prides itself on its commitment to sustainability and corporate responsibility. The bank has set a goal to achieve net-zero emissions by 2050 and has invested in renewable energy projects to help achieve this target.
Overall, Scotiabank is a well-established and reputable financial institution that offers a range of services to individuals and businesses across the globe.
What are cash back credit cards?
Cash back credit cards are a type of rewards credit card that allows you to earn a percentage of the money you spend on purchases as cash back rewards. Essentially, when you use a cash back credit card to make a purchase, you earn a certain percentage of that purchase back in the form of cash back.
The percentage of cash back you earn can vary depending on the card and the type of purchase. For example, some cash back credit cards might offer 1% cash back on all purchases, while others might offer higher percentages for certain categories such as gas, groceries, or dining.
Cash back credit cards are a popular choice because they offer a simple and straightforward way to earn rewards. Unlike other types of rewards credit cards that offer points or miles that can be redeemed for various rewards, cash back rewards are usually credited directly to your account as a statement credit or a deposit into your bank account.
It’s important to note that cash back credit cards usually come with an annual fee, and you’ll need to pay off your balance in full each month to avoid interest charges. Additionally, some cards may have limits on the amount of cash back you can earn or restrictions on how you can redeem your rewards.
Scotiabank cash back credit cards
Scotia Momentum Visa Infinite Card:
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4% cash back on eligible gas station and grocery store purchases
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2% cash back on eligible drug store purchases and recurring bill payments
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1% cash back on all other eligible purchases
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Annual fee of $120
This card is designed for people who spend a lot on gas, groceries, and recurring bills. It offers a high cashback rate on these purchases and also comes with a range of additional benefits, such as concierge service, travel insurance, and more.
Scotia Momentum No-Fee Visa Card:
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1% cash back on eligible gas station, grocery store, drug store, and recurring bill payments
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0.5% cash back on all other eligible purchases
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No annual fee
This card is designed for people who want to earn cash back without paying an annual fee. It offers a lower cash back rate than the Visa Infinite card, but still provides some rewards for everyday purchases.
Scotia Momentum Visa Card:
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2% cash back on eligible gas station, grocery store, drug store, and recurring bill payments
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1% cash back on all other eligible purchases
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Annual fee of $39
This card is similar to the Visa Infinite card but has a lower annual fee and a slightly lower cash back rate. It’s a good option for people who want to earn cash back on their everyday purchases but don’t want to pay a high annual fee.
Scotia Momentum for Business Visa Card:
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3% cash back on eligible gas station, grocery store, and restaurant purchases
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1% cash back on all other eligible purchases
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Annual fee of $49
This card is designed for small business owners and offers a higher cash back rate on certain types of purchases. It also comes with a range of business-specific benefits, such as free additional cards for employees and customizable spending limits.
These are the four main cash back credit cards offered by Scotiabank.
Additional Information About The Scotiabank Cash Back Credit Cards
Additional benefits: In addition to earning cash back on purchases, each card also comes with a range of additional benefits. These benefits can include things like travel insurance, rental car insurance, purchase protection, and concierge services.
Cash back redemption: Cash back earned on the cards can be redeemed for a statement credit, deposited into a Scotiabank savings or chequing account, or used to purchase travel through the Scotia Rewards Travel Service.
Foreign transaction fees: All of Scotiabank’s cash back credit cards charge a foreign transaction fee of 2.5% on purchases made outside of Canada. This fee can add up quickly if you frequently travel outside of Canada or make purchases in foreign currencies.
Credit score requirements: To qualify for one of Scotiabank’s cash back credit cards, you typically need to have a good to excellent credit score. The specific credit score requirements may vary depending on the card.
Cash back caps: Some of the cards have caps on the amount of cash back that can be earned in certain spending categories. For example, the Scotia Momentum Visa Infinite card has a $25,000 annual cap on the 4% cash back rate for gas station and grocery store purchases.
Overall, Scotiabank’s cash back credit cards can be a good option for people who want to earn rewards on their purchases. However, it’s important to carefully consider the features and benefits of each card to choose the one that’s right for you. Additionally, it’s important to use credit cards responsibly to avoid debt and maintain a good credit score.
Welcome Bonus
Scotiabank offers various welcome bonuses for its cash back credit cards. Here’s a quick summary of the current welcome offers for each card:
Scotia Momentum Visa Infinite Card: Earn 10% cash back on all purchases for the first 3 months (up to $2,000 in purchases). Plus, get the first year annual fee waived for the primary cardholder and one additional cardholder.
Scotia Momentum No-Fee Visa Card: Earn 5% cash back on all purchases for the first 3 months (up to $2,000 in purchases). Plus, get the first year annual fee waived for the primary cardholder.
Scotia Momentum Visa Card: Earn 7.5% cash back on all purchases for the first 3 months (up to $2,000 in purchases). Plus, get the first year annual fee waived for the primary cardholder.
Scotia Momentum for Business Visa Card: Earn 5% cash back on all purchases for the first 3 months (up to $2,000 in purchases). Plus, get the first year annual fee waived for the primary cardholder and one additional cardholder.
It’s important to note that these offers are subject to change and may have additional terms and conditions. Additionally, it’s important to use credit cards responsibly and avoid overspending to meet the welcome bonus requirements.
Final Words
In summary, Scotiabank offers a variety of cash back credit cards that can be a great way to earn rewards on your everyday purchases. Each card comes with its own unique features and benefits, so it’s important to carefully consider which one best suits your needs and spending habits.
Additionally, it’s important to use credit cards responsibly, pay off your balance in full each month, and avoid overspending to ensure that you maximize the rewards while maintaining a good credit score.