What is the best Scotiabank credit card – for every category

The Scotiabank Gold American Express isn’t just one of Scotia’s best rewards cards, it’s arguably the best travel credit card in Canada.

There are several features that set this card above its competition.

First, there’s its strong earn rate on everyday purchases – which lets you collect between three and five times the points per dollar across six categories (groceries, restaurants, entertainment, gas, online streaming services, and daily transit). Another exceptional benefit is the fact it doesn’t charge foreign transaction fees, helping you save about 2.5% on all your card purchases made abroad in a non-Canadian currency.

When it comes to using Scotia points, the redemption process is super flexible. You can redeem points towards virtually any travel purchase including flight tickets with no airline, seat, or date restrictions at a rate of $0.01 per point.

In terms of travel insurance and side perks, the Scotiabank Gold AMEX offers up to $1 million in travel medical emergency coverage for 25 days, access to presale concert tickets through American Express Invites, concierge services, and a 30% discount on a Priority Pass membership.

The only real drawback of the Scotiabank Gold is that it’s issued by American Express, which means it’s not as widely accepted at certain retailers like discount groceries or smaller independently-run shops. If you pick up this card, you’ll also want to carry a debit card or backup no-fee credit card from either Visa or Mastercard in your wallet in case a merchant doesn’t accept AMEX.

While the Scotiabank Passport Visa Infinite doesn’t boast as impressive of an earn rate as the aforementioned Scotiabank Gold AMEX, it does deserve a spot on this list for its great travel perks.

First and foremost, it comes with a complimentary membership to Priority Pass ($99 USD value) that opens up the door to over 1,000 lounges across 400 airports worldwide. You’ll also get six free passes to lounges renewed every year. For comparison, most other credit cards with lounge benefits only give you four free passes or just cover the membership fee while still requiring you to pay the $32 USD entrance fee with each lounge visit.

The Scotiabank Passport Visa Infinite also waives its foreign transaction fees, making it the only Visa or Mastercard from one of Canada’s big banks to do so. That translates to instant savings for frequent travellers, who would otherwise have to pay a 2.5% fee on every card purchase made in a non-Canadian currency.

Perks aside, this card is noteworthy for its lucrative welcome bonus. New Scotiabank accountholders are eligible to receive 30,000 Scotia Rewards points (up to $300 value) after spending $1,000 within the first three months of receiving the card. In terms of everyday rewards, the Scotia Passport Visa infinite offers 2 points per $1 on eligible grocery, restaurant, entertainment and transit-related purchases (including taxis and public transit) and 1 point per $1 on everything else. Your Scotia points can be redeemed for almost all travel costs including flights from any airline and purchases from third-party travel websites at a rate of $0.01 per point.

The card also offers a roster of insurance benefits ranging from travel emergency insurance for up to 25 days, trip cancellation coverage, baggage loss insurance, and rental car coverage.

The Scotia Momentum Visa Infinite is one of the best cash back credit cards in Canada – period – thanks in big part to its welcome offer and strong earn rate on everyday household expenses.

It offers 4% cash back on eligible grocery store and recurring bill payments (think internet and cable bills), 2% cash back on gas and public transit (including taxis and rideshares), and 1% cash back on everything else.

While the Scotia Momentum Visa Infinite does have a $120 annual fee, you can avoid the fee for your first year as a new Scotiabank cardholder if you apply by January 1, 2022.

Even after the welcome offer ends and the annual fee kicks in, with 4% cash back on groceries alone, the average family who spends $100 a week on restocking the fridge would earn about $210 annually, which more than recoups the cost of the annual fee. Factor in bills, gas, transit and all other purchases and it’s easy to see how the rewards can add up in your favour.

The Scotia Momentum Visa Infinite also features a roster of travel insurance benefits, which means you’ll be covered on vacation provided you pay for the trip with your card. It offers $1 million in emergency medical insurance for up to 15 days, car rental insurance, baggage loss coverage, and more. Lastly, the Scotia Momentum Visa Infinite comes with mobile device insurance that’ll cover your smartphone against damage or loss up to a maximum of $1,000.

While the majority of the best travel credit cards in Canada have an accompanying annual fee, the Scotiabank American Express Card is an exception. For every $1 in purchases you make with this no fee card, you earn 1 Scotia Reward point – which can be redeemed for a variety of travel-related rewards from flight tickets and hotel stays to car rentals and vacation packages. Points can also be applied to flight ticket purchases retroactively (so you can buy travel tickets first and redeem your points at a later date), a benefit that several annual fee travel cards fail to offer.

Despite being a no-fee card, the Scotiabank American Express doesn’t skimp on insurance coverage. Cardholders are eligible to receive up to $1 million in travel emergency insurance for eight days of consecutive travel, travel accident insurance, trip interruption insurance up to $2,500 per person, and rental car insurance.

While Scotiabank has great cards for virtually every other category and spending personality, when it comes to no fee cash back cards, its offering admittedly isn’t all that impressive. The Scotia Momentum No-Fee Visa offers just 1% cash on bonus categories and 0.5% on everything else.

If you’re looking to eliminate credit card debt, the Scotiabank Value Visa does double duty as the best low interest credit card and best balance transfer credit card Scotiabank has to offer.

To help consolidate your debt and fast-track your debt repayment plan, this card features an introductory rate of 0.99% on balance transfers for the first six months with no additional transfer fee (offer ends February 28, 2021).

The Scotiabank Value Visa also only has a 12.99% annual interest rate on both purchases and cash advances instead of the typical 19.9% or 22.9% rate charged by most cards. That means you’ll spend less on interest charges on any unpaid balances or in emergency cases when you need to withdraw cash from your card. While it does have an annual fee, it comes in at a nominal $29.

If you’re a student shopping for your first credit card who also happens to be a movie buff, the Scotiabank Scene Visa manages to kill two birds with one stone.

First, this card has no annual fee, offering students and credit card beginners a way to establish their credit history with no upfront financial commitment.

Second, the card offers points that can be redeemed for free movies at Cineplex Cinemas and discounts at a handful of restaurants including Swiss Chalet, Harvey’s, Montana’s, Milestones, and more. The Scotiabank Scene Card offers 5 points for every $1 spent at Cineplex Cinemas and 1 point for every $1 on all other purchases.

Even if you’re not a student or already have another credit card but love watching movies on the big screen, you may want to consider picking up the Scotiabank Scene Card as a companion card. With no annual fee and the ability to redeem points for free movie tickets, it can offer considerable value at no direct cost (as long as you pay off the balance in full every month, of course).