Scotia Momentum^® for business Visa^* Card

Cash advances include balance transfers and cash-like transactions.

Offer Description and Conditions: The Introductory 2.99% Balance Transfer Rate Offer (the “Offer”) applies only to new Scotia Momentum for business Visa credit card accounts (“Accounts”) that are opened opened between November 1, 2024, and October 31, 2026 (regardless of the date you apply for the Card), subject to the conditions below.

 

The introductory rate will last for 6 months from the date of Account opening (the “Promotional Period”) and will apply only to eligible cash advances (including balance transfers and cash-like transactions) (collectively “Cash Advances”) made during the Promotional Period.  After the Promotional Period, the introductory  2.99% interest rate on any Cash Advances made during the Promotional Period (including any amount of those Cash Advances that remain unpaid after the Promotional Period ends) will increase to the preferred interest rate on Cash Advances (currently 22.99%).  There is no balance transfer fee applicable to Cash Advances made during the Promotional Period.

 

This Offer is subject to the approved credit limit and any Cash Advance limit on your Account, each as of the date of this Offer. This means if a Cash Advance amount(s) requested exceeds your approved credit limit as of the date this Offer was provided to you, it may not be processed.  This Offer cannot be used for any Scotiabank account including to transfer a balance from another Scotiabank account, or to make a payment or deposit to another Scotiabank account.  Offer may be changed, cancelled, or extended at any time without notice and cannot be combined with any other offers.

 

Losing your promotional rate: Losing your promotional rate: If we don’t receive the minimum payment on your Account by the payment due date on your statement, two consecutive times, you will lose the benefit of this promotional rate  Offer and the interest rates that apply on any unpaid balance will increase to the standard annual interest rates that apply to your Account (currently 25.99% on purchases and 27.99% on Cash Advances).

 

How we apply payments: Your payment cannot be applied to the balance(s) of your choice: In general, if you make a payment that exceeds the minimum payment on your statement, we will apply your payment on a proportionate basis among each group of billed charges on your Account. We group charges based on the interest rate that applies to the group of charges. See your credit card agreement for more information about how we apply payments to your Account.

 

Eligibility and Exclusions: Individuals who are currently or were previously primary or secondary cardholders of a Scotiabank business credit card in the past 2 years, including those that switch from an existing Scotiabank business credit card,  are not eligible for Offer. Subject to the above exclusions, Scotiabank personal credit cardholders are also eligible for the Offer.  By accepting this Offer you confirm you meet all Offer requirements. We reserve the right to revoke this Offer at any time if we determine you do not meet the Offer eligibility requirements, including after you have accepted the Offer or been approved for the Account.

 

Rates and Fees: The current annual fee is $79 for the primary card and $29 for each additional card (including those issued to co-borrowers and supplementary cardholders).


The current preferred annual interest rates for the Account are: 20.99% on purchases and 22.99% on Cash Advances. 

All rates, fees, features, and benefits are outlined in the Welcome Kit you will receive if approved and are subject to change. 

3% CASH BACK EARN RATE: You will earn 3% Cash Back on eligible purchases on your account at gas stations, electrical vehicle (EV) charging, restaurants, office supply stores, and on recurring bill payments. 3% Cash Back applies at merchants that are classified in the payment network associated with your account as: service stations (with or without ancillary services) and automated fuel dispensers; restaurants, fast food restaurants and bars; stationery and office supply stores; and recurring payments (Merchant Classification Codes (“MCC”): 5541, 5552 & 5542; 5812, 5813 & 5814; and 5111 & 5943). Recurring payments are defined as payments made on a monthly or regular basis automatically billed by the merchant to your account. Recurring payments typically include telecommunication, insurance, memberships, and subscription-based purchases. Not all merchants offer recurring payments. Please contact your merchant to confirm whether they offer recurring credit card payments. 2% CASH BACK EARN RATE: You will earn 2% Cash Back on eligible purchases on your account for shipping and accounting or bookkeeping services. 2% Cash Back applies at merchants which are classified in the payment network as shipping (MCC: 4214 and 4215) and accounting or bookkeeping services (MCC 8931). ANNUAL SPEND LIMIT ON 3% AND 2% EARN RATE CATEGORIES (the “Accelerated Earn Rates”): The combined Cash Back that can be earned on eligible purchases under the 3% and 2% earn rate categories (the Accelerated Earn Rates) will be capped at $40,000 in purchases annually. See “ANNUAL SPEND LIMITS” for more information. 1% CASH BACK EARN RATE (the “Regular Earn Rate”): You will earn 1% Cash Back on eligible Purchases made on your Account after you have reached the combined annual spend limit of $40,000 on the 3% and 2% earn categories (the “Overflow”) and on all other eligible Purchases made with the Account. ANNUAL SPEND LIMITS: There are annual limits on the Cash Back you can earn at Accelerated Earn Rates, as outlined in these Cash Back Program Terms (scotiabank.com/ terms/momentumbusiness). These limits are based on purchases posted to your account annually, calculated from the first day of the statement period of the month your account was opened (“Account opening date”). The annual spend limit resets every 12 months from the statement period of the month of your Account opening date. Once you reach the annual spend limit for any Accelerated Earn Rate(s), you will continue to earn Cash Back at the Regular Earn Rate.

Account must be open and in good standing to earn and redeem Cash Back. You must have earned a minimum of $25 Cash Back to be able to redeem. Only primary cardholders can redeem. Supplementary cardholders are not eligible to redeem Cash Back. Cash Back will be credited to the primary cardholder’s account within 3- 5 days from the day the redemption request is made. Cash Back will be displayed and available for redemption (after monthly calculation) and posted in the next statement cycle after such calculation has been completed by us. Cash Back will continue to accrue until redemption is made. There is no limit to Cash Back that can be earned. For complete details on how to redeem Cash Back, please see the “Cash Back Program Terms and Conditions” at Scotiabank.com/ terms/momentumbusiness.

For current rates and information on fees and interest cost, call 1-888-882-8958. Interest rates, annual fees and features are subject to change without notice.

Visa SavingsEdge is an automated discount program offered by Visa Canada Corporation ('Visa Canada') to eligible businesses and their authorized cardholders that hold an eligible Visa Business card and whose enrolment in the program is accepted by Visa. Under the program, cardholders can receive discounts from participating merchants each time the cardholder uses an enroled Visa Business card to make qualifying purchases of goods or services pursuant to an active discount offered by the merchant and that transaction is processed or submitted through the Visa payment system. Discounts provided will appear as credits on future credit card statements 8-10 weeks after purchase date. Visa Canada, not Scotiabank, is responsible for the Program. For details, visit www.visasavingsedge.ca. The following Scotiabank VISA Business cards are eligible for this program: Scotia Momentum for business Visa* card, Scotia Gold Passport for business Visa* card, ScotiaLine for business Visa* Card and Scotiabank Visa* Business Card.

The Visa Spend Clarity for Business service is provided by Visa Canada. The Bank of Nova Scotia and its affiliates are not responsible for the Visa Spend Clarity for Business service.

You are liable for all charges incurred on your account with any supplementary card issued in connection with the account. When you request Scotiabank to issue a supplementary card, we will also issue renewal and replacement cards for such supplementary card, unless the card is cancelled by you or Scotiabank. A Supplementary Cardholder's signature on or use or retention of the supplementary card issued in his or her name shall evidence your receipt of the agreements relating to the account and your acceptance of their terms.

Under all insurance coverages or services, certain limitations, restrictions and exclusions apply, including a pre-existing condition exclusion for certain benefits. Please see the Certificates of Insurance for full coverage details. Coverages are underwritten by The Manufacturers Life Insurance Company and its wholly owned subsidiary First North American Insurance Company. The Bank of Nova Scotia is not an insurer. All insurance claims must be forwarded to the insurance providers.

Scotia Business Loan Protection is underwritten by The Canada Life Assurance Company: Tel: 1-800-387-2671, www.canadalife.com under a Group Policy issued to the Bank of Nova Scotia. All coverage is subject to the terms and conditions outlined in the Certificate of Insurance which you will receive upon enrollment.

1% of the Comprehensive coverage amount, monthly benefit up to $7,500 for a maximum of 24 months per claim or 48 months maximum per lifetime.

2% of the Comprehensive coverage amount, up to $15,000 paid in one lump sum amount.

To a maximum of $2,000,000.   

Scotia SelectPay Conditions apply. Review Terms and Conditions for full details or visit scotiabank.com/selectpayforbusiness to learn more.

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