Terms and Conditions
Bundle Offer Conditions:
Scotia Momentum® Visa Infinite* Card + MomentumPLUS Savings Account
Value of up to $676.44 in the first year, includes (a) up to $370 in value with a from the Scotia Momentum® Visa Infinite* Card , and (b) up to $306.44 in bonus and regular interest earned with a MomentumPLUS Savings Account , all as described in further detail below.
Scotia Momentum® Visa Infinite* Card
(a) Value of up to $370 with a Scotia Momentum® Visa Infinite* Card is an annual potential value for the first 12 months based on the following card usage and offers:
Earn up to $200 in cash back through 10% cash back on all purchases for the first 3 months (up to $2,000 in total purchases). See below for full details on Offer Terms and Conditions.,
$120 in annual fee savings (first year annual fee waiver with a Preferred Package, or $120 ongoing annual fee waiver with an Ultimate Package)
$50 in annual fee savings on one (1) supplementary card (first year annual fee waiver additional card fee waiver on each additional card welcome offer for the first year. See below for full details on Offer Terms and Conditions).
Potential First Year Value = Up to $370
Actual savings and cashback earned will depend on individual card usage and eligibility for applicable offers. Conditions apply.
Offer Description and Conditions: The 10% Cash Back and First Year Annual Fee Waiver (the “Offer”) applies only to new Scotia Momentum Visa Infinite credit card accounts (“Accounts”) that are opened, and any additional Account cards issued, by October 31, 2023 subject to the conditions below. We will waive the annual fee for the primary card and each additional card issued before October 31, 2023 on the Account for the first year only. All other terms and conditions of the Program Terms continue to apply during the Offer period. Offer may be changed, cancelled or extended at any time without notice and cannot be combined with any other offers.
10% Cash Back Offer Description and Conditions: You will earn 10% cash back on the first $2,000 in eligible purchases you spend on your new Account within the first 3 months of the Account open date (the “Promotional Period”). Eligible purchases include purchases (less any refunds, returns or other similar credits) but do not include payments, cash advances (including balance transfers and cash-like transactions), interest, fees or other charges. After the Promotional Period, you will earn regular cash back on eligible purchases at the regular cash back rate (the “Cash Back Program Rate”) described in the Scotia Momentum Visa Infinite Cash Back Program Terms and Conditions (the “Program Terms”). The 10% cash back rate for any category is made up of the sum of: (i) the regular Cash Back Program Rate (variable by categories as set out under the Program Terms); and (ii) a “Cash Back Bonus Rate”.
Cash back earned under this Offer will be credited to your Account in 2 instalments so long as your Account is open and in good standing at time of payout of each:
Bonus Cash Back: The amount earned under the Cash Back Bonus Rate will be credited to your Account within 7 months from the Account open date; and
Regular Cash Back: The amount earned under your regular Cash Back Program Rate will be credited to your Account according to the regular cash back payment schedule as set out under the Program Terms.
The Account is considered in good standing if it is not past due or over limit and the Cardholder(s) is not in breach of the Revolving Credit Agreement that applies to the Account.
EXAMPLE: If the Regular Cash Back Program Rate for the Groceries and Recurring Payments category is 4% then the Cash Back Bonus Rate will be 6% for that category so that you will earn a total of 10% on the amount of all eligible everyday purchases in that category during the Promotional Period. If you make $2,000 in eligible everyday purchases in the Groceries and Recurring Payments category, your cash back earnings will be credited to your Account as follows:
(1) the Cash Back Bonus earnings of $120 (6% x $2,000) (which will not be tracked on your monthly statements), will be credited to your Account within 7 months from the Account open date, and (2) the Regular Cash Back earnings of $80 (4% x $2,000) (which will be tracked on your monthly statements), will be credited to your Account as per the regular cash back payment schedule (i.e., November).
Annual Fee Waiver Offer Description and Conditions: We will waive the annual fee for the primary card and each additional card issued before October 31, 2023 on the Account for the first year only.
Eligibility and Exclusions: Individuals who are currently or were previously primary or secondary cardholders of a Scotiabank personal credit card in the past 2 years, including those that switch from an existing Scotiabank personal credit card, as well as employees of Scotiabank, are not eligible for the Offer. Subject to the above exclusions, Scotiabank small business credit cardholders are also eligible for the Offer.
Rates and Fees: The current annual fee is $120 for the primary card and $50 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 Application Disclosure Statement and are subject to change.
MomentumPLUS Savings Account
(b) Value of up to $306.44 is an example of potential interest earned in the first year with a MomentumPLUS Savings Account when you make a deposit of $10,000, select a 90 day Premium Period and maintain that balance for 12 months. Assumes no compounding of interest or additional deposits, and no debit transactions during the period of 365 days. Below is a breakdown of interest earned in the first year assuming the above:
- 1.40% Regular Interest Rate ($140.00)
- 0.85% Premium Period Interest Rate ($85.00)
- 0.05% Package Interest Rate boost with a Preferred Package ($5.00)
- 3.10% Welcome Bonus Interest Rate eligible for first 3 months ($76.44)
See Welcome Bonus Interest Rate Offer Terms & Conditions for full details. Includes Regular Interest Rate of 1.40% plus a Package Interest Rate Boost of 0.05% for Preferred Package holders, 90-Day Premium Period Interest Rate of 0.85% and a Welcome Bonus Interest Rate of 3.10% for 3 months. Regular Interest plus a Package Interest Rate Boost of 0.05% for Preferred Package holders (or 0.10% for Ultimate Package holders) is calculated daily, paid monthly. Premium Period Interest is earned when you choose a 90, 180, 270 and/or 360-day Premium Period. A longer Premium Period earns a higher Premium Period Interest Rate provided you don’t make any withdrawals within the Premium Period you select. Premium Period Interest is calculated daily, paid at the end of the applicable Premium Period. Welcome Bonus Interest is calculated daily and paid monthly for 90 days (3 months) on your first MomentumPLUS Savings Account opened. Interest rates are per annum and subject to change. Visit the Current Rates Page for more information and current rates.
Additional Bundle Product with Package Benefits: GIC Rates
Preferred GIC Rates with Ultimate Package
Ultimate Package holders will receive Ultimate Package GIC interest rates (“Ultimate Package GIC Rates”) on Long Term Non-Redeemable GICs with terms between 1 and 10 years, excluding Special Rate GICs, Market Linked GICs and Guaranteed Income Optimizer GICs. The Ultimate Package GIC Rates are subject to change without notice. For the latest Ultimate Package GIC Rates, contact your branch or call 1-800-4-SCOTIA. Interest is accrued daily on your GIC from the issue date up to, but not including, the maturity date. For Scotiabank GICs that pay interest during their term (monthly, semi-annually or annually) the last interest payment is paid at maturity.
Preferred GIC Rates with Preferred Package
Preferred Package account holders will receive Preferred Package GIC interest rates (“Preferred Package GIC Rates”) on Long Term Non-Redeemable GICs with terms between 1 and 10 years, excluding Special Rate GICs, Market Linked GICs and Guaranteed Income Optimizer GICs. The Preferred Package GIC Rates are subject to change without notice. For the latest Preferred Package GIC Rates, contact your branch or call 1-800-4-SCOTIA. Interest is accrued daily on your GIC from the issue date up to, but not including, the maturity date. For Scotiabank GICs that pay interest during their term (monthly, semi-annually or annually) the last interest payment is paid at maturity.
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