Scotiabank Momentum® Visa Infinite* Credit Card Accounts

 

Frequently Asked Questions

Please see some key questions and answers that we are providing to help you understand changes we are making effective August 1, 2019 to Scotiabank Momentum® Visa Infinite* credit card accounts (the “Account”).  

-    Annual Fees are Changing:  The annual fees are changing for the Primary Cardholder from $90 to $120 and for each Supplementary Cardholder from $30 to $50.

-    Annual Interest Rate on Purchases is Changing: We are changing the annual interest rates for Purchases on your account from 19.99% to 20.99%.  The annual interest rate for Cash Advances (including Balance Transfers, Scotia Credit Card Cheques and Cash-Like Transactions) remains at 22.99%.

Note: The standard interest rates on Purchases and Cash Advances are not changing. These standard interest rates will apply if we do not receive your minimum payment by your payment due date more than 2 times in any 12-month period.

Remember:  You can avoid paying interest on any new purchases you make each month by ensuring that we receive your payment in full that month by the payment due date shown on your statement.  In that way, you won’t pay interest on any new Purchases that appear on your statement that month.

See your Disclosure Statement received with your Card for more information about Annual Interest Rates.

For more information on annual fee and interest rate changes refer to: “What are the changes to my Interest Fees? + what are the changes to my Annual Fees?”

-   Cash Back Program Changes: We are making changes to the amount of cash back (the earn rate) you receive for certain categories of purchases on your account.

This means that some types of purchases for which you earn a certain rate of cash-back may be changing.

We are adding a NEW earn rate category that you can earn cash-back on your purchases called “Daily Transit“. This includes ride sharing, transit, taxis, etc.

For more information on these cash back changes, refer to Question #9 (“What are the changes to the earn rate categories?” for more information).

-   Insurance:  We are adding two new insurance benefits to your Account. (Refer to Question #19 “What are the changes to my Insurances?” for more information)

All changes are effective August 1, 2019.    

To help us to continue to provide you value for your account, we regularly review our credit card’s features and benefits, including pricing.

In some cases that means fees and rates or the features and benefits that are included may change.

But we always want to try to ensure that our products and services remain competitive and continue to provide value to our customers.    

Annual Fees

Until July 31, 2019

Starting Aug. 1, 2019

Primary Cardholder

$99

$120

Each Supplementary Cardholder

$30

$50

-   Annual fee(s) are charged on your anniversary date (each 12 months from your account opening date) and appear on your statement in that month.

-    If your anniversary date occurs prior to August 1, 2019 you will be charged the annual fees that apply until July 31, 2019 of $99 for the Primary Cardholder and $30 for each Supplementary Cardholder.

-    If your anniversary date occurs on or after August 1, 2019, you will be charged the new annual fees of $120 for Primary Cardholders and $50 for Supplementary Cardholders.

The preferred Annual Interest Rate on Purchases is changing. 

The preferred Annual Interest Rate on Purchases will increase from 19.99% to 20.99%. The preferred annual interest rate on Cash Advances, Balance Transfers and Scotia Credit Card Cheques is not changing and will remain at 22.99%. Cash Advances also include Cash-Like Transactions.

You will see the preferred Annual Interest Rate on Purchases of 19.99% on your August 2019 statement. You will see the new preferred Annual Interest Rate on Purchases of 20.99% appear on your September statement.

Note: The revised new preferred Annual Interest Rate on Purchases of 20.99% will be applied effective the first day after your August 2019 Statement date. For example, If your statement date is August 15th, then the revised rate will apply starting August 16th

Remember to avoid paying interest on new purchases you make each month, please ensure that we always receive payment of your entire balance in full by the payment due date that appears on your statement. 

See your disclosure statement for your Account for more information about annual interest rates.  

No, the interest rate on Cash Advances will remain at 22.99%.

Cash Advances include Balance Transfers, Scotia Credit Card Cheques and Cash-Like Transactions.

There is no interest- free grace period on Cash Advances. This means that you will pay interest on them from the day of the transaction until you pay the amount of the cash advance in full.

Review your Revolving Credit Agreement for more information about Cash Advances and review your Disclosure Statement for your Account for more information about Annual Interest Rates.

They could. But this change isn’t new.

And here’s how:  

If your Account has preferred annual interest rates, those preferred annual interest rates may increase if we do not receive a minimum payment by the payment due date two (2x) times in any 12 consecutive month period.

In the case of the Purchase Interest Rate, the preferred rate will increase to the standard rate of 24.99%

In the case of Cash Advance Interest rate, the preferred rate will increase to 27.99%.

If your Account is secured under the Scotia Total Equity Plan (STEP), these standard increased rates do not apply to your Account.

Please review your Disclosure Statement carefully to understand how your preferred interest rates could change if we do not receive your minimum payment each month by the payment due date on your statement.

REMEMBER:  You can set up a pre-authorized payment for your account (minimum payment or full balance).  Contact us if you wish to discuss that option. 

Earn Rate Category

 

Cash Back
Earn Rate
to July 31, 2019

Cash Back
Earn Rate
On August 1, 2019

Grocery

4%

4% (no change)

Recurring Bill Payments**

2%

4% (changing)

Daily Transit (New)

1%* (earn rate for purchases)

2% (new accelerated earn rate)

Gas

4%

2% (changing)

Drug Stores

2%

1%* (earn rate for purchases)

All other everyday purchases

1%

1% (no change)

Note: Starting August 1, 2019 for Grocery, Recurring Bill Payments, Daily Transit and Gas categories (and for Drug Stores until July 31, 2019), you will earn 1% cash back on purchases made after you have reached the 4% and 2% $25,000 annual spend maximum and on all other eligible purchases made with the card.

-    All purchases that are posted to the Account up to July 31, 2019 will receive the previous earn rates that apply to those purchases prior to July 31, 2019.

-    Any purchases posted to the Account on or after August 1, 2019, will earn the new earn rate as of August 1, 2019.

-   The cash back earned on purchases is based on the date of the transaction or any reversal or return. 

-   For example:  If a $100 Drug store transaction posted to your account before the changes as of August 1, 2019, you would have earned $2 @ the 2% earn rate. If this transaction is reversed (you return $100 in drug purchases) after the change, we will post the $100 to your account and the $1 will be reduced from the cash back earned as per the new rate of 1%.

-   Similarly a $100 recurring bill payment has posted to your account before change (August 1, 2019) you would have earned $2 @ the 2% earn rate for recurring bill payments.  If this transaction is reversed after the change (after August 1, 2019) and that $100 is reversed, we will reverse $4 in cash back (not the $2 earned under the original earn cate) as per the new earn rate for recurring bill payments is now 4%.  

 

-   Recurring Bill Payments are payments made on a monthly or regular basis automatically billed by the merchant (such as a company, entity, or institution you are dealing with) to your account.

-   Recurring Bill Payments are typically for telecommunications, insurance, memberships, and subscription payments. These can include digital subscriptions, select apps and streaming services, monthly food service subscriptions, cable, and internet services, etc.

-   Not all merchants offer Recurring Bill Payments. Please check with the merchant (your subscriber, service provider etc) to see if they offer Recurring Bill Payments on Visa cards or contact us for more information.

-   Purchases at any merchant classified by Visa Inc. (the “Visa Network”) as Grocery Stores & Supermarkets (Merchant Code 5411).  

-   Our new Daily Transit category for which you will earn more cash back (instead of the 1% on everyday purchases) includes purchases you make for transit, ride sharing services such as buses, taxis, subway specifically purchases at any merchant classified under the Visa Network as (including Local and Suburban Commuter Passenger Transportation, including Ferries, Passenger Railways, Taxicabs and Limousines, Bus Lines, Transportation Services (Not Elsewhere Classified)). (Merchant Codes 4111, 4112, 4121, 4131, 4789).

-   Purchases at any merchant classified under the Visa Network as Gas includes Service Stations (with or without Ancillary services), and Automated Fuel Dispensers). (Merchant Codes 5541 & 5542)    

Yes there is. And that is not a new change.

Under our Cash Back Program for the Account:

-   You earn 4% or 2% cash back (as applicable) only on the first $25,000 you spend annually on purchases on the Account at merchants classified in the Visa Inc. (VISA) network as :

4% cash back on each $1 in purchases

     o   (i) Grocery Stores & Supermarkets and

     o   (ii) Recurring Bill Payments.

2% Cash Back classified in the VISA network in the categories of

      o   (i) Gas; and

      o   (ii) Daily Transit

-   After you have reached the 4% and 2% $25,000 annual spend maximum you will earn 1% cash back on those purchases and on all other eligible purchases made on the Account.

Remember only purchases earn cash back.  Purchases do not include Cash Advances (including Balance Transfers, Scotia Credit Card Cheques and Cash-Like Transactions), interest, fees, payments (on your account), returns, refunds or other credits.

-   There are no changes on the timing of your cash back pay-out.

-   You will continue to receive any cash back you have earned on purchases the same way that you do today.

-   Your cash back accumulates each month, beginning each year with your December statement, and any cash earned is awarded at the end of each 12 month period (in November).

-   You can select to receive your cash back as a deposit to your Scotiabank Chequing or Savings account (an eligible account) or as a credit on your statement in November.  By default your cash back will be applied to as a statement credit account if you do not select an eligible account.

-   If you wish to select an eligible Scotiabank Chequing or Savings account to receive your cash back, this can be done anytime throughout the year, but must be selected by October before your pay-out in November.

-   You can review the amount of the cash back earned on your Account on or before August 1 on your current or previous statement(s).

-   You can also review your cash back earned to date on ScotiaOnline or Mobile Banking.

We are adding two NEW Insurances:

Trip Cancellation Insurance* (NEW):  You and/or your spouse will have Trip Cancellation Insurance coverage for up to $1,500 per insured person (maximum $10,000 per trip) when you charge at least 75% of eligible trip expenses to your Card on or after August 1, 2019. Your dependent children and one travelling companion will also be covered when travelling with you and/or your spouse.

Mobile Device Insurance* (NEW):  You will have Mobile Device Insurance for new cellular phones, smartphones or tablets purchased on or after August 1, 2019, when you charge the full cost of your new mobile device to your Card or charge all your wireless bill payments for such device to your Card when you fund such purchase through a plan. You may be covered for up to $1,000 in the event your cell phone, smartphone or tablet is lost, stolen or accidentally damaged or experiences mechanical failure.

The current Insurances on your Account are changing. You will continue to receive coverage on:

-        Travel Emergency Medical Insurance*

-        Trip Interruption Insurance*

-        Flight Delay Insurance*

-        Common Carrier Travel Accident Insurance*

-        Rental Car Collision/Loss Damage Insurance*

-        Purchase Security/Extended Warranty*

-        Delayed and Lost Luggage Insurance*

-   There are no changes being made to your Visa Infinite Benefits. You will still have the same Visa Benefits that currently apply to your account.    

All fees, rates and features and benefits are subject to change.

For more information or questions:  Review the above changes at www.scotiabank.com/newmvif or call us at 1-888-222-3931, Monday – Friday from 7:00am to 11:00pm Eastern Standard Time (EST).