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Important Notice of Changes
Changes to Scotiabank Credit Card Accounts
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Changes to the L’earn® Visa* Credit Card
- Credit Limit and Balances: At the time of the transition in November 2023, your credit limit and any balances will be transferred to your replacement credit card account.
- Fees and Rates: Your annual fee, interest rates and fees are not changing with the replacement credit card account.
- Creditor Insurance: If your Account is covered by Scotia Credit Card Protection Insurance3, your coverage will continue automatically on the Scotia Momentum® No-Fee Visa* Card.
- Paperless Statements & Alert Services: If you are currently receiving paperless statements or signed up for info alert services, these features will be transferred to your replacement credit card account.
- Pre-Authorized Debit Payments (PADs): If you have PAD(s) set-up to pay your current Scotiabank credit card account statement balance, they will continue on your replacement credit card account. If you notice any disruption in your PAD payments after the replacement credit card account is set up in November 2023, please contact us.
- Credit Card Numbers: Your credit card number will remain the same, while security code/CVV2 and expiry date may be different for each card on your account. Your account number should also remain the same.
- Recurring Bill Payments: If you set up recurring bill payments on your current Scotiabank credit card account, you may need to contact the merchant you set up those recurring bill payments with to update any payment details if your card details (CVV2 and expiry) have changed to avoid any disruption in your payments to them.
- Online/ Statement Product Name Changes: Starting in November 2023, the replacement product name “Scotia Momentum® No-Fee Visa*” will appear on your statement and online banking. This name change will have no affect on your ability to access your account information and transaction history online for your current credit card account. If you have any issues doing so, please contact us.
If you have optional Scotia Credit Card Protection Insurance3 on your Account, it will be automatically transferred over to your new Scotia Momentum® No-Fee Visa* Card. If you decide to switch to a different credit card product and would like to retain your Scotia Credit Card Protection insurance, please contact your Scotiabank Advisor so they can review and discuss the eligibility and process with you.
Your existing PIN will be transferred to the new replacement card. If you do not remember your PIN, please visit your local Scotiabank branch to reset your PIN.
Please call us at 1-800-472-6872 and we will be happy to assist you further.
Any accumulated cash back rewards earned on eligible purchases made from July to October 2023 will be deposited to your Scotiabank bank account or applied as a credit to your November 2023 statement.
Note: If you decide to not accept your replacement Scotia Momentum® No-Fee Visa* credit card account and close your current credit card account instead, any cash back earned may be forfeited. Please refer to your Cash Back Rewards Program terms and conditions for additional details.
If you would like to explore other Scotiabank credit card options that may be available, visit scotiabank.com. Note that a new credit check and approval may be required, and you may forfeit accumulated cash back rewards, if you close your current credit card account or apply for a different Scotiabank credit card account.
Yes, you should activate all your replacement card(s) immediately upon receiving them, unless you wish to discuss other Scotiabank credit card option with us.
At Scotiabank we continuously review and enhance our products and services to meet the evolving needs of our customers. As such, we will be introducing some changes to the products available to students. The L’earn® Visa* and Scotia Moneyback® No-Fee Visa* credit cards will be discontinued effective November 1, 2023.
Your replacement cards will be mailed out prior to your November 2023 statement date.1 Please ensure we have your most current mailing address on file.
You can update your address by signing into online banking on your computer and selecting Manage My Accounts.
During this transition you can continue to use your existing card without interruption until the new card arrives. Please activate your replacement card when you receive it. Please destroy your old card upon activation of your new card.
In November 2023, your credit card account name will be reflected as “Scotia Momentum® No-Fee Visa* card” online and on your next monthly statement. You will continue to be able to access your account information and transaction history online.Your replacement Scotia Momentum® No-Fee Visa* Card can earn you cash back fast on purchases – all at the same interest rates as your current Account, with no annual fees and no cash back limits!
- Earn 1% cash back on all eligible gas station, grocery store, and drug store purchases, and eligible recurring payments such as bills or subscription payments2
- Earn 0.5% cash back on all other eligible purchases2
If you have set up a pre-authorized debit plan (PAD) to make a payment to your L'earn® Visa* or Scotia Moneyback® Visa*credit card, that PAD will remain and still apply to your replacement Scotiabank Momentum® No-Fee Visa* credit card account.
If you are no longer a student, please call us at 1-800-472-6872 or visit us at your local branch and we will be happy to assist you further.
1 Your actual account transfer will be effective on the first day following the statement date of your November 2023 statement. By way of example, if your November statement is dated “November 15, 2023”, your account will be transferred to the new replacement account on November 16, 2023. If your current account is not in good standing at the time of the transition, it may not be automatically transferred. Your welcome package will include replacement card plastic(s) and a copy of your Revolving Credit Agreement and the Disclosure Statement that outlines the rates and fees that apply, plus more information about the associated cash back rewards program.
2 You will earn 1% cash back on your annual spend on gas station, grocery store and drug store purchases and on recurring payments. 1% cash back applies at merchants which are classified in the Visa Inc. (Visa) network as Grocery Stores & Supermarkets, Drug Stores & Pharmacies, Service Stations (with or without ancillary services), Automated Fuel Dispensers and Recurring Payments (Merchant Codes: 5411, 5541, 5542 & 5912). Recurring payments are defined as payments made on a monthly or regular basis automatically billed by the merchant to your Scotia Momentum No-Fee Visa card. Recurring payments are typically telecommunication, insurance, membership, subscriptions etc. purchases. Not all merchants offer recurring payments. (Please check with your merchant to see if they offer recurring payments on Visa cards.) Some merchants may sell these products/services or are separate merchants who are located on the premises of these merchants, but are classified by Visa in another manner, in which case this added benefit would not apply. You will earn 0.5% cash back on all other eligible purchases made with the card. Purchase returns, payments, cash advances, balance transfers, Scotia® Credit Card Cheques, credit vouchers, card fees, interest charges or service/transaction charges do not qualify for cash back.
3 Scotia Credit Card Protection is underwritten by Chubb Life Insurance Company of Canada 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 within 30 days once your Scotia Credit Card Protection application has been approved.
® Registered trademarks of The Bank of Nova Scotia.
* Visa Int./Licensed User.
-
Changes to the Scotia Moneyback® No-Fee Visa* Credit Card
- Credit Limit and Balances: At the time of the transition in November 2023, your credit limit and any balances will be transferred to your replacement credit card account.
- Fees and Rates: Your annual fee, interest rates and fees are not changing with the replacement credit card account.
- Creditor Insurance: If your Account is covered by Scotia Credit Card Protection Insurance3, your coverage will continue automatically on the Scotia Momentum® No-Fee Visa* Card.
- Paperless Statements & Alert Services: If you are currently receiving paperless statements or signed up for info alert services, these features will be transferred to your replacement credit card account.
- Pre-Authorized Debit Payments (PADs): If you have PAD(s) set-up to pay your current Scotiabank credit card account statement balance, they will continue on your replacement credit card account. If you notice any disruption in your PAD payments after the replacement credit card account is set up in November 2023, please contact us.
- Credit Card Numbers: Your credit card number will remain the same, while security code/CVV2 and expiry date may be different for each card on your account. Your account number should also remain the same.
- Recurring Bill Payments: If you set up recurring bill payments on your current Scotiabank credit card account, you may need to contact the merchant you set up those recurring bill payments with to update any payment details if your card details (CVV2 and expiry) have changed to avoid any disruption in your payments to them.
- Online/ Statement Product Name Changes: Starting in November 2023, the replacement product name “Scotia Momentum® No-Fee Visa*” will appear on your statement and online banking. This name change will have no affect on your ability to access your account information and transaction history online for your current credit card account. If you have any issues doing so, please contact us.
If you have optional Scotia Credit Card Protection Insurance3 on your Account, it will be automatically transferred over to your new Scotia Momentum® No-Fee Visa* Card. If you decide to switch to a different credit card product and would like to retain your Scotia Credit Card Protection insurance, please contact your Scotiabank Advisor so they can review and discuss the eligibility and process with you.
Your existing PIN will be transferred to the new replacement card. If you do not remember your PIN, please visit your local Scotiabank branch to reset your PIN.
Please call us at 1-800-472-6872 and we will be happy to assist you further.
Any accumulated cash back rewards earned on eligible purchases made from July to October 2023 will be deposited to your Scotiabank bank account or applied as a credit to your November 2023 statement.
Note: If you decide to not accept your replacement Scotia Momentum® No-Fee Visa* credit card account and close your current credit card account instead, any cash back earned may be forfeited. Please refer to your Cash Back Rewards Program terms and conditions for additional details.
If you would like to explore other Scotiabank credit card options that may be available, visit scotiabank.com. Note that a new credit check and approval may be required, and you may forfeit accumulated cash back rewards, if you close your current credit card account or apply for a different Scotiabank credit card account.
Yes, you should activate all your replacement card(s) immediately upon receiving them, unless you wish to discuss other Scotiabank credit card option with us.
At Scotiabank we continuously review and enhance our products and services to meet the evolving needs of our customers. As such, we will be introducing some changes to the products available to students. The L’earn® Visa* and Scotia Moneyback® No-Fee Visa* credit cards will be discontinued effective November 1, 2023.
Your replacement cards will be mailed out prior to your November 2023 statement date.1 Please ensure we have your most current mailing address on file.
You can update your address by signing into online banking on your computer and selecting Manage My Accounts.
During this transition you can continue to use your existing card without interruption until the new card arrives. Please activate your replacement card when you receive it. Please destroy your old card upon activation of your new card.
In November 2023, your credit card account name will be reflected as “Scotia Momentum® No-Fee Visa* card” online and on your next monthly statement. You will continue to be able to access your account information and transaction history online.Your replacement Scotia Momentum® No-Fee Visa* Card can earn you cash back fast on purchases – all at the same interest rates as your current Account, with no annual fees and no cash back limits!
- Earn 1% cash back on all eligible gas station, grocery store, and drug store purchases, and eligible recurring payments such as bills or subscription payments2
- Earn 0.5% cash back on all other eligible purchases2
If you have set up a pre-authorized debit plan (PAD) to make a payment to your L'earn® Visa* or Scotia Moneyback® Visa* credit card, that PAD will remain and still apply to your replacement Scotiabank Momentum® No-Fee Visa* credit card account.
If you are no longer a student, please call us at 1-800-472-6872 or visit us at your local branch and we will be happy to assist you further.
1 Your actual account transfer will be effective on the first day following the statement date of your November 2023 statement. By way of example, if your November statement is dated “November 15, 2023”, your account will be transferred to the new replacement account on November 16, 2023. If your current account is not in good standing at the time of the transition, it may not be automatically transferred. Your welcome package will include replacement card plastic(s) and a copy of your Revolving Credit Agreement and the Disclosure Statement that outlines the rates and fees that apply, plus more information about the associated cash back rewards program.
2 You will earn 1% cash back on your annual spend on gas station, grocery store and drug store purchases and on recurring payments. 1% cash back applies at merchants which are classified in the Visa Inc. (Visa) network as Grocery Stores & Supermarkets, Drug Stores & Pharmacies, Service Stations (with or without ancillary services), Automated Fuel Dispensers and Recurring Payments (Merchant Codes: 5411, 5541, 5542 & 5912). Recurring payments are defined as payments made on a monthly or regular basis automatically billed by the merchant to your Scotia Momentum No-Fee Visa card. Recurring payments are typically telecommunication, insurance, membership, subscriptions etc. purchases. Not all merchants offer recurring payments. (Please check with your merchant to see if they offer recurring payments on Visa cards.) Some merchants may sell these products/services or are separate merchants who are located on the premises of these merchants, but are classified by Visa in another manner, in which case this added benefit would not apply. You will earn 0.5% cash back on all other eligible purchases made with the card. Purchase returns, payments, cash advances, balance transfers, Scotia® Credit Card Cheques, credit vouchers, card fees, interest charges or service/transaction charges do not qualify for cash back.
3 Scotia Credit Card Protection is underwritten by Chubb Life Insurance Company of Canada 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 within 30 days once your Scotia Credit Card Protection application has been approved.
® Registered trademarks of The Bank of Nova Scotia.
* Visa Int./Licensed User.