At Scotiabank, our specialized business banking team has partnered with MD Financial Management (MD Financial) to offer the right advice and banking solutions for you – no matter the size of your business. As a practising physician, the Physician Banking ProgramΔ offers you savings and rewards on business banking solutions to help you manage your finances.
Scotia Professional® Plan
- Scotia Professional® Plan line of credit with preferred interest rate of Prime1
- Scotia Professional® Plan Lite with up to $5,000 in overdraft protection at Prime1
- Low monthly plan fees
Select Account for business
- Monthly plan fee waiver for Plan B (value of $35 a month ) with no minimum balance required
- Plan B is a premium operating account which includes 70 transactions2 and 60 deposit3 items per month
- Other Select Account for business plans are available
Scotiabank Passport Visa Infinite Business Card4
- First year $199 annual fee waiver for primary card holder
- For a limited time, earn up to 50,000 bonus Scotia Rewards® points in your first year5 (value of up to $500)
- No annual fee for secondary card
- Earn up to 1.5X Scotia Rewards® points on eligible business purchases6
- Complimentary airport lounge membership including 6 free visits per year (value of $300)7
- No foreign transaction fees on foreign currency purchases made on your card (only the exchange rate applies)8 and comprehensive insurances9
- Preferred annual interest rates are 19.99% on purchases and 22.99% on cash advances
Scotiabank Momentum for Business Visa Card
- Save the annual fee ($49 continuous annual fee rebated)
- Up to 3% cash back on everyday purchases10
- Longer interest-free grace period of 25 days11
- 2.99% introductory interest rate on balance transfers for the first 6 months (22.99% after that)12
Chase Merchant Services13
- Comprehensive payment processing solution with competitive rates for debit and credit card processing
- Free deposits with Scotiabank Business Account Plan14
- Next business day funding15
Explore Related Content
Personal banking solutions for physicians including bank accounts, credit cards, line of credit and mortgagesPersonal Banking Solutions
Personal Banking Solutions
Personal banking solutions for physicians including bank accounts, credit cards, line of credit and mortgagesPersonal Banking Solutions
Already an MD client and want to talk about your financial plans? Contact your MD Advisor or visit MD.ca
To learn more about the personal, private and business banking solutions available to you or book an appointment with a Scotiabank Healthcare Professional, call Scotiabank Healthcare+ at 1-888-222-3918.
All banking and credit products and services are offered by The Bank of Nova Scotia (“Scotiabank”) unless otherwise noted. Credit and lending products are subject to credit approval by Scotiabank. Terms and conditions apply to all reward programs and benefits and should be reviewed carefully before applying. All offers, rates, fees, features, reward programs and benefits and related terms and conditions are subject to change. Visit scotiabank.com or speak with your MD Advisor or a Scotiabank representative for full details
® Registered trademarks of The Bank of Nova Scotia.
™ Trademark of The Bank of Nova Scotia.
American Express is a registered trademark of American Express. The Scotiabank Gold American Express® credit card program is issued and administered by The Bank of Nova Scotia under license from American Express
♢ Visa Int./ Licensed User. Visa is a registered trademark owned by Visa International Service Association and used under license.
** MasterCard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.
*** Interac and the Interac logo are registered trade-marks of Interac Corp. Used under license.
Chase and the Octagon logo are registered trademarks of JPMorgan Chase Bank, N.A. JPMorgan Chase Bank, N.A. is a wholly-owned subsidiary of JPMorgan Chase & Co.
MD Financial Management includes MD Financial Management Inc., MD Management Limited, MD Private Trust Company, MD Life Insurance Company and MD Insurance Agency Limited.
MD Financial Management provides financial products and services, the MD Family of Funds and investment counselling services through the MD Group of Companies. For a detailed list of these companies, visit md.ca.
To be eligible for the Physician Banking Program benefits you must be a Canadian resident that meet one of the following conditions:
• Enrolled in a Canadian university medical degree program
• Has been accepted or is completing a medical residency in Canada
• Medical fellow who is completing a Canadian fellowship granted by the Royal College of Physicians and Surgeons of Canada
• Physician with a medical doctorate (MD) and licensed to practice medicine in a Canadian province or territory
• Retired physician with a medical doctorate (MD) and has practiced medicine in a Canadian province or territory
The annual interest rate will vary with Scotiabank Prime and, where applicable, the adjustment factor. Scotiabank Prime is the prime lending rate of Scotiabank published from time to time and is subject to change. We may also change the adjustment factor with prior notice. You can find the current Scotiabank Prime lending rate at https://www.scotiabank.com/ca/en/personal/rates-prices.html or by contacting Scotiabank 1(800) 4SCOTIA (1-800-472-6842)
Transactions that are included in the monthly plan fee for each applicable account plan option are allocated in the order in which they appear on the Transaction Fees Chart of Guide to Fees and Interest Schedule on page 18. Additional transactions are charged on a “pay-per-use” basis when applicable.
Maximum per account, per statement cycle.
To apply for the Scotiabank Passport Visa Infinite Business Card you must declare that you meet at least one of the following requirements:
You have a minimum business annual sales revenue of CAD $500,000, you have at least $60,000 in personal annual income, you spend at least $30,000 annually on your credit card, you have a least $100,000 in annual household income, or you have at least $250,000 in assets under management.
How to earn up to 50,000 bonus Scotia Reward points in your first year: Open a new Scotiabank Passport Visa Infinite Business credit card account (“Account”) by February 20, 2020 and you can earn a 35,000 Scotia Reward point bonus with your first $5,000 in everyday eligible purchases for your business if made within the first 3 months (the “Bonus Offer”). And as a Scotiabank Passport Visa Infinite Business credit cardholder you can earn an annual Scotia Rewards point bonus (the “Annual Bonus”) starting at 15,000 points when you spend at least $60,000 in everyday eligible purchases annually on your Account. See below for complete terms and conditions.
The current annual fee for the Account is $199 for the primary card, $0 for one supplementary card and $50 for each additional supplementary card thereafter. The current preferred annual interest rates for this Account are: 19.99% on purchases and 22.99% on cash advances (including balance transfers, Scotia® Credit Card Cheques and cash-like transactions). All rates, fees, features and benefits are subject to change.
To be eligible for the 35,000 Bonus Offer, you must have at least $5,000 in eligible purchases posted to your new Account in the first 3 months from the Account open date. Any bonus points received under the Bonus Offer will be credited to the primary cardholder’s Scotia Rewards account within 5 to 10 business days after the first 3 months has passed, provided the Account is open and in good standing at time of payout. Bonus Offer applies to new Accounts only opened by February 20, 2020. Individuals who are currently or were previously primary or secondary cardholders of a Scotiabank small business credit card in the past 2 years, including those that switch from an existing Scotiabank small business credit card, as well as employees of Scotiabank, are not eligible for the Bonus Offer. Subject to the above exclusions, Scotiabank small business credit cardholders are eligible.
To be eligible for the Annual Bonus, you must make at least $60,000 in eligible purchases annually on your Account in a year (12-months). Annual period starts from the Account open date. The 15,000 bonus points will be applied within two statement cycles after you have met the $60,000 annual spend threshold on the Account or within two statement cycles after you have met each additional $15,000 annual spend threshold on the Account, provided your Account is open and in good standing.
Eligible purchases for the Bonus Offer and Annual Bonus include purchases (less any refunds, returns or other similar credits) but do not include payments, cash advances (including balance transfers, Scotia® Credit Card Cheques or cash-like transactions), interest, fees or other charges. For all offers, an Account is considered in good standing if it is not delinquent (past due) or over limit and the Cardholders(s) is not in breach of the Revolving Credit Agreement that applies to the Account. All offers and bonuses may be changed, cancelled or extended and cannot be combined with any other offers except as otherwise specified.
You will earn 1.5 Scotia Rewards points per $1 on eligible business purchases. Points are not awarded for Cash Advances (including Balance Transfers, Scotia® Credit Card Cheques and Cash-Like Transactions), returns, refunds or other similar credits, card payments, fees, interest charges or other charges. Scotia Rewards points must be redeemed within 60 days of account closure or they will be deleted permanently. If your account is not in good standing, the accumulated Scotia Rewards points are not eligible for redemption. See the Scotia Rewards program terms at www.scotiarewards.com for more information.
Priority Pass™ membership is for the Primary Cardmember on the Scotiabank Passport Visa Infinite Business account. It includes access to airport lounges participating in the Priority Pass program. Certain terms, conditions and exclusions apply. Unless cancelled, Priority Pass membership automatically renews on its anniversary date. Priority Pass membership will be cancelled if your Scotiabank Passport Visa Infinite Business Card is cancelled. Lounge visits are counted on a per person per visit basis (e.g. Lounge access by a Cardmember and one accompanying guest will count as two (2) visits). The first 6 lounge visits for the primary Cardmember per 12-month cycle from date of enrolment are complimentary. Beginning with the 7th visit for the primary Cardmember, lounge visits are subject to a per person per visit charge of $27 USD (this per visit fee is subject to change by Priority Pass). For complete Priority Pass terms and conditions, please visit www.prioritypass.com/Conditions-of-use.cfm. Priority Pass membership and services are provided by a third party and offered through Visa Canada. The Bank of Nova Scotia and their affiliates are not responsible for Priority Pass membership and services.
We will not charge you Foreign Transaction Fees on foreign currency transactions including purchases, only the exchange rate applies. The term “Foreign Transaction Fees” is a substitute for “Foreign Currency Conversion” as described in the disclosure section of the Welcome Kit for this Card. This fee relates to the mark-up that is typically charged by credit card issuers in addition to the exchange rate. See the disclosure section of this Card’s Welcome Kit or download it by visiting http://www.scotiabank.com/welcomekits for full details. Rates and fees subject to change.
Scotiabank is not an insurer. All claims for insurance indemnities must be forwarded to the insurers. Complete details of the coverage are in the Certificate of Insurance and Terms and Conditions provided with the new Card.
Earn 3% cash back on the first $50,000 in eligible purchases made annually on the Scotia Momentum® for business Visa♢ card account (the “Account”). For more details see the Scotia Rewards® Program Terms and Conditions for this Account at scotiabank.com or contact Scotiabank at 1(800) 4SCOTIA (1-800-472-6842).
You will benefit from an interest-free grace period of at least 25 days on new purchases that appear on your statement for the first time if you pay off your balance in full by the payment due date. There is no interest-free grace period for cash advances (including balance transfers, Scotia Credit Card Cheques and cash-like transactions).
How to receive the 2.99% introductory interest rate (the "Offer") for your first six months: Open a new Scotia Momentum® for business Visa♢ card account (“Account”) by October 31, 2019 and this rate will continue for 6 months from Account opening date (the “Promotional Period”). This Offer cannot be used to transfer a balance from another Scotiabank Account, or to make a payment or deposit to another Scotiabank Account. After the Promotional Period, the 2.99% interest rate on any promotional balance transfers (including any that remain unpaid after the Promotional Period ends) will increase to the preferred interest rate on Cash Advances (currently 22.99%). If you don’t pay the minimum payment on your Account by the payment due date on your statement, two times in any consecutive 12-month period, 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 24.99% on purchases and 27.99% on Cash Advances). See below for complete terms and conditions.
The current annual fee is $49 for the primary card and $29 for each additional supplementary card. The current preferred annual interest rates for the Account are: 19.99% on purchases and 22.99% on Cash Advances. All rates, fees, features and benefits are subject to change.
The introductory 2.99% interest rate applies only to cash advances (including balance transfers, Scotia® Credit Card Cheques and cash-like transactions) (collectively “Cash Advances”) subject to the conditions below.
Payment Allocation: 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. Your payment cannot be applied to the balance(s) of your choice. See your credit card agreement for more information about how we apply payments to your Account.
Rates and Fees: A Balance Transfer fee of 0% of the amount of each Balance Transfer transferred during the Promotional Period applies to this Offer.
Individuals who are currently or were previously primary or secondary cardholders of a Scotiabank small business credit card in the past 2 years, including those that switch from an existing Scotiabank small business credit card, as well as employees of Scotiabank, are not eligible for the Offer. Subject to the above exclusions, Scotiabank retail credit cardholders are eligible for the Offer. All offers and bonuses may be changed, canceled or extended and cannot be combined with any other offers except as otherwise specified.
Merchants who wish to obtain payment processing services from Chase must submit an application. All applications are subject to credit approval and entering into a Merchant Agreement with Chase.
Deposit Fees are waived for Chase customers using the Scotiabank Business Account Plan. The Basic Business Account is excluded. Customers are subject to a transaction fee for each of their Visa♢, MasterCard** and Interac***deposit transactions if they process payments with a service provider other than Chase Paymentech.
Next-day funding is available to Chase Paymentech customers for Visa, Mastercard and Interac card transactions only. Next-day funding is subject to merchant credit approval and all funds are subject to fraud monitoring. Qualifying funds are deposited on the next business day, excluding weekends and bank holidays.