Card Features
- 2.99% introductory interest rate on balance transfers for the first 6 months (22.99% after that; annual fee $39)◊
- Cash back with low annual fee
- 2% on eligible gas station, grocery store and drug store purchases and recurring bill payments
- 1% cash back on all other eligible everyday purchases
- Rates, fees and other information are effective as of August 1, 2019. Subject to change.
◊ Eligibility and Exclusions: Individuals who are currently or were previously primary or secondary cardholders of a Scotiabank retail credit card (with the exception of cardholders of the Scotiabank More Rewards credit card) in the past 2 years, including those that switch from an existing Scotiabank retail credit card, as well as employees of Scotiabank, are not eligible for the 2.99% introductory interest rate offer (the “Offer”). Subject to the above exclusions, Scotiabank small business credit cardholders are eligible for the Offer.
Offer Description and Conditions: The Offer applies only to cash advances (including balance transfers, Scotia® Credit Card Cheques and cash-like transactions) (collectively “Cash Advances”) subject to the conditions below. This rate applies when the new Scotiabank credit card account (“Account”) is opened by March 1, 2020 and will continue for 6 months from date of Account opening (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).
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.
The current annual fee is $39 for the primary card and $15 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. Offers may be changed, cancelled or extended and cannot be combined with any other offers.
Interest Rates
Purchase APR: 19.99%
Balance Transfer APR: 22.99%
Cash Advance APR: 22.99%
Annual Fee
$39
Additional Cardholders: $15
Pros
- 2% cash back rate on gas, groceries, recurring payments and drug store purchases
- Low rate intro balance transfer option available
Cons
- Excellent credit needed to be approved
Bonus Offer
None
Introductory Rates
2.99% on balance transfers for 6 months
Reward Earnings Rate
2% cash back in select categories, 1% everywhere else
Additional Details
Grace Period: 21 Days
Minimum Credit Limit: $500
Fees
Balance Transfer Fee: See Terms*
Cash Advance Fee: See Terms*
Foreign Transaction Fee: 2.5%
Over Credit Limit Fee: $29