Scotiabank will be making various changes to 2 of its flagship cards: the Scotiabank^MD Gold American Express^MD card and the Scotiabank^MD Momentum Visa Infinite card. Discover all the changes.

Changes to the Scotiabank Gold American Express Card

The Scotiabank^MD Gold American Expressᴹ card – which we recently featured in this article – is going to undergo some major changes starting August 1, 2019.

No foreign currency conversion fees

As of August 1, 2019, the Scotiabank Gold American Express^MD Card^MD will apply no foreign currency conversion fees, just like “its cousin”, the Scotiabank Passport^MD Visa Infinite* Card!

This is great news as it represents a 2.5% saving on each transaction! And it will be the first American Express card in Canada to have no foreign currency conversion fees!

Earning Points

Effective August 1, 2019, new point accrual rates will go into effect on the Scotiabank^MD Gold American Expressᴹ card.

Currently, the American Express^MD Gold Scotiabank^MD card allows you to earn:

• 4 points / dollar at a gas station
• 4 points / dollar in groceries
• 4 points / dollar at restaurants
• 4 points / dollar in entertainment (cinemas, theater…)
• 1 Scotia Rewards point on every $1 you spend on all other eligible purchases.

Beginning August 1, 2019, the American Express^MD Gold Scotiabank^MD card will earn:

• 5 points / dollar in groceries
• 5 points / dollar at restaurants
• 5 points / dollar in entertainment (cinemas, theater…)
• 3 points / dollar at a gas station
• 3 points / dollar in local transportation
• 3 points / dollar for some video on demand services (Netflix…)
• 1 Scotia Rewards point on every $1 you spend on all other eligible purchases.

So it’s an improvement on all fronts… except for gas station purchases. By allowing you to earn 5 points/dollars at grocery stores and restaurants, the Scotiabank^MD Gold American Express^MD card is modeled on what the American Express Cobaltᵐᶜ Card offers!

Insurance

In terms of the insurance provided by the American Express^MD Gold Scotiabank^MD card, 3 main changes:

• medical coverage provided for those over 65 will be reduced from 10 consecutive days to 3 consecutive days
• Trip cancellation insurance will be $1,500 per insured person (instead of $2,500) to a maximum of $10,000 per trip (unchanged)
• Price protection insurance will no longer be available (it covered a price decrease within 60 days of purchase)

3 negative changes on the insurance side.

Annual fees

Unfortunately, one negative change: the annual fee. These are $99 until July 31, 2019.

Effective August 1, 2019, the annual fee will increase to $120.

Subscribe or wait?

In summary, this card becomes more interesting thanks to:

• to changes in the various accumulation categories
• no foreign currency conversion fees

Those who sign up for this card before July 31, 2019 will benefit:

• first year’s contribution at $99 instead of $120
• a card with no conversion fee as of August 1, 2019, which can be handy for the end of the summer vacation abroad!

The current welcome bonus is 15,000 bonus points or $150. It is not yet known if Scotiabank will be making a welcome offer in conjunction with these changes.

It’s up to you to decide whether to sign up now… or wait!

Changes to the Scotia Momentum Visa Infinite Card

The Scotia^MD Momentum Visa Infinite card – which we featured in this article – is also going to undergo significant changes starting August 1, 2019.

Cash back earning

Effective August 1, 2019, new point accrual rates will go into effect on the Scotia^MD Momentum Visa Infinite card:

Currently, the Scotia^MD Momentum Visa Infinite card allows you to earn:

• 4% cash back at gas stations
• 4% cash back in grocery stores
• 2% cash back for recurring payments
• 2% cash back in pharmacies
• 1% everywhere else

Beginning August 1, 2019, the Scotia^MD Momentum Visa Infinite card will earn:

• 4% cash back in grocery stores
• 4% cash back for recurring payments
• 2% cash back at gas stations
• 2% cash back in local transportation
• 1% cash back in pharmacies
• 1% everywhere else

So it’s contrasting changes. While recurring payments increase from 2% to 4%, gas station purchases increase from 4% to 2%. Pharmacy purchases drop to 1% from 2%.

Overall, the Scotia^MD Momentum Visa Infinite card remains attractive for grocery shopping…. a little less for gasoline!

Insurance

In terms of insurance provided by the Scotia^MD Momentum Visa Infinite card, 2 main changes as the card will include:

• trip cancellation insurance of $1,500 per insured person (max. $10,000 per trip), which was not previously available
• Cell phone insurance up to $1,000 (theft, breakage, loss), which was not the case before

2 positive changes since they are additions!

Annual fees

Unfortunately, one negative change: the annual fee. These are $99 until July 31, 2019.

Effective August 1, 2019, the annual fee will increase to $120.

Subscribe or wait?

The current welcome bonus is particularly interesting since:

• The first year is free (instead of $99)
• A 10% cash back offer is on the way and we have shown you in this article how to best maximize it!

It’s up to you to decide whether to sign up now… or wait!

Bottom Line

As with any change, this can be beneficial for some and less so for others.

It’s up to you to act accordingly in your credit card underwriting game plan!