Scotiabank will be making various changes to 2 of its flagship cards: the ScotiabankMD Gold American ExpressMD card and the ScotiabankMD Momentum Visa Infinite card. Discover all the changes.
Changes to the Scotiabank Gold American Express Card
The ScotiabankMD 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
Effective August 1, 2019, the ScotiabankMD Gold American Expressᴹ card will have no foreign currency conversion fee, along with “its cousin,” the Scotiabank Passport™ 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 ScotiabankMD Gold American Expressᴹ card.
Currently, the American ExpressMD Gold ScotiabankMD 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 ExpressMD Gold ScotiabankMD 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 ScotiabankMD Gold American ExpressMD card is modeled on what the American Express Cobaltᵐᶜ Card offers!
In the past, accelerated bonus point accumulation was also available outside of Canada. Scotiabank says that as of August 1, this will only apply to purchases made in Canada.
It remains to be seen whether this will actually be implemented… the American Express Cobalt Card has proven us wrong as its accelerated accumulation works worldwide.
Insurance
In terms of the insurance provided by the American ExpressMD Gold ScotiabankMD 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 ScotiaMD 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 ScotiaMD Momentum Visa Infinite card:
Currently, the ScotiaMD 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 ScotiaMD 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 ScotiaMD Momentum Visa Infinite card remains attractive for grocery shopping…. a little less for gasoline!
Insurance
In terms of insurance provided by the ScotiaMD 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!
Come to discuss that topic in our Facebook Group!
