Want a no foreign transaction fee credit card? It’s a rare credit card feature, and Scotiabank is the only big bank to offer them.
And one of those credit cards is the Scotiabank Passport Visa Infinite card. Brimming with insurance, perks, and earning flexible Scene+ points, there’s a lot to like with this card.
Here’s what this card has to offer, and an interview with Scotia’s Vice President Of Credit Cards to hear what he has to say about this card.
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Foreign currency transaction fees
If you’re new to credit cards, or even new to online or cross border shopping, a credit card that offers no foreign transaction fees might not be high on your “must have” list.
What you may not realize is that every time you use your credit card to make a purchase in a foreign currency, 99 cards out of 100 charge you an extra fee – almost always 2.5%.
Every time you travel in a foreign country and use your credit card, you’re also being dinged with this fee on every transaction.
And that 2.5% can add up quickly.
Recap of recent credit card events
The Canadian market has recently lost key credit cards that do waive the foreign transaction fee, leaving the competition for this category almost nonexistent. Until…
Scotiabank decided to put their name in the ring by offering the only travel-focused no FX fee card currently on the market. As a standalone travel credit card, it’s already good, but add on the no FX fee aspect and it becomes an amazing card for travel enthusiasts.
The Scotiabank Passport Visa Infinite Card specs
GC: $30
$30 GeniusCash + Up to 45k bonus Scene+ points in year 1 + 6 free airport lounge passes.*
The Scotiabank Passport Visa Infinite Card is a premium travel card with:
- flexible rewards,
- spending bonuses on desirable purchases,
- a nice sign-up bonus,
- a solid insurance package, and
- juicy perks.
Check out the specs here:
| Annual Fee | $150 (reduced to $69 if account is part of a Scotia Total Equity Plan) |
|---|---|
| Income Requirement | $60,000 personal or $100,000 household |
| Sign Up Bonus | 35,000 points after spending $2,000 in the first 3 months |
| Avg. Earn Rate | 1.3% (when points are used for travel purchases through Scene+ Travel Service) |
| Rewards | Earn 1 Scene+ point for every $1 spent Earn 2 Scene+ points for every $1 spent on groceries, restaurants, entertainment and daily transit. |
| Insurance | 11 types of purchase and travel insurance included |
| Notable Features | No foreign currency exchange fee Complimentary Priority Pass membership and 6 free lounge visits per year Complimentary Avis Preferred Plus Membership Visa Infinite Concierge, as well as other Visa Infinite benefits 10,000 Scene+ bonus points annually if you spend a minimum of $40,000 per year on the card 2,000 Scene+ bonus points for every 10,000 you spend above that annually 1 free secondary card |
| Learn More | Learn more |
If you’re a traveller and are able to take advantage of all the great benefits that go along with this card ‒ then it would be a great addition to your wallet.
2 downsides
There are really only 2 downsides of this card:
- the $150 annual price tag and…
- the minimum income requirement is a little on the higher side.
Offset the annual fee with the sign-up bonus
If you’re able to qualify for the 10,000 bonus points, you’ll essentially be getting an extra $100 worth of travel. Pit that against your $150 annual fee and now the cost becomes $40 for the first year.
Also, if your account is part of a Scotia Total Equity Plan, your annual fee will actually be reduced to $69. Plus, any secondary cards, after your first free additional card, will be reduced to $25 (instead of $50). Shoutout to our reader, Guylaine, for bringing that to our attention.
(And as for the income requirement, it may be worth noting that not all minimum income requirements are set in stone – with good credit, you can always try your luck and see what happens.)
$30 GeniusCash
We have our own promotion running with this credit card. Sign up using our links and get approved and we'll give you an extra $30 in GeniusCash.
You can learn more about this promotion here.
Q & A with Scotiabank’s Senior VP of Credit Cards
I had the chance to chat with Brett Mooney, Scotiabank’s Senior Vice President of Credit Cards and ask him a few questions about this brand new card that’s already turning heads.
What sets the Scotiabank Passport Visa Infinite card apart from other flexible rewards cards from other banks that typically have a $120 annual fee or less?
Brett shared that the Scotiabank Passport Visa Infinite is pretty uniquely positioned in the Canadian travel credit card space in that it gives you all of the following:
- the 0% foreign currency conversion fees
- a segment-leading 6 free lounge passes every year
- 2x the rewards in several key categories including groceries, restaurants, entertainment, and daily transit (including ridesharing like Uber)
- Superior insurance benefits including rare decent coverage for those over 65 years old
- the ability to redeem for ANY travel purchased from ANY travel provider charged to the card
- a 10,000 point recurring annual bonus when you spend $40,000 or more on the card
- a free secondary card that many other premium cards charge $50 for
While any one of those things might not justify the increased $20 to $40 annual fee, my opinion is that all of them combined certainly do.
Some other banks are willing to waive their premium credit card annual fees if you also have a premium banking plan. Is this something Scotiabank would consider doing as well?
This isn’t something currently being considered because they are confident all the benefits that come with the card are fully worth the annual fee.
How do you think this card compares to the American Express Cobalt card that offers up to 5x rewards on food?
Brett thinks that the Passport Visa Infinite card has some clear advantages that the Cobalt card doesn’t offer.
The lounge passes are worth up to $260 all by themselves every year. Additionally, the no FX fee makes the card great for purchases while travelling.
Where does this card excel in terms of insurance coverage and have you actively tried to provide better insurance coverage with this card? How important do you think insurance coverage is for cardholders?
The Scotiabank Passport Visa Infinite offers a deeper level of travel insurance than most cards in this annual fee range offer:
- Travel medical is 25 days which is longer than the typical 15 days
- Rare travel medical for seniors over 65 for 10 days
- Trip cancellation and trip interruption with a higher than typical per-person cap of $2,500.
- Rare price protection coverage so you can get a refund if you ever spot a cheaper price on something you buy.
- High delayed and lost baggage limit of $1,000 per person. $1,000 is also the cap for all travelling companions combined.
What is the main demographic you are targeting with this new card?
Scotiabank’s consumer research has shown that 80% of customers want to be rewarded for their purchases but only 34% of them are satisfied with the rewards their bank rewards program gives them.
They aimed to target anyone who wants to both enrich their lives and enjoy an elevated travel experience. In particular urban professionals, parents with children, and retirees who enjoy travel were top of mind as possible cardholders.
There are large differences between the ScotiaGold Passport Visa and this Infinite version. Can we expect a refresh to the gold version?
There are no current plans to refresh the Gold version of the Passport Visa but Brett said they continually review all their products and solicit feedback from their customers and are always open to making adjustments when necessary.
What are your thoughts?
What do you think about the Passport Visa Infinite card from Scotiabank?
Is this the no foreign currency exchange fee card you’ve been looking for?
Let us know what you think in the comments.
FAQ
What does the Scotia Passport Visa Infinite offer for rewards?
The Scotia Passport Visa offers Scene+ points on purchases at these rates:
- 2 points per $1 spent on groceries, restaurants, entertainment, and daily transit
- 1 point per $1 on all other purchases
What are the annual fee and income requirements of the Scotia Passport Visa Infinite?
The Scotia Passport Visa Infinite has an annual fee of $150, and income requirements of either $60,000 personal, or $100,000 household.
Are there other Scotiabank cards that have no foreign exchange fees?
There’s one other Scotiabank credit card that offers no foreign exchange fees – the Scotia Gold Amex. This card earns up to 5 points per $1 spent on purchases, comes with fewer perks, and has a lower annual fee of $120.
What can Scene+ be used for?
Scene+ are very flexible rewards that can be used for many things, some of which include:
- travel,
- statement credits,
- gift cards, and
- merchandise.
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