Small business owners, rejoice.
If you find yourself outside of the country frequently for work or spending in foreign currencies, Scotiabank has a new business credit card for you to consider – the
It’s very similar to the
Scotiabank Passport Visa Infinite Business Card
What makes this card so great is a feature that no other business card offers – no foreign exchange fees.
Save yourself 2.5% in foreign transaction fees on all your purchases made in a foreign currency. For every $100 you spend outside of Canada, that’s $2.50 you can keep in your wallet.
Of course, there’s more to this card than just no foreign transaction fees.
First, you can earn a welcome bonus of up to 35,000 points after spending $5,000 in the first 3 months. And, if you spend $60,000 on the card, you get an additional bonus 15,000 points.
When it comes to points, you’ll earn 1.5 Scotia Rewards points for every $1 spent on all of your purchases.
There are many ways you can use Scotia Rewards, but the best option is redeeming for travel, where each point is worth 1 cent.
And, if you have multiple credit cards that earn Scotia Rewards, you can transfer them between accounts, making it easy to pool them together.
You also get great benefits to make travelling easier:
- First, get a priority pass membership with 6 annual passes. Relax in comfort at an airport lounge while you’re waiting for your flight.
- Next, get some great insurance coverage – 10 types of travel and purchase protection.
- Plus, get Visa Infinite benefits, a rare perk for a business card. Enjoy things like hotel discounts, access to unique dining events and wine tasting events.
It comes with a higher annual fee of $199, and you need to meet one of the following requirements:
- minimum annual sales revenue of $500,000,
- $60,000 personal income,
- $100,000 household income,
- $30,000 in annual purchases on your credit card, or
- $250,000 in assets under management.
Ends December 18, 2019.
A comparison to the Scotiabank Passport Visa Infinite
So how does it compare to the
Here’s a comparison with the key features of each card:
|Scotiabank Passport Visa Infinite Business||Scotiabank Passport Visa Infinite|
|Welcome bonus||35,000 points (terms)||30,000 points (terms)|
|Earn rate||1.5 points per $1 on all purchases||2 points per $1 on groceries, dining, entertainment & transit purchases, 1 point on all other categories|
|Bonus points||Earn 15,000 bonus points after spending $60,000 (terms)||Earn 10,000 bonus points after spending $40,000, additional 2,000 points for every $10,000 in annual spending after that (terms)|
|No foreign exchange fees
|Number of insurance coverages
|Priority pass lounge access||Yes – 6 passes||Yes – 6 passes|
|Apply Now||Apply Now||Apply Now|
In essence, they’re almost the same card. They only differ in earn rates, insurance, and annual fee.
Overall, Scotiabank has two great options for you to choose from.
Alternative business cards
Looking for something different? Here’s a couple of alternatives for you to consider. Just note they don’t waive the foreign transaction fees.
BMO AIR MILES Business Mastercard
Looking for a card that earns more valuable travel rewards? The
Earn 1 mile for every $10 you spend, and get 1.25 miles for every $10 spent at Shell stations.
You’ll also be able to earn up to 3,000 AIR MILES as part of signing up – 1,000 after your first purchase, and another 2,000 after spending $5,000 in the first 3 months.
We value a single AIR MILE at 17.2 cents, giving this card an average return of 1.72%, and a welcome bonus value of $516.
And it has a lower annual fee of $120.
Get the full details here:
BMO CashBack Business Mastercard
Prefer a no fee card with simple rewards? The
For no annual fee, earn cash back on all your purchases:
- 1.75% at Shell stations,
- 1.5% on gas, office supplies, cell and internet bills, and
- 0.75% on all other purchases.
Plus, for the first 4 months, earn 6% cash back on gas, office supplies, cell and internet bills, up to $125 in cash back earned.
Get the full details here: