Pairs well with...

Annual Fee
Extra Card Fee
Card Type
Cash Advance
Balance Transfer
Personal Income
Household Income
Canadian resident who has reached the provincial age of majority.
Extended Warranty 1 year
Purchase Protection 90 days

Please review your insurance certificate for details, exclusions and limitations of your coverage.

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Our Review

A no annual fee card that offers rewards of any type that give you a 5% return on spending is pretty unheard of. In fact, this is the only card on the market that does so without a time-limited promotion.

Now it's true that with the Scotiabank GM Visa you need to redeem your rewards towards a new GM vehicle. It's also true that the 5% rewards only applies on the first $5,000 in spending each year. That's still a solid $250 reward each year if you decide to stop at $5K.

If you decide to keep spending, you'll be earning 2% until your annual spend amount resets on your card anniversary date and your earn rate jumps up to 5% again.

So, if you're a fan of GM and you plan on buying a new vehicle in the next few years, this card is a really solid contender. If you're not a fan, hearing "GM" may make you think your vehicle choices will be limited. Keep in mind though that GM encompasses the Chevrolet, Buick, GM, and Cadillac brands.

So, in summary, you'll earn:

  • 5% in GM earnings on the first $5,000 spent
  • 2% in GM earnings on anything spent over $5,000

Then every $1 worth of GM earnings you accumulate equals $1 that can go towards the purchase or lease of your next GM vehicle.

One of the best parts? There is no cap or limit to the amount of rewards that you can earn and these rewards never expire as long as you remain a cardholder. Save up for as long as you want! Who knows, maybe you'll save enough to pay for the vehicle in full!

Despite being a no fee card, there is some purchase insurance included - check out the Insurance Coverage tab above for more information. And as an added bonus, this card gives you 20% off whenever you rent a car from AVIS car rental locations worldwide.

If you like this card, but wish it had more insurance and a few more perks, check out the Visa Infinite version (Spoiler Alert: You can get it free for the first year!)

What are your thoughts?

The creditcardGenius algorithm calculates an estimated dollar value for all rewards and bonuses by using a typical point value a person can realistically achieve by redeeming their rewards in a reasonably optimized way. The "Welcome Bonus" is the dollar value obtained by combining all one-time bonuses available to new cardholders within the first year. To qualify for the full bonus you may need to make purchases, meet minimum spending requirements, or complete special actions. Terms and conditions apply.

* Conditions apply.

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