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
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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 Scene+ points for every $1 spent on all of your purchases.
There are many ways you can use Scene+ points, but the best option is redeeming for travel, where each point is worth 1 cent.
And, if you have multiple credit cards that earn Scene+ points, 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.
The downsides?
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.
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 |
Yes | Yes |
| Number of insurance coverages |
11 | 12 |
| Priority pass lounge access | Yes – 6 passes | Yes – 6 passes |
| Annual fee | $199 | $139 |
| 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.
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