Scotiabank Credit Cards

Updated: Sep 10, 2020
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As the third-largest Canadian bank, Scotiabank is a trusted financial institution with millions of users worldwide. Belonging to the Big Five Banks, it offers top-of-the-line financial products and services, including personal and commercial banking, corporate and investment banking, wealth management, and more. It's a reputable credit card issuer with credit accounts primarily aimed toward those with excellent and good scores.

While it's a globally-renowned bank, it's still important to do thorough research on it before committing it. So, let's take a look at everything that Scotiabank has to offer you, and help you determine whether it's the right choice for you.

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Scotiabank has made a name for itself as a reputable financial institution dedicated to improving every aspect of banking. Here’s a brief overview of its history and reputation.

Scotiabank has an astoundingly long history. Established back in 1832 under the name of The Bank of Nova Scotia*, it’s been serving customers for almost 200 years. Its original headquarters had been located in Halifax, Nova Scotia, but were moved to Toronto, Ontario in 1900.

Currently, Scotiabank has over 1,000 branches and 2,900 banking machines worldwide. But, even if there are no branches in your vicinity, you can still become a client of Scotiabank through its online banking services.

In its years in business, Scotiabank’s received countless awards and recognitions. Bloomberg named it as one of the World’s Strongest Banks in 2013; Global Finance Magazine named it Best Consumer Internet Bank, in 2019 it was named the Canadian Bank of the Year by The Banker Magazine.

All this serves to show that it’s one of the most reputable banks in North America, focused on its community and clientele.

Scotiabank Financial Products

Choosing the right financial products for your needs is a crucial part of maintaining financial stability. Scotiabank has plenty of options in store for you, take a look.

Scotiabank offers an array of personal and commercial financial products, including:

  • Chequing accounts
  • Savings accounts
  • Personal and business credit cards
  • Mortgage loans
  • Other loans and lines of credit
  • GIC
  • Insurance
  • Investment and retirement planning services
  • Equipment financing

While getting a single financial product or service from Scotiabank could prove to be an excellent choice for certain consumers, the bank is renowned for its product bundles and focus on holistic banking. Its multi-product offers tend to come with significantly lower fees and better terms, while its stand-alone products leave much to be desired.

Scotiabank’s product bundles contain a checking account, a savings account, and a credit card.

With the Preferred Package, you can increase your earnings on the Momentum Plus Savings Account, receive unlimited debit and Interac e-transfer transactions, and certain credit cards can come without annual fees for the first year.

The bank’s famous for its Ultimate Package, however. It features unlimited chequing transactions without fees, an annual fee waiver on some credit cards, a debit card with Scotia Rewards or SCENE points, boosted interest on Momentum Plus, and many more perks.

Scotiabank offers both Visa and Mastercard as well as AmericanExpress, too. They’re all designed for a good or excellent score. You can easily apply for any of their travel and lifestyle cards, cashback rewards, no annual fee, or low interest cards.

Scotiabank reports all credit activity to TransUnion and Equifax, and users can check their credit reports free of charge and with no impact on the credit score.

If you’re to get the most out of Scotiabank, opting for their package bundles is often the best choice. It will decrease your fees, increase your savings, and provide you with plenty of perks and benefits.

Scotiabank Application Requirements

Scotiabank offers a wide array of financial products and services, so there isn’t a unified list of requirements for all accounts.

For a regular checking account, you’ll need:

  • A primary, valid, government-issued ID with photograph and signature
  • A secondary, valid identification (e.g. birth certificate, tax ID card)
  • Proof of valid, current address

You need to be at least 18 to apply for a Scotiabank account.

When applying for a credit card with Scotiabank, you’ll need to provide the following:

  • Two valid pieces of ID (e.g. passport and a driver’s license)
  • Proof of employment
  • Two utility bills
  • Summary of assets and liabilities
  • Self-employment documents (if applicable)

When it comes to the credit rating requirements, they differ from card to card. However, since Scotiabank traditionally caters to good or excellent credit score, you should only apply for its credit cards if your score is above 670.

Application Process

The application process with Scotiabank is relatively straightforward and can be completed both in-person and online. Make sure to collect all the necessary documentation before you start the process.

Some essential information that you’ll need to provide includes:

  • Name
  • Date of birth
  • A valid, current address
  • Social security number
  • Email and phone number
  • Employment information

If you’re applying for a card with Scotiabank, you will need to wait for 5 to 10 business days to receive your approval notice.

If your credit card application is denied, it’s best to wait at least 6 months before you submit another application with Scotiabank or other banks. Every new credit card application temporarily reduces your credit score, and it will decrease your chances of being approved.

Scotiabank Pros

Whatever type of account you’d like to open with Scotiabank, you’re sure to enjoy some benefits.

Increased savings

As mentioned, bundle packages come with some very useful perks. You can receive higher interest rates on your savings, especially with the Ultimate Package.

Low fees

Bundle packages come with much better terms and conditions, and much lower fees than usual. Having your checking, savings, and credit account all in Scotiabank will result in affordable fees you won’t find elsewhere.

Good rewards

As you use your Scotiabank cards, you’ll collect Scotia Rewards, which you can turn into SCENE points that can be redeemed. The rewards can be used for travelling, eating out, movies, and more.

Scotiabank Cons

Naturally, no financial institution is perfect, and Scotiabank has some cons as well.

Stand-alone products aren’t always worth it

Scotiabank’s strongest points are its product bundles. Its stand-alone products don’t come with nearly enough perks to be worth it. If you don’t like a holistic banking approach, you’ll likely find better options elsewhere.

No poor credit credit cards

Scotiabank’s credit cards are aimed toward those with good or excellent credit scores. If you have a poor credit rating, you won’t meet the bank’s requirements, and your credit card application will likely be denied.

High daily balance required for waived fees

If you use Scotiabank’s bundle packages, you can have some of your fees waived. However, the monthly maintenance fee is relatively high, and it will only be waived if you maintain a minimum daily balance of $5,000 on the checking account.

Scotiabank Customer Service & Contacts

  • Toll-free number: 1-800-472-6842
  • Corporate office address: Scotiabank Head Office, 44 King St West Toronto, ON M5H 1H1
  • Hours of Operation: MON-FRI 9:30 AM-5 PM
  • Twitter customer support: @ScotiabankHelps 8 AM-11 PM 7 days a week

The Bottom Line

Scotiabank is a reliable financial institution with plenty of products and services to offer. It’s been in business for almost two centuries, making it one of the strongest Canadian banks that you can count on.

However, since each person’s financial situation is unique, it’s of utmost importance to compare and contrast different banks before committing to Scotiabank. While it can have favourable terms and conditions for some, it might not be the best choice for you, depending on your circumstances.

When it comes to finances, you must be well-informed before making a big financial decision, such as opening a line of credit or a savings account.

Scotiabank Card Offers Recap

Scotiabank FAQs. What People Ask About Scotiabank Offers

How to redeem SCENE points?2020-08-31T22:45:41-07:00

SCENE points are very similar to Scotia Rewards. You collect them by using your SCENE card for everyday purchases, and once you’ve collected enough, you can redeem them easily. SCENE points can be redeemed at participating restaurants and Cineplex Entertainment theatres. You can get discounts on meals and movies, or even get free general admission.

Does Scotiabank offer credit cards for poor credit?2020-07-30T04:42:49-07:00

All credit activity is reported to TransUnion and Equifax, and you can use Scotiabank credit cards to improve your credit rating. However, Scotiabank credit cards are primarily designed for those with excellent or good credit scores. If you have a poor credit score, your application will likely be denied.

Since Scotiabank has a variety of different credit cards on offer, they all have unique credit score requirements. As a general rule of thumb, you’ll need a rating of 670 to be approved.

How to Contact Scotiabank Customer support?2020-09-13T19:32:53-07:00

You can Contact Scotiabank Customer service by phone or chat:

  • Call Scotiabank Support 1.800.4SCOTIA (1-800-472-6842)
  • Services for Deaf, deafened, and hard of hearing 1-800-645-0288
  • International (416) 701-7200 (Greater Toronto/ outside Canada & United States, call collect through your local Operator)
  • Talk to Scotiabank on Twitter @ScotiabankHelps (8am – 11pm ET 7 days/week)
What are Scotia Rewards?2020-08-31T22:45:52-07:00

Scotia Rewards is a program that allows you to collect points by using your card to make everyday purchases. Once you’ve collected enough points, you can spend them on travel, merchandise, gift cards, or credit to your card.

Scotia Rewards don’t have an expiry date as long as your account is in good standing (you don’t have a negative balance or carry debt). If you close your Scotiabank account, however, you only have 60 days to redeem your points, after which they expire.

Can I apply for a Scotiabank account online?2020-08-31T22:45:15-07:00

Yes, you can apply for a Scotiabank account online. It’s simple and easy and should take only a few minutes. You’ll need to fill in the application form found on Scotiabank’s website, and provide basic pieces of information such as name, valid address, and the like. Make sure that you have all of the required documents and IDs available when applying online, as it will expedite the whole process.

What is the best Scotiabank financial product?2020-08-31T22:45:24-07:00

It’s generally considered that the Ultimate Package is Scotiabank’s best offer. It comes with the best interest rates on your savings, features no annual fees for the first year on some credit cards, and has a variety of different perks.

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