Scotiabank GM VISA Infinite Card can be an excellent card for car lovers who plan to purchase a new vehicle somewhere down the line. It collects GM Earnings that never expire and can be used to accrue discounts on new cars or leases. The card’s not for everyone, however. It has stringent qualifications that all applicants must meet – the minimum income requirement is high compared to other cards, and you’ll need to have a credit score of over 650. But, if you meet the requirements, the card can be well worth it. Take a look at this thorough review of the Scotiabank GM Visa Infinite credit card to see whether it’s the right card for you.
- First-year annual fee waived◊
- Get closer to your new car with up to 5% in GM Earnings
- Earn 5% in GM Earnings on the first $10,000 spent annually, and 2% thereafter
- $1 in GM Earning = $1 off the purchase price or lease of a new Chevrolet, Buick, GMC, or Cadillac
- No earning or redemption caps
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What is GM VISA Infinite Card?
The GM Visa Infinite Card is a unique financial product from Scotiabank that can help you get attractive discounts on new vehicle purchases or leases. Take a look at everything that this card has to offer. As one of Canada’s Big Five Banks, Scotiabank enjoys an excellent reputation among its 23+ million clients worldwide. Its financial products and services are some of the better ones available on the market, which is evident through the number of awards and recognitions the bank’s gotten over the course of its almost 2-century-long history. The card’s primarily designed for those with a good or excellent rating who plan to invest in a new vehicle in the near future.
Scotiabank GM Visa Infinite features General Motors’ reward points system that enables the cardholder to transfer $1 of GM Earnings to $1 off the purchase price or lease down payment on their new vehicle. There are no earning caps and no expiration dates on the GM Earnings; however, there are some other limitations. This deal is only valid for Chevrolets, Buicks, GMCs, and Cadillacs. As a new cardholder, you can get up to 5% in GM Earnings on the first $10,000 of the annual purchases you charge to the card, then 2% on the following purchases you make.
Scotiabank GM Visa Infinite Card Advantages
- No annual fees in the first year
- Great rewards
- Easy to redeem
- Travel Coverage
- Vehicle Rentals Discounts
Scotiabank GM Visa Infinite Card Disadvantages
- Rewards Redeemable Only on New GM Vehicles & Rentals
- No Used Car Purchases
- High Fees
Why We Like It
There’s plenty to love about the Scotiabank GM VISA Infinite Card. Take a look at some of the things we’ve found to be advantageous. The GM Infinite Card can be a great financial product for new cardholders and first-time Scotiabank clients. The welcome bonuses and perks are genuinely valuable.
- No annual fees in the first year. As long as your account is in good standing, you can enjoy a full year without annual fees on your primary and supplementary cards. This promotional offer is always a big plus as these fees can quickly eat away at your budget.
- High credit. You will receive a high credit limit of at least $5,000, and most of your everyday purchases will get you GM Earnings.
- Great rewards. We also enjoy the valuable rewards and fast earnings you can expect to receive. After all, the 5% rate is not something you’ll frequently encounter with credit cards, certainly not over a period longer than three to six months. With this credit card, the 5% rate is applied on the first $10,000 of your annual purchases, and the subsequent 2% reward rate is still considered to be pretty high. Getting between $200 and $500 back on every $10,000 you spend can add up fast and get you the best deal imaginable on your new set of wheels. With no cap on earnings and no limits on redemption, you can save up for as long as you want before you’ve decided it’s time to get a new GM vehicle.
- Easy to redeem. The rewards can be easily redeemed for attractive discounts on new vehicle purchases and rentals.
- Travel Coverage. With the GMVisa Infinite offer, all cardholders can receive 7 types of travel coverage: Travel Emergency Medical Insurance, Trip Interruption, Flight Delay, Delayed and Lost Baggage, Up to $500,000 Common Carrier Travel Accident Insurance, Rental Car Collision/Loss Damage Insurance, Purchase Security and Extended Warranty
- Vehicle Rentals Discounts. The card doesn’t only enable you to purchase your new car with a significant discount, but also to rent it. If you rent from participating AVIS or Budget locations across Canada and the U.S. and charge it to your card, you can receive up to 25% off base rates.
It’s truly one of the best cards for car lovers, and it can be an excellent addition to your wallet.
What Can Be Better
No credit card is perfect, and several things could be better with this Scotiabank Infinite Card. Take a look.
- Rewards Redeemable Only on New GM Vehicles & Rentals. Although the rewards that you can earn with this card are pretty great, they won’t do you much good unless you’re buying a new set of wheels. You cannot get cash-back, and you cannot redeem your earnings for anything else than GM vehicles – Chevrolet, Buick, Cadillac, or GMC. On the one hand, this is great if you love GM cars and invest in new models relatively frequently. A new car is often the most significant expense a family can make after housing, so knocking a few dollars off the price tag is always beneficial.
- No Used Car Purchases. On the other hand, if you prefer vehicles other than Buicks, Cadillacs, Chevrolets, and GMCs, or if you usually buy second-hand cars, you won’t benefit much from this Scotiabank GM Infinite Visa.
- High Fees. Also, the card can be pretty expensive to hold if you’re not responsible. It features high fees and interest rates, so it’s always in your best interest to pay off your balance in time and in full.
Usage & Applications
This credit card has somewhat more limited applications than other cards in Scotiabank’s offer. As mentioned, it’s primarily designed to help you collect GM Earnings and get attractive discounts on new vehicle purchases and rentals. To collect GM Earnings, you should use the GM Visa Infinite Card on everyday purchases such as groceries, gas, dining, entertainment, paying utility bills, and more. You cannot get GM earnings for cash advances, balance transfers, card fees, gambling, and other cash-like transactions. If your account is not in good standing, you will not be able to collect earnings. While you can easily use the card to make typical everyday purchases, you won’t benefit from the high rewards and earnings if you don’t plan to invest in a new GM vehicle.
Costs & Fees of GM Visa Infinite Card
The GM Visa Infinite is accompanied by several fees you’ll need to cover. Take a look at some of the costs associated with using this card. Scotiabank is renowned for offering excellent opportunities for supercharging your savings and boosting your earnings. However, it all comes at a cost, especially when we’re talking about financial products and services such as credit lines. Since credit cards are loans, you’ll need to pay extra for borrowing money from your bank. As a general rule of thumb, Scotiabank has rates and fees that are slightly higher than average. With its GM Visa Infinite Card, the types of rates and fees you’ll encounter are as follows:
- Dishonored payment fee
- Annual fee (after the end of the promotional no-annual fee period)
- Supplementary card fee
- Insufficient funds fee
- Dishonored payment fee
- Overlimit fee
- Foreign transaction fee
- Currency conversion fee
- Balance transfer fee
- Cash advance fee
- Interest on cash advances
- Purchase interest
Always study the Schumer box carefully before you apply for a credit card. See whether the rates you’ll pay are worth the benefits you’ll receive.
How Easy and Convenient It Is to Use this Card
Credit cards can be exceptionally complicated to use at times. See what you can expect to encounter when using your Scotiabank GM Visa Infinite Credit Card. Using this credit card is exceptionally easy and convenient. As previously mentioned, you can use the card on almost all everyday purchases to earn rewards.
Since the card belongs to the Visa network, it opens up a world of possibilities. Visa is accepted in over 200 countries and 3.7 million merchant locations worldwide. So, you’ll be able to use the card virtually anywhere where credit card payments are accepted, online and offline. The GM Visa Infinite Card can be convenient for use inside and outside Canada. As it comes with seven different types of travel coverage, it can often come quite useful on your personal and business trips.
With Travel Emergency Medical Insurance, you and your family can be covered for up to $1 million in case of an accident or unexpected illness during your travels. Trip interruption coverage will protect your travel investments for free. Flight Delay could reimburse you for reasonable living expenses you’ll need to cover in case of a flight delay or missed connection. These are just some of the additional benefits you’ll receive when using your Scotiabank GM Visa Infinite credit card on your travels. Just remember to take into account foreign transactions and currency conversion fees when using the card abroad.
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What Are Qualification Requirements?
If you don’t want your credit score to take a hit when applying for a credit card, you should check whether you meet the application criteria beforehand. Here are the qualifications and requirements for all card applicants. This Scotiabank card has quite stringent application requirements that all applicants must meet. It’s crucial to check whether you’re eligible for the card before applying, as getting denied will impact your credit rating.
Each new credit card application incurs a hard inquiry into your credit report. As a general rule of thumb, about five to ten points will be docked from your rating after a hard inquiry. While this doesn’t seem like a lot, if your application’s denied, it can be detrimental and impact your chances of approval for a new line of credit. It will take about six to twelve months for your rating to go back to normal.
So, to increase your chances of approval, you need to check the application criteria beforehand. When it comes to Scotiabank GM Visa Infinite credit card, the qualifications and requirements are as follows:
- The applicant must be of the age of majority in their province
- Must be a legal Canadian resident
- Must have a minimum income of $60,000
- If the minimum income requirement is not met, a household income of $100,000 is acceptable
- The applicant must have a credit score of at least 650
- The applicant has no declared bankruptcies in the past seven years
You should start the application process only if you meet these criteria. Otherwise, your application will be denied, and your credit score lowered.
How to Apply for Scotiabank GM Visa Infinite Card
If you meet the eligibility criteria, it’s pretty easy to apply for a Scotiabank GM Visa Infinite Card. Take a look at what you can expect during this process. Applying for the GM Visa Infinite offer is relatively easy. You can visit any of the 1,000 Scotiabank branches worldwide to start your application process, or you can just as easily do it online from the comfort of your home. Click on “Apply Now” to visit the Scotiabank application page. Read through the terms and conditions carefully before you agree to them and continue the process.
You’ll need to provide several pieces of information, and it’s a good idea to gather all the necessary documentation beforehand to expedite your application. You’ll need to provide:
- Your full name
- Valid current address
- Contact information
- Social insurance number
- Employment status
- Gross monthly income
If you’re new to Canada, you’ll need to provide additional information:
- Your passport
- Date of arrival in Canada
- Your Canadian visa and landing document number
- Your monthly housing costs
- Other monthly obligations
If you meet the eligibility criteria, you should get a notification about your approval status within five to seven days, although it could take longer on occasion.
The Bottom Line
Scotiabank is a trusted Canadian bank with millions of satisfied clients. Its credit cards are often highly regarded, and the Scotiabank GM Visa Infinite Card is no different. It can be an exceptionally valuable card for users who enjoy earning rewards and spending them on their new rides. With the card, you’ll earn 5% on the first $10,000 of your annual purchases. After you’ve spent the initial $10,000, you’ll earn 2% on all the next purchases. While there’s no cap on the GM Earnings you can collect, and no restrictions on how much you can redeem, there are some limitations. The rewards can only be redeemed on new GM vehicles, including Buick, GMC, Cadillac, and Chevrolet. The rates and fees border on high, and the qualifications and requirements are quite demanding. However, if you’re eligible, and if you take into consideration how much you’ll be paying for using your new card, this Scotiabank offer can be quite beneficial to your financial health. Also, check the GM Visa Card with small benefits and no annual fee.
If you need a credit card for everyday spending, don’t want to get a new GM vehicle, and have good credit – check these offers:
The Final Word
Scotiabank GM Visa Infinite Card is a unique offering that can help you collect valuable rewards. It boasts appealing bonuses and a one-year promotional period with no annual fees on primary and supplementary cards for new cardholders. It’s a rewards credit card that helps you collect GM Earnings by charging everyday purchases to your card. Grocery shopping, utility payments, eating out, and more will help you earn rewards faster.
You’ll be earning 5% on the first $10,000 on annual purchases, and all subsequent card charges will earn you 2%. You can redeem your rewards in the form of discounts on new GM vehicles, including GMC, Chevrolet, Buick, and Cadillac.
You will need to meet stringent qualifications and requirements to apply for this card. All applicants need a credit score of at least 650, and a minimum personal income of at least $60,000. If you don’t meet the minimum income requirement, you can still apply if your household income is over $100,000, or if you have at least $250,000 in assets under management.