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Scotiabank is on a roll with updates to their card features. Last month they announced changes to Scotiabank Gold American Express card, starting Aug 1, 2019. In line with the date, Scotiabank has now announced changes to Scotia Momentum® Visa Infinite card as well.
Changes to Scotia Momentum® Visa Infinite card – Effective Aug 1, 2019
Highlights of the changes coming to the card, starting August 1, 2019:
- Annual Fee for Primary card increases to $120, and Supplementary card fee to $50
- Interest rate on purchases increases to 20.99%
- Cash Back on Recurring Bills increases from 2% to 4%
- Cash Back on Gas decreases from 4% to 2%
- New category of Daily Transit added, earns 2% cash back
- Cash Back on Drug store purchases decreases from 2% to 1%
- Trip Cancellation Insurance and Mobile Device Insurance now added to insurance coverage
Comparison Chart: Current vs August 1, 2019
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Here is the link to the Official Notice about Changes to Scotia Momentum® Visa Infinite Accounts – Effective August 1, 2019.
For households that have high spends in Gas purchases, the change from $4% cash back to 2% can be a big negative. Depending on the services one subscribes to, 4% cash back on recurring bills is a good feature to have. Note that the 4% earn category has a $25000 annual limit.
I would like to think that Scotiabank has committed to these changes on the back of consumer spending data on these cards. What does not change is that the card continues to offer 10% cash back on all purchases for the first 3 months (up to $2,000 in total purchases). Plus, no annual fee in the first year. A welcome offer of up to $299. In my opinion, still one of the strongest premium cash back cards in the Canadian market.
Do these changes affect you adversely, or is it business as usual? Leave a comment below.