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Launched in May of 2016 the Scotiabank More Rewards Visa Card stormed onto the market as one of the strongest no annual fee travel cards in the Canadian market. It is the new co-brand credit card offer for the Western Canadian based More Rewards program that comes to us from the Overwaitea Food Group. Now growing into a nationwide coalition reward program, More Rewards saw the need for a new co-brand credit card that was offered by a major Canadian bank, hence the tie up with Scotia.
The Scotiabank More Rewards Visa Card issued by Scotiabank is one of the newest cards available to Canadians at the time of publishing this review and in our mind it is one of the most underrated. Why do we think this? Other credit card and financial sites have looked at the card but only looked at the general rewards catalog of More Rewards and they cited a weak return for what you earn with this card. What those blogs and sites failed to do was actually join More Rewards (costs nothing) and check out their travel reward options. When you do that you find out that this card is actually the MOST rewarding no annual fee travel rewards credit card in Canada. We worked out the numbers which you'll find out more below and the return is handsome and don't even include any extra points you earn for double dipping at More Rewards partners.
Sign up Features
The Scotiabank More Rewards Visa Card has a limited time sign up bonus of 15,000 points when you make your first purchase within two months.
The Scotiabank More Rewards Visa Card is a no annual fee card so there are no costs associated with the primary or any supplementary cards. You must have a minimum annual personal gross income of $12,000 to apply for this card
The Scotiabank More Rewards Visa Card has two earn rates associated with it. If you use the Visa card at More Rewards partners the card earns 6 More Rewards Points per dollar. These are the current More Rewards partners:
More Rewards is growing as coalition rewards program. If you don't know what a coalition program is, it is one where you have a variety of places to earn points at and a large catalog of redemption options. In Canada, the big coalition programs are Aeroplan and AIR MILES along with several smaller ones like Cineplex's SCENE and now More Rewards.
and a hotel in Banff
The other redemption options as we mentioned include gift cards and the aforementioned merchandise as well as charitable donations. As with all programs that offer a varied catalog of rewards the gift card and merchandise options bring in a lower return on your credit card spending than you would get redeeming for travel. That being said there is a reason for these catalogs in many programs as there may be people who don't want to travel or earn enough points in other programs for travel that programs like More Rewards become secondary and are used for non-travel redemption options. In terms of gift cards you are looking at redemption rates between 0.9 to 1.3 cents for restaurant and Amazon ones if all your points are earned at the 6 points per dollar level while hotel gift cards range from 1.1 to 1.67 cents. So if you are booking a hotel your are better off booking direct through More Rewards Travel rather than getting a gift card unless you need just that, a card to give as a gift. Of course those numbers lower if your card spend is spread between the 4 point and 6 point earn rates but then it is also raised by the additional points you earn just on your More Rewards loyalty card.
Features and Benefits
The Scotiabank More Rewards Visa Card comes with only two benefits on the card, purchase protection and extended warranty. That is pretty standard on most rewards card in Canada. There are no fee cards with many more benefits than this but they won't have as high of redemption rates as this card so you need to see where you need the trade off, better return or better benefits.
What is good about this card
The 4 to 6 Points per dollar earned on this card is what is so good when you redeem for travel via More Rewards Travel. No other no annual fee travel rewards credit card can even come close to a 1.695% to 2.54% return when redeeming for travel! We also like the fact that you don't have to take your actual More Rewards loyalty card out when shopping at More Rewards partners since the Visa card acts as your loyalty card as well.
What is not so good about this card
The main issue we have with the card is the lack of additional features or benefits. Once again this can be attributed to large return when redeeming for travel. We see the same thing with the Chase Marriott Bonvoy Premier Visa Card, it has no foreign exchange fee instead of a large insurance benefits package. It would be nice to at least see car rental CDW coverage however on the Scotia More Rewards Visa Card to tie into people travelling with the card!
Just because you have not heard of More Rewards doesn't mean you shouldn't look into it. Sure most of its partners are based in Western Canada. Heck the Overwaitea Food Group only has grocery stores in B.C., Alberta, Manitoba and Saskatchewan. However More Rewards is growing with their nationwide partners. Petro Canada was recently added as a partner and you still earn your full Petro-Points on all purchases on top of your More Rewards points! Add in Alamo and National Car Rental as well Panago Pizza and you see how they are starting to cover more of Canada than just the west. Of course then you bring in this card and your covered anywhere in the World where you can use a Visa card.
So should you get this card? Depends on your travel and spending as habits. Isn't that always the case? Many of you have a primary reward program that you are already involved with and probably have a premium credit card with lots of benefits tied in. So that is where are card like this comes in as a secondary or tertiary card. Get the card and only use it a 6x point option place to maximize your return. Then book your travel and pay part points part cash but at least you are getting 2.54% back on that spending! Pretty good chance even your premium card isn't giving you that return and since you are booking via a full service travel agency you'll still get your frequent flyer or frequent guest miles and points when you complete those flights or hotel stays. Seeing that the card has no annual fee there really is no harm in adding it to your loyalty program portfolio especially if your primary cards are an American Express or Mastercard and you need something to fill that Visa void.
• Receive 15,000 bonus More Rewards points when you make your first purchase in 90 days*
Scotiabank More Rewards Visa Card on
Other cards to consider if you are looking at this card:
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