Redeeming your reward points is one of the effective ways of offsetting a percentage of your everyday expenses.
Unfortunately, a number of Canadian credit cardholders don’t know the value of their points and do not know how to redeem them.
If you’re a Scotiabank cardholder, chances are you’ve already accumulated enough points which can be redeemed for travel deals, the latest techs, prepaid cards, gift cards, merchandise rewards and even credit to your card.
Thus, it’s time to know how to redeem your Scotiabank points to offset a percentage of your everyday expenses.
This review explains everything you need to know about the Scotia rewards points program and how to redeem them.
What is a Scotia Rewards Program?
This is a free reward program that offsets a portion of the purchasing costs of Scotia cardholders.
The program is available for every good standing Scotia cardmember holding an eligible Scotiabank card, such as:
- Rewards Visa Card
- Passport Visa Card
- Platinum American Express Card
- American Express Card
- Passport for Business Visa Card
- Gold American Express Card
- ScotiaCard Debit Card
- Passport Visa Infinite Card
- Passport Visa Infinite Business Card
If you have more than one Scotiabank card, you can combine your points by transferring them from one card to another.
However, the forthcoming Scotiabank Scene+ Points automatically combines all your reward points into one account.
As you continue reading, you will learn more about the Scotia Scene+ Points and why it’s a fantastic Scotia reward upgrade.
What are Scotia Rewards Points Worth?
The value of Scotia points depends on the type of redemption. While some redemption categories have fixed values, others have variable values.
Here are some of the redemption categories of Scotia redemption and their values:
| Redemption Category | 1 Point Value |
| Travel | $0.01 |
| Cashback and statement credit | $0.008 |
| Gift cards | $0.00781 |
| Charity | $0.00735 |
As you can see, 1 cent is the value of every 1 Scotia point on travel. This is one of the highest points values in the industry. All you need is to earn 10,000 points to get 100 Canadian dollars.
That said, you can increase the value of your Scotia points by transferring them to SCENE points. These points give you free access to meals, movies and more.
As a result, it’s essential to do value calculation when trying to get the best of your rewards points.
How Does the Scotia Rewards Program Work?
The Scotiabank points program works like other reward programs. You earn points for making purchases using an eligible Scotiabank card.
How much points you earn depends on your type of card and the amount of purchase you make.
However, you can’t earn Scotia points on interest, returns, cash advances, payments, Scotia Credit Card Cheques etc.
That said, you can redeem your Scotia points on different reward categories such as travel, gift cards, cash and statement credit, charity etc.
Update on Scotia Reward Points Value
Scene+ will be replacing the Scotia points and SCENE programs on December 31, 2021. This development will bring major changes to earning reward points and redemption categories.
The Scene+ aims to simplify earning and redemption for Scotia cardholders with access to new partners and brands.
Be ready for more earning opportunities and redemption for dining, shopping, banking, travel and more.
That said, you don’t have to worry about anything with the Scene+ launch. Your current points will be automatically transferred to your Scene+ account at the same value once you’re a SCENE or Scotia points member before December 31, 2021.
Click here to learn more about the key changes.
How to Earn Scotia Rewards Points
Chances are you’ve already accumulated enough Scotia points worth hundreds of dollars. But if you’re just starting, there are many options to earn reward points with your Scotia program card.
It’s essential to note that the amount of points you earn depends on the card you hold and the type of purchase.
That said, the following is a highlight of Scotia points per different Scotia cards:
- 1 point = per every $1.00 in purchases using the ScotiaGold Passport for Business Visa Card or the ScotiaGold Passport Visa Card account.
- 1 point = per every $2.00 purchase using the Scotiabank Rewards Visa Card account.
- 5 points = per every purchase using the Scotiabank Passport Visa Infinite Business Card account.
- 2 points = per every $1.00 purchase on dining, grocery, daily transit, and entertainment using the Scotiabank Passport Visa Infinite Account.
- 1 point = per every other $1.00 purchase using the Scotiabank Passport Visa Infinite card.
Furthermore, Scotiabank offers bonus points for Scotiabank Passport Visa Infinite cardholders. The following is a breakdown of Scotia bonus points :
- 10,000 points = per initial $40,000 purchases annually.
- 2,000 points = per additional $10,000 purchases after reaching the initial $40,000 purchases annually.
How to Redeem Scotia Rewards?
You must accumulate 5,000 points ($50) before redeeming your Scotia points.
Scotia points are redeemable for different redemption categories, such as:
- Travel Booking: You can book travel with your points through the Scotia Rewards Travel Service. This allows you to enjoy competitive travel rates, up to 25 hours Best Price Guarantee on Airfare, discounts, etc. Furthermore, you can redeem for discounts on hotels, flights, cruises, car rentals and more.
- Book Travel With Apply Points to Travel: This feature allows you to book travel with your desired travel service provider using your reward points for up to 12 months.
- Apple and Best Buy Merchandise: You can redeem your points at Apple and other top merchandise for prepaid cards, physical cards, accessories and more.
- Credit: You can redeem your Scotia points as a credit statement sent directly to your Scotia card through the “Point for Credit” feature.
- SCENE Points: Converting or transferring your Scotia points to SCENE will maximize the value of your points. SCENE points give you access to free meals, movies and more.
However, you must have a good standing Scotiabank credit card or bank account to redeem or transfer your points.
That said, you’re responsible for any applicable taxes on your redeemed points. Where applicable, you must report the reward points in your annual tax income return.
How to Transfer SCENE Points to Scotia Rewards?
Transferring your reward points to SCENE points will increase the value of your points by giving you free access to meals, movies and more.
However, SCENE points don’t have the same value as Scotia points. But you can transfer SCENE points to Scotia points and vice versa to get the value you want.
All you need to transfer SCENE points to Scotia points is to log in to the Scotia Rewards site and:
- Navigate to the Redeem Now section
- Click “Points Conversion”
- Select the option of converting SCENE Points to Rewards points
- Verify your SCENE Card and choose a qualified Scotiabank Program Card
- Type the amount of points you want to transfer
- Review and confirm your transfer
The transfer will appear on your account immediately after confirming it. However, you can’t reverse or cancel a submitted transfer.
How to Maximize Your Scotia Rewards Points
To get the most out of your Scotia card, you need to maximize your reward points. Here are quick steps on maximizing Scotia points:
- Register for both a Scotiabank Credit Card and a Scotiabank Debit Card account.
- Make everyday purchases with your program card.
- Set your program card as your default payment method on your favourite online retailers and apps.
- Set a recurring payment on your monthly bills (phone, cable, utilities, etc.).
- Register supplementary cards for your family members to make purchases and collect points for you (you will be liable for the annual card fees and all charges on the cards).
Besides the above steps, here are two long-term tips for maximizing your Scotia points:
1. Social Rewards Travel Redemption
As mentioned previously, the value of Scotia points depends on the type of redemption, making it essential to do value calculation to determine the best value.
Accordingly, 1 cent is the value of every 1 Scotia point on travel. This is one of the highest points values in the industry.
You can book travel with your points through the Scotia Rewards Travel Service. This allows you to enjoy competitive travel rates, up to 25 hours Best Price Guarantee on Airfare, discounts, etc. You can also redeem for hotels, flights, cruises, car rentals and more.
Furthermore, you can book travel with your desired travel service provider using your reward points for up to 12 months with the Apply Points to Travel feature.
That said, 5,000 points is the minimum redemption point for travel, which is equal to $50 in value.
2. Scotia Rewards Bonus
Earning a reward bonus is one of the long-term strategies for maximizing your Scotia points. You can earn the following reward bonuses with your Scotiabank Passport Visa Infinite card:
- 10,000 points = for initial $40,000 purchases annually.
- 2,000 points = for additional $10,000 purchases after reaching the initial $40,000 purchases annually.
The thing is, you can get all the above reward bonuses if you use your Scotiabank Passport Visa Infinite card for everyday purchases and recurring bill payments.
Scotia Rewards vs. American Express Membership Rewards
The American Express Membership Rewards (MR) points program is one of the competitors of the Scotia points program.
MR has a flexible and variety of redemption options ranging from:
- Travel
- Airline transfers
- Hotel transfers
- Cash credit
- Ticketmaster
- Gift cards
- Merchandise
- Amazon
Like eligible Scotia cardholders, Amex personal and business credit cardholders earn 1 point for every $1 spent using an eligible American Express Card.
However, the American Express Membership Rewards has a slightly higher reward points value than the Scotia program.
While 1 cent is the maximum reward value of Scotia point, the MR program offers up to 2 cents value of 1 point on airline transfers.
Furthermore, the MR program allows you to buy extra points for redemption. This option is not available on the Scotia point program.
Overall, MR has a more competitive reward and redemption options than the Scotia program.
However, you can quickly maximize your Scotia points by accumulating reward bonuses annually and using your program card for everyday purchases.
Verdict
The Scotiabank points program could save you hundreds of dollars out of your everyday day purchases.
However, you can save more by knowing how to maximize your points. You just learnt about this.
But as you can see, you can earn more with the American Express Membership Rewards program, which offers up to 2 cents on airline transfers.
That said, I recommend you consider one of the best cashback credit cards out there if you’re looking to save more on your purchases.
The best cashback credit cards have more earning potential, and they offer real cashback (not redeemable points) on all your purchases.
Let me know the option you’re going with in the comment section.
FAQs
What are Scotia Rewards Points Worth?
Scotia points vary in value according to the redemption category. However, 1 cent is the value of 1 point value for travel. This is the highest value point of the Scotia points program.
What is the Best Way to Use Scotia Rewards?
The best way is to redeem your Scotia points for travel to receive the higher value of 1 cent. Qualifying for Scotia reward bonuses will also increase your points in no time.
Overall, using your program card for everyday purchases and recurring bill payments is the quick way of maximizing your Scotia points.
Are Scotia Rewards Transferable?
You can’t transfer Scotia points to another person, but you can transfer them between your Scotia program cards.
For example, you can transfer your Scotia points to SCENE points vice versa.
What Do Scotia Rewards Get You?
Scotia points get you cash and statement credit, gift cards, travel deals, the latest techs, prepaid cards, discounts, Apple and best buy merchandise, etc.
Furthermore, you can convert your reward points to SCENE points to get free access to meals, movies and more.
Do Scotia Rewards Points Expire?
Scotia points have no expiry date. However, you can’t earn or redeem points if your account is not in good standing.
That said, you only have 60 days to redeem all your points when you close your account.
If you have more questions or concerns about this review, kindly drop them in the comment section.
