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 the Scotia Rewards Program?
The Scotia Rewards Points Program is a free reward program that offsets a portion of the purchasing costs of Scotiabank 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 many 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+ replaced 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 Points
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 number 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 Alternatives for Canadians
Scotiabank is not the only provider of reward points in Canada. Depending on your spending habit, Canada has different reward programs with competitive programs.
The following are some alternatives to the Scotia reward points program in Canada:
BMO Air Miles World Elite Mastercard
- Annual Interest Rate on Purchase: 20.99%
- Annual Fee: $120
- Earning Rewards: 1 mile per every $12 spent on credit card and 3 miles per every $12 eligible purchase.
The BMO Air Miles World Elite Mastercard offers miles for making eligible purchases. Also, the card provides a 15% discount on all North America AIR MILES flights.
Even though the BMO Air Miles World Elite Mastercard charges an annual fee, it waives it when you reach 2,000 AIR Miles Bonus Miles and allow pop-up information.
That said, this card requires an average of $80,000 annual personal income or $150,000 a household.
American Express AIR MILES Platinum Credit Card
- Annual Interest Rate on Purchase: 20.99%
- Annual Fee: $120
- Earning Rewards: 1 mile per $5 spent on food and drink, gas, and local transit; 1 mile per $10 spent elsewhere
The American Express AIR MILES Platinum Credit Card also rewards cardholders with miles upon making eligible purchases.
Unlike other credit cards, this card offers a welcome bonus of 2,000 miles when you spend $1,500 during your first three months.
TD Reward Points Visa Card
- Annual Interest Rate on Purchase: 19.99%
- Annual Fee: $0
- Earning Rewards: 2 points for every $1 eligible purchase
The TD Reward Points Visa Card is one of the top alternatives to Scotia rewards in Canada. This card offers 2 points for every $1 eligible purchase.
Furthermore, this card offers 15,152 points by keeping your account active, open and in good standing during your first 90 days of card membership.
Overall, you will earn up to 150,152 in a year when you spend up to $10,000 with the TD Reward Points Visa Card.
When you apply for the card by May 29, 2022, you will get a 6-month 9.99% promotional interest rate on purchases without an annual fee. This is one of the industry’s lowest that will help you save more on interest and fees.
RBC Rewards+ Visa
- Annual Interest on Purchase: 19.99%
- Annual Fee: $0
- Earning Rewards: 1 point for every $1 spent on grocery, gas, and drug store. 1 point for every other $2 purchase.
The RBC Rewards+ Visa is another top alternative to the Scotia reward points program in Canada, offering reward points without an annual fee.
What I like about the RBC Rewards+ Visa card are its multiple reward-earning options. You can earn RBC reward points by:
- Spending a minimum of $1 on grocery gas and drug store = 1 point
- Making every other $2 purchase = 1 point
- Welcome bonus = 1,500 points
- Earn 1,500 points as a welcome bonus
- Going digital during your initial 60 days of membership = maximum of 3,500 points
As you can see, there are several earning opportunities with the RBC Rewards+ Visa card making it a worthy alternative to Scotia rewards.
BMO Rewards Mastercard
- Annual Interest on Purchase: 19.99%
- Annual Fee: $0
- Earning Rewards: 1 point for every $1 purchase
The BMO Rewards Mastercard is a no-fee Mastercard, offering reward points for making eligible purchases.
This card offers up to 10,000 reward points as a welcome bonus when you spend $1,000 during your initial three months of card membership.
Furthermore, the card offers a 9-month 1.99% balance transfer interest rate with a 1% transfer fee. This will help you pay off your high-interest debt fast and cost-effectively.
CIB Aventura Visa Card
- Annual Interest on Purchase: 20.99%
- Annual Fee: $0
- Earning Rewards: 1 point for every eligible purchase
The CUV Aventura Visa Card is another alternative to Scotia rewards in Canada, offering reward points without an annual fee.
Even though this card charges 20.99% annual interest rates on purchase, it compensates with multiple rewards earning opportunities. You can earn rewards eth this card by:
- Making your first purchase = 7,500 points
- Making any eligible purchase = 1 point
- Completing all activities within 60 days of approving your card = 2,500
Besides that, this card offers a 90-day Purchase Security Insurance and free customized travel booking and trip planning.
MBNA Rewards Platinum Plus Mastercard
- Annual Interest Rate on Purchase: 19.99%
- Annual Fee: $0
- Rewards: 4 points on all $1 eligible purchase
The MBNA Rewards Platinum Plus Mastercard also deserves mention in the list of Scotia rewards alternatives in Canada.
This card offers introduction rewards of 4 points on all $1 eligible purchases without an annual fee for your first 99 days of membership and 2 points after.
Besides that, the card offers a birthday bonus of 10% of all your first-year rewards points.
Marriott Bonvoy Bold Credit Card From Chase
- Annual Interest Rate on Purchase: 15.99%
- Annual Fee: $0
- Rewards: Variable
There’s no complete mention of the top alternatives to Scotia rewards without the Marriott Bonvoy Bold Credit Card from Chase.
This card offers one of the industry’s lowest interest rates on purchase (15.99%) without charging an annual fee.
When you spend $1,000 during your first three months of membership, you will get 30,000 bonus points.
Here are ways you can earn reward points with the Marriott Bonvoy Bold Credit Card from Chase:
- Spend at least $1 at Marriott Bonvoy partner hotels = 14x points
- Use Marriott Bonvoy Bold Credit Card = 3x points
- Qualify for Marriott with Silver Elite Status = 1x points
- Make other travel purchases = 2x
- Make every other purchase = 1x
Besides the multiple reward-earning opportunities, low-interest rate and no annual fee, this card doesn’t charge foreign transaction fees. It had a 120 purchase protection for up to $50,000.
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 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 within 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 Does 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.
