Scotia Infinite Momentum Visa card: An analysis of if it makes sense to get | Credit card reward programs | Discussion forum

Lol. They have lousy service too. Sometimes their online forms are so difficult to understand I would imagine they could easily be misinterpreted by them in so many different ways..they will always win.

I had planned on dumping iTrade but recently looked at their GIC rates and was thinking of keeping them as either my wife or I or our POA could handle all transactions as rarely do you need their assistance. I would move all of our TFSA GICs to them. Any one could control our accounts if you know how to access. We only have TFSA GICs with them. But only if they work with a POA, executor and if they put your funds into trust when death is reported.**

I had to some forms for iTrade that had to be certified at a BNS branch. And first branch treated us like bank robbers when we entered and they did not even know that they owned iTrade. Reception kept our forms and told us to wait....but not polite and didn’t say what we were waiting for. As she continued to read the forms, that were none of her business, as only the signature needed verification, asked for the forms back and we left. We went to an other branch a bit further away....2 old white haired bank robbers! A teller called us over as there was no reception in this branch. I told her what we needed and that BNS owned iTrade and she stamped the forms and signed as a witness to our signature. The funny thing was...we had not yet signed the forms....nor did she ask us too. We signed them at home and mailed them in with no further problems. What a hassle!
So screw BNS.

I had a mortgage with them years ago and when it was to be renewed I could do better at any other bank. But their policy was to NOT match competition. So I transferred the mortgage to save money. When the mortgage officer came back from sick leave she asked me why I left. I told her...her very honest reply was BNS only makes offers to attract new business but nothing to keep existing customers. She offered me a better rate but not as good as what I negotiated at another bank and the deal was done so the offer was redundant. She also asked me to write their head office, which I did, as she was very reasonable to deal with.
So screw BNS.

I also have a BNS cash back Mastercard that was originally aquired from Sears/Chase. Every year I get a letter to increase my credit limit but only if I call them and answer some questions. Didn’t Chase give them all my details? But one day I logged on and it offered me an increase by clicking Yes. I did and no questions! I recently changed to paperless statements and even though they use the same system as iTrade they don’t send an email to say it is ready.....but iTrade does. I phoned about it as they are working with MasterCard to set up a reminder that the statement is ready. Why offer paper less statements? So half assed! I think I need a variety of cards and will replace the BNS card with an Amex cash back card.
So screw BNS.

** I am not going to bother checking with them. And your points have only reinforced why I should NOT continue with iTrade.
So screw BNS.

Any one else feel the same way about BNS???

I can only say I am happy with Scotia iTrade (came to them from their predecessor E*Trade) as my primary discount broker (also have a BMO Investorline brokerage account). I moved my banking to BNS eventually as well to be consolidated at one FI, albeit I don't have any of their credit cards.....yet.

Both BMO IL and Scotia iTrade still rate highly in discount brokerage reviews as regards those from big banks. Blanket +ve or -ve opinions across a multi-function FI are probably not appropriate vis-a-vis discount brokerage vs full service brokerage vs banking vs credit cards vs mortagages, etc. I find broad based blanket opinions essentially non-credible.

Previous entry made 5 yrs ago. How is this card stack against the other candidates in the cash back category today? Don't think I would qualify its requirement if I were to apply today.

The 4% cash back on groceries did help offsetting food inflation somewhat in the past two years. Recently I was given access to the SelectPay 6 month plan at 0% interest & 0% fee. This also helps keeping interest earning cash a bit longer in my poccession

At this point, I think I will keep the card for as long as the cash back is enough to breakeven the $120 annual fee.

It's not too good to be true, from Scotia CC's point of view, if they have calculated that enough potential customers won't pay it off in six months. They could be paying interest at high rate on this indefinitely. A lot of people are really struggling right now.

My credit card bill last month informed me that if I paid the minimum every month, it would take me 60+ years to pay it off!

NorthernRaven said
Some of the banks have premium banking packages which will give you their high-end Visa cards for free. Quite often there are two packages, one around $16/month and the top one around $30/month. That's a ridiculous price to pay in cash, but some of them waive the monthly fee if you maintain a minimum chequing balance, which was a fairly good bargain, at least until interest rates went up and you were forgoing more money with that dead balance.

Scotia's middle "Preferred" banking package waives CC fees up to $150, for a dead balance waiver of $4000. For some people who can actually use the various goodies in these banking packages, in can be worth a look (and interest rates can't stay high forever). I've had TD's Ultimate banking package ($5000 min balance waives a $30 fee), which gives me their $139 cashback Visa, a safe deposit box, and so on. I've been debating unwinding that for other products and free up that $5000, but their Visa has a nifty roadside assistance component so I haven't as of yet.  

The Preferred banking package only waives the CC annual fee up to $150 for the first year only now. https://www.scotiabank.com/ca/en/personal/bank-accounts/chequing-accounts/package-features.html I guess they changed it. We already get the annual fee waived for the first year when opening the CC so this package is totally redundant. And plus you have to have the bank account opened on or before you opened the credit card account. I guess the only one that you can get to get the annual fee waived is the Ultimate Package now for a dead balance waiver of $6K, the same as the CIBC Dividend Infinite card.