Personal Finance

Scotia Moneyback Account with 1% Cash Back on DEBIT, $14.95/month

  • Last Updated:
  • Jan 15th, 2013 10:25 pm
[OP]
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Mar 20, 2001
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Toronto

Scotia Moneyback Account with 1% Cash Back on DEBIT, $14.95/month

Scotiabank just launched their new Moneyback account on Monday and it's an interesting one. Here are the details:

http://www.scotiabank.com/cda/content/0 ... en,00.html

- 1% money back on all debit Point of Sale purchases as well as Interac Online and Cross Border Debit. Maximum money back of $300 paid per year.
- Unlimited self-service transactions
- Two free non-Scotia ABM transactions/month
- One teller assisted transaction/month
- Free paperless statements
- Free text and/or email alerts to help you manage your account
- $14.95/month

It's the first and only to give cashback on debit card transactions that I've ever seen - good sign for future competion in debit card rewards. Could be worth it if you do a lot of debit, but I'm a credit guy myself...
19 replies
Jr. Member
Sep 19, 2004
186 posts
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Edmonton
Compared to a standard Scotiabank PowerChequeing account seems decent, provided you use your debit card alot.

$15 a month, thats $180 a year, with a maximum cash back of $300. So provided you spend $30,000 on your debit card annually, you will get $120 back.

I'd much rather do the credit rewards cards, with a no-fee chequeing account, but thats me.
Deal Fanatic
Dec 11, 2003
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Using debit card = no.
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[OP]
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Mar 20, 2001
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There are of course places that accept debit that don't accept credit, but basically the cash back and other benefits have to make up for the $15 monthly fee.
Deal Addict
Nov 18, 2008
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It could be worth switching for a month for me, as I might have some very large debit transactions planned. One of the places where I go to change currencies takes debit, and I've done amountsclike $5K there before.
Deal Addict
Feb 20, 2006
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Pretty interesting, as some of the places that take debit but not credit cards are large transactions: tuition, car purchases, etc.
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Feb 25, 2009
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tng11 wrote: It could be worth switching for a month for me, as I might have some very large debit transactions planned. One of the places where I go to change currencies takes debit, and I've done amountsclike $5K there before.
Wouldn't get the Moneyback if you switch for a month as they only credit you once per year in November
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[OP]
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Mar 20, 2001
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Sanchez wrote: Pretty interesting, as some of the places that take debit but not credit cards are large transactions: tuition, car purchases, etc.
Good point... I didn't even know you could buy a car on debit. Tuition too, hmm... the car one would pay off instantly.
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Dec 11, 2005
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Sanchez wrote: Pretty interesting, as some of the places that take debit but not credit cards are large transactions: tuition, car purchases, etc.

I have never seen anyone purchase a car with debit, though I suppose it is possible.

Tuition would be the main one. If you are a student in residence, you can easily be paying 15K to 20K, or more, in tuition. In this case the rebate from your tuition alone more than cancels the fee.

Another big one is power bills and property tax... those would put a big dent in it for some people.
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Jun 3, 2006
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brunes wrote: I have never seen anyone purchase a car with debit, though I suppose it is possible.

Tuition would be the main one. If you are a student in residence, you can easily be paying 15K to 20K, or more, in tuition. In this case the rebate from your tuition alone more than cancels the fee.

Another big one is power bills and property tax... those would put a big dent in it for some people.
But aren't those bank transfers, not debit card payments?

But I do know you can pay for car purchase deposits using credit/debit, just not the entire car. I was totally expecting to do that last time but they refused.
Deal Addict
Feb 20, 2006
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ToniCipriani wrote: But aren't those bank transfers, not debit card payments?

But I do know you can pay for car purchase deposits using credit/debit, just not the entire car. I was totally expecting to do that last time but they refused.

Car places don't have an issue letting you pay the entire purchase using debit - unlike they CCs they take only a fixed fee per transaction. The limitation is more that you often cannot increase you interac limit to cover the entire purchase price of a car.
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Mar 23, 2004
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Gdc wrote: Even if it's not safe... some place only accept debit card. So that's a nice start of debit cards w/ rewards in Canada..! :o

tbh i'll rather pay cash than use debit. There's also a monthly fee for the account so unless u use it ALOT its like almost impossible to break even.

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