Personal Finance

Scotiabank takes over Save on More as Credit Card

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  • Jun 12th, 2016 7:44 pm
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[OP]
Deal Addict
Aug 31, 2014
1488 posts
538 upvotes
YVR, BC

Scotiabank takes over Save on More as Credit Card

Now you can get the most points where you shop the most. Every time you shop at More Rewards partner locations with the Scotiabank® More Rewards® Visa® card, you get 6x the regular loyalty card points2. You also get 4x the points everywhere else.

Ability to "double-dip" - show your More Rewards loyalty card at More Rewards partner locations to earn an additional 1 point per dollar spent.
Frequent in-store bonus points offers.
No annual fee.
Redeem your points for travel, groceries and merchandise.

Image

https://www.appls.scotiabank.com/Credit ... returnURL=
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17 replies
Newbie
May 31, 2016
4 posts
1 upvote
Wow, Scotia is really picking up a lot of new deals. Wonder why TD/MBNA gave it up. Didn't VanCity have the deal beforehand?
Newbie
Nov 5, 2015
92 posts
10 upvotes
Aldergrove, BC
Made my wife sign up today since we shop at Save-on, Approved instantly, selected a lower limit than was suggested in the application process which probably helped but now we will actually have a card that works for where we shop.
[OP]
Deal Addict
Aug 31, 2014
1488 posts
538 upvotes
YVR, BC
not sure why MBNA gave it up? maybe not lucrative for them?

decent free card for those that use SOM and it's rewards partners?
Deal Guru
May 29, 2006
10275 posts
2873 upvotes
this is the worst rewards program around, the only good stuff is potatos, milk, and eggs
[OP]
Deal Addict
Aug 31, 2014
1488 posts
538 upvotes
YVR, BC
looks like they are being really generous with giving this card out.....
Sr. Member
Nov 29, 2014
680 posts
80 upvotes
Pitt Meadows, BC
Lets do a quick calculation.

First background.
6 points (possibly 7 if show loyalty card to) at Save On Foods and similar.
4 (possibly 5) points everywhere else.


16,00 points to get 25 gift certificate.

Calculation:

16,000 / 25 = 640

So every dollar requires 6,400 points.

640 / 7 = 91.4

So you need to spend ninety one dollars and forty cents to get one dollar of rewards. That is about a 1.1% return.....

If you use it somewhere else, it's about a .8% return.
I play the video games H2, WC3. I bank with low fee or no fee banks like Implicity. If you got questions ask.
[OP]
Deal Addict
Aug 31, 2014
1488 posts
538 upvotes
YVR, BC
they usually have in store weekly point promos like

spend $100 and get 2500 points

spend $50 get 500 points

you get to double dip for points by using your loyalty card and the credit card for double the points points from the loyalty card scan and again from the credit card at payment. So the return is likely over 2%

The new Scotiabank More Rewards Visa card enables customers to maximize their points by offering 6 More Rewards points per dollar spent on their card at Save-On-Foods and a growing number of other participating More Rewards partner locations, plus 4 More Rewards points on every dollar spent anywhere else they shop using their card. The card boasts no annual fee as well as no earnings or redemption caps on their More Rewards plus the ability to "double-dip" by using the More Rewards loyalty card and the Scotiabank More Rewards Visa card at the same time. Cardholders can also take advantage of frequent in-store bonus offers available under the More Rewards program. For a full list of participating More Rewards partners and redemption offers, please visit morerewards.ca.

definitely geared to it's customers and partners
Deal Addict
User avatar
Oct 16, 2008
4368 posts
1933 upvotes
Save on Foods is expensive.
Sr. Member
Dec 22, 2013
930 posts
222 upvotes
EDMONTON
User230 wrote: Lets do a quick calculation.

First background.
6 points (possibly 7 if show loyalty card to) at Save On Foods and similar.
4 (possibly 5) points everywhere else.


16,00 points to get 25 gift certificate.

Calculation:

16,000 / 25 = 640

So every dollar requires 6,400 points.

640 / 7 = 91.4

So you need to spend ninety one dollars and forty cents to get one dollar of rewards. That is about a 1.1% return.....

If you use it somewhere else, it's about a .8% return.
Gift cards are a horrible example.

If you redeem points for travel on their website, each point is worth roughly $0.423. Therefore 4 points per dollar is roughly 1.7% return, 6 points is 2.5%. Pretty decent if you ask me.
Deal Addict
Oct 13, 2006
2369 posts
852 upvotes
Burnaby
case lot sale and BOGO deals are the only times where I pick up the odd item there, they do tend to be more expensive. better off getting a 2% cashback card on groceries which allows you to basically shop at any grocery store except typically walmart (mastercard only recognized as grocery) and costco and be guaranteed 2% back.
[OP]
Deal Addict
Aug 31, 2014
1488 posts
538 upvotes
YVR, BC
tsimpson76 wrote: Gift cards are a horrible example.

If you redeem points for travel on their website, each point is worth roughly $0.423. Therefore 4 points per dollar is roughly 1.7% return, 6 points is 2.5%. Pretty decent if you ask me.
it's definitely geared to customers and partners etc

however I think the returns are higher than 2% with the ability to double dip for points using the loyalty card + credit card AND the in store or online promo points for spending over $50

it's a little more expensive but many people like it because sale items are comparable the service better and not as busy as some of the big box zoos etc.
Deal Addict
User avatar
Mar 25, 2012
1865 posts
1053 upvotes
Kelowna
604nation wrote: not sure why MBNA gave it up? maybe not lucrative for them?

decent free card for those that use SOM and it's rewards partners?
I'd say this was a case of Save On Foods wanting out. TDCT's MBNA division has been dwindling and has seen long-time partners leave it in recent years. Scotiabank likely had an enticing offer for them, given they wanted to expand their own credit card line up. :)

Interestingly, there's no mention existing More Rewards cardholders were acquired by Scotiabank so I'm betting they received letters from MBNA transitioning them to a standard Platinum Plus card. :)

Cheers,
Doug
Jr. Member
Feb 27, 2011
161 posts
131 upvotes
604nation wrote: it's definitely geared to customers and partners etc

however I think the returns are higher than 2% with the ability to double dip for points using the loyalty card + credit card AND the in store or online promo points for spending over $50

it's a little more expensive but many people like it because sale items are comparable the service better and not as busy as some of the big box zoos etc.
Double dipping using Save On's points coupons can't really be counted as a benefit of this new credit card, as all coupons are also available to all loyalty card holders. So the real benefits lie in the better returns (albeit not dramatically so) you receive by using this cc at Save On (and its sister brands). As mentioned earlier in the thread, I will now earn 2.5% back at Save On Foods with my More Rewards Visa, as opposed to 2% (for groceries) with my current credit card. 1/2 a percent is not a huge increase, but enough for me to switch to a no fee card.

Save On is more expensive than some suburban competitors, but here in YVR I've noticed they are quite competitive (excluding the ethnic markets for produce, etc.) They have better selection than most Safeways or No Frills, and if you can shop the sales and properly utilize the points system, then it can work out OK overall. Double dipping using coupons, we regularly earn anywhere from 6-10% (cash-equivalent) back in More Rewards points, which can add up pretty quickly and used towards travel.
Sr. Member
Dec 22, 2013
930 posts
222 upvotes
EDMONTON
dmehus wrote: I'd say this was a case of Save On Foods wanting out. TDCT's MBNA division has been dwindling and has seen long-time partners leave it in recent years. Scotiabank likely had an enticing offer for them, given they wanted to expand their own credit card line up. :)

Interestingly, there's no mention existing More Rewards cardholders were acquired by Scotiabank so I'm betting they received letters from MBNA transitioning them to a standard Platinum Plus card. :)

Cheers,
Doug
Yeah they transitioned everyone to the MBNA Rewards Card.
Newbie
Nov 5, 2015
92 posts
10 upvotes
Aldergrove, BC
Wife got the card a couple days ago. She applied the day I saw this thread. Offered a limit which we then chose the next tier down. Picked up card at a Scotia bank for whatever reason but for us, this card will be good and replaces our PC Mastercard since we don't even shop at any PC stores.
[OP]
Deal Addict
Aug 31, 2014
1488 posts
538 upvotes
YVR, BC
Blacktusk wrote: Wife got the card a couple days ago. She applied the day I saw this thread. Offered a limit which we then chose the next tier down. Picked up card at a Scotia bank for whatever reason but for us, this card will be good and replaces our PC Mastercard since we don't even shop at any PC stores.
wow - thats quick

let us know how quickly the 6x points add up, you can also use the weekly points coupons depending on how much you spend per week!
Deal Addict
User avatar
Mar 25, 2012
1865 posts
1053 upvotes
Kelowna
tsimpson76 wrote: Yeah they transitioned everyone to the MBNA Rewards Card.
Great. Thanks for the update! :)

Cheers,
Doug

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