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Upcoming changes to Scotiabank Gold AMEX and Momentum Visa Infinite (Aug 1st)

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  • Sep 3rd, 2021 3:02 pm
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[OP]
Sr. Member
Aug 27, 2012
538 posts
545 upvotes
Calgary

Upcoming changes to Scotiabank Gold AMEX and Momentum Visa Infinite (Aug 1st)

Just got a word from someone who works at Scotiabank that this card is about to be refreshed.

Here are the changes that are coming effective Aug 1st.

Changes to Scotiabank Gold American Express

Gold Amex Reference Card EN-1.jpg

New points earn rates:
  • 5x on grocery, dining and entertainment (currently 4x)
  • 3x gas (currently 4x), daily transit (new) and select streaming services (new)
  • 1x on all other eligible purchases

0% foreign transaction fees (new)

Annual Fee goes up to $120 from $99 currently.

Changes to Momentum Visa Infinite

Momentum Infinite Reference Card EN-1.jpg

New cash back earn rates:
  • 4% - Grocery and recurring bills (currently 4% - Grocery and Gas)
  • 2% - Gas and daily transit (currently 2% - Drug stores and recurring bills)
  • 1% - Drug stores and everything else

20.99% interest rate for purchases (currently 19.99%)

Trip cancellation (new) - $1500 per person max $100k

Mobile phone insurance (new) - up to max $1000. Covers lost, stolen, mechanical breakdown, or accidental damage

Annual Fee goes up to $120 from $99 currently.

Edit: Included information about the Momentum Visa Infinite (thanks @VancityGuke for sharing) as well as uploaded higher quality fact sheets for both cards which you can access by clicking HERE for AMEX and HERE for Visa.

Edit 2: Got my hands on official notice of change documents that existing customers will receive for American Express (4 pages) and Momentum Visa Infinite (14 pages) cards.
Last edited by pauliaK on Apr 24th, 2019 8:22 pm, edited 6 times in total.
225 replies
Deal Fanatic
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Aug 29, 2012
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Good changes, but unfortunately it would be foolish to use this card for foreign purchases other than USD, as the Amex network converts foreign currency first to USD, and then to CAD.

Still not enough for me to accept dealing with Scotiabank rather than American Express.
Deal Guru
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May 8, 2009
14779 posts
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Going to the Moon
No FFP partners, but amazing for cash fare. Looks like BNS is working a lot harder to rake up the cardholders. If they do FYF an this, will be truly amazing (and might convince me to go to their branches).
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Newbie
Apr 22, 2019
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Momentum Infinite changes:

$120 AF
20.99% purchases interest
4% - Grocery and recurring bills
2% - Gas and daily transit
1% - Drug stores and everything else

Trip cancellation (new) - $1500 per person max $100k
Mobile insurance (new) - up to max $1000. Covers lost, stolen, mechanical breakdown, or accidental damage
Deal Addict
Apr 23, 2017
1093 posts
1900 upvotes
If true this is a big improvement, provided they keep their category cap at the current $50k and don't reduce it. I assume over the past year that Amex Cobalt would have eaten the Scotia Gold Amex card's lunch, with Cobalt's 5% and no cap. Now that Cobalt is putting in a cap of $30k, Scotia increasing their earn rate to match the 5% of Cobalt, but with an extra $20k in the cap, will make Scotia a contender again, especially if they add no FX.

I wonder if the Scotia Platinum Amex will also get these earn changes and 0 FX, keeping the $100k cap?
Deal Addict
Apr 23, 2017
1093 posts
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With 5% earn on restaurants in Florida + no FX, this would be the top card in Canada for use at restaurants in Florida.
Deal Fanatic
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Aug 29, 2012
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HermanH wrote: With 5% earn on restaurants in Florida + no FX, this would be the top card in Canada for use at restaurants in Florida.
I would be really, really surprised if they give you effectively 7.5% cashback for restaurant and grocery purchases in foreign currency.
Deal Fanatic
Jan 22, 2006
5242 posts
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Northside
titaniumtux wrote: No FFP partners, but amazing for cash fare. Looks like BNS is working a lot harder to rake up the cardholders. If they do FYF an this, will be truly amazing (and might convince me to go to their branches).
agreed. Waiting for the FYF and I will jump on it.

Thank you OP for the share!
Deal Expert
Feb 29, 2008
27937 posts
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Montreal
Pretty good. Except it's been my observation that grocery and restaurants are much more likely not to take Amex.
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Nov 5, 2018
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zaidyboy wrote: agreed. Waiting for the FYF and I will jump on it.

Thank you OP for the share!
Me too!
Called the bottom.
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Jan 14, 2017
463 posts
380 upvotes
Great news! These changes could not come fast enough!
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May 7, 2017
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If it is no FX fee, I am in! It kills my need for HSBC PWE for overseas transactions and Amex SCP for local transactions in one go...
[OP]
Sr. Member
Aug 27, 2012
538 posts
545 upvotes
Calgary
Ok, so just got a hold of this comparison fact sheet with a little bit more information available. So disappointingly it looks like it’s only 1x for foreign spend regardless of category which is super sad and is not the case with Passport Infinite that’s other no FX card Scotiabank offers. No more AF discounts for those who have STEP and price protection insurance is gone.
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Banned
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Apr 22, 2018
76 posts
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Toronto, ON
VancityGuke wrote: Momentum Infinite changes:

$120 AF
20.99% purchases interest
4% - Grocery and recurring bills
2% - Gas and daily transit
1% - Drug stores and everything else

Trip cancellation (new) - $1500 per person max $100k
Mobile insurance (new) - up to max $1000. Covers lost, stolen, mechanical breakdown, or accidental damage
is this true?
Sr. Member
Sep 22, 2005
746 posts
177 upvotes
BC
pauliaK wrote: Ok, so just got a hold of this comparison fact sheet with a little bit more information available. So disappointingly it looks like it’s only 1x for foreign spend regardless of category which is super sad and is not the case with Passport Infinite that’s other no FX card Scotiabank offers. No more AF discounts for those who have STEP and price protection insurance is gone.
It's very strange that Amex doesn't introduce no fx feature to its own cards first.
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Aug 29, 2012
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pauliaK wrote: Ok, so just got a hold of this comparison fact sheet with a little bit more information available. So disappointingly it looks like it’s only 1x for foreign spend regardless of category which is super sad and is not the case with Passport Infinite that’s other no FX card Scotiabank offers. No more AF discounts for those who have STEP and price protection insurance is gone.
I knew the multipliers would not apply abroad. It means the Cobalt is a better card to use abroad for grocery and restaurants. Well, except for USD purchases, because with the Cobalt you only get 5x MR points based off the original USD amount of the purchase, not the CAD amount.

VancityGuke wrote: Yes.
Really scummy of them to move up interest rate purchases to 20.99%, Scotia is probably the first one of all big 5 banks to initiate this trend.

It's pure greed and a really evil move toward all debt-trapped people who have no line or credit or options for lower interest rates.
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Jan 4, 2011
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Poutinesauce wrote: [snip]

...with the Cobalt you only get 5x MR points based off the original USD amount of the purchase, not the CAD amount.
Is this based on experience and/or data points, or is it written somewhere on Amex's site/documentation?
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Apr 22, 2018
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How about we change the subject of the thread from just Scotia Amex to Scotia Amex & Scotia Momentum Infinite?

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