Credit Cards

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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User455957 wrote: I'm on the Island, and it's accepted @ most groceries stores , gas, and restaurants. . Rarely I have to use another card
I know that on Robson street I've been to at least a dozen restaurants and most had me pay with MasterCard.
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Poutinesauce wrote: I know that on Robson street I've been to at least a dozen restaurants and most had me pay with MasterCard.
This is good to know.
I’m heading to Vancouver over the Xmas holidays this year, and will be staying at a hotel on Robson.
I’ll be sure to bring a MasterCard!
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So what will happen to existing card holders? Will we receive a pro-rated refund of the old AF and be charged a pro-rated new AF?
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I actually like my Gold Amex card. Sure, it sucks about the points for gas, but I’m happy about these changes overall. Looking forward to it.
Last edited by F3el96 on Jul 4th, 2019 11:43 am, edited 2 times in total.
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ilove wrote: So what will happen to existing card holders? Will we receive a pro-rated refund of the old AF and be charged a pro-rated new AF?
The new fee won't apply until your anniversary date.
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Not sure if it was mentioned, but I asked Scotiabank on Twitter about the daily transit category for the Gold Amex card. Uber is considered a transit purchase as long as they don’t change their merchant code as a taxi service.

As for the other things, daily transit will include local and suburban commuter passenger transportation, including ferries, passenger railways, taxicabs, limousines and bus lines.
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HermanH wrote: With these coming changes to these two Scotia cards, I thought I'd revisit my card earn list, updating the rates to reflect the net (after AF) gain post Aug 1st.

For a spending example I will go with one person whose 2018 spending I looked at recently. He did not do any foreign spend in 2018 (says he takes a foreign vacation about once every 3 years and 2018 wasn't one of those years). He buys no gc. He doesn't want airline points, and prefers cash or travel dollars. His travel spend was at hotels he drove to within Canada (Montreal weekend trip).

Example:

Groceries: 13,800, restaurants: 11,956, Gas: 1,274, Recurring: 1,200, Travel: 893, Ent: 700, Non-category: 46,718. Total spend: $76,451

A one card solution:

(Assuming all grocery and restaurant spend is at Amex accepting merchants)

Scotia Gold Amex: $1,728.23 earn rate: 2.26%
Amex Cobalt: $1,696.42 earn rate 2.22%
Amex SCP: $1,430.02 earn rate 1.87%
Collabria 2% Visa Inf (Alterna CU, Prospera CU, etc) $1,409.02 earn rate 1.84%
Rogers W.E.: $1,337.89 earn rate 1.75%
CIBC Dividend Inf: (with AF waiver) $1,216.73 earn rate 1.59%
Meridian CU Visa Inf: 1,169.73 earn rate 1.53%
BMO CB W.E.: (with AF waiver) $1,146.76 earn rate 1.50%
Scotia Momentum Inf: $1,107.25 earn rate 1.45%
TD CB Inf: (with AF waiver) $1,089.99 earn rate 1.43%
Scotia Passport Inf: $1,050.07 earn rate: 1.37%
Tangerine: $787.71 earn rate 1.03%
BMO Basic Blue CB MC: $764.51 earn rate 1.00%

For this guy, Scotia Gold Amex (new) is the top earner if he has Amex acceptance everywhere and wants only one card. (Amex Cobalt is only about $32 behind the Scotia card here at #2, and of course offers greater value in the MRS points, but he only wants to redeem at 1 cpp anyway).

* If he wanted a two card solution, he could increase his earnings:

Scotia Gold Ax + Rogers W.E. MC: $2,093.64 earn rate 2.74% (an extra $365.41 for him over just the Scotia card alone)

* Now let us say only half his groceries come from Amex accepting merchants, and half don't, and 3 cards are acceptable to him:

Scotia Gold AX + CIBC Dividend Inf Visa + Rogers W.E. MC: $2,036.28 earn rate: 2.66%

* What if none of his spend is at Amex accepting merchants:

CIBC Dividend Inf + Alterna CU Visa Inf: $1,710.50 earn rate: 2.24%

* What if none of his spend is at Amex merchants AND his spend decreases some years and so he wants no AF And he wants only 2 cards?

CIBC Dividend Inf (fee waived) + Rogers W.E. (no AF) : $1,677.06 earn rate: 2.19%

Of course adding GC into the mix would increase his earn even more, but he said he doesn't bother with GC.

In this example the new Scotia Momentum Inf Visa fairs slightly worse than the previously identical earning Meridian Visa Inf, so for this example the old Scotia Momentum Inf was a better earner than the new version by a small amount 1.53% old Scotia Momentum Inf/Meridian vs 1.45% net earn for new Scotia Momentum Inf. The new Scotia Gold AX is slightly better than the old Scotia Gold Ax, by comparison.

Feel free to comment, point out any errors I may have made or offer new insights. This is one specific example and everyone's spending is different.
@HermanH how do you get all these detailed spending stories from credit card n00bs? You have good friends who share their CC statements with you, yet don't know how to pick cards out of a deck...and obviously prefer a one card solution...
  1. TD CBI caps at $15k annual for the 3% accelorator, so re-do the math and get $1064.51. This is assuming that entire spend was done within 2018, and the cardholder only slightly exceeded the $15k within the 3cat
  2. how the heck does CIBC Div Inf trump Meridian CBI?? Is the cardholder's entire resto spend done at Tim's? Is the pre-auth entirely done on TELUS? If not, Meridian CBI would probably yield more...more merchants for pre-auth, and Rx instead of Tim's. You didn't give a break-down on Rx, but much of that could probably be shuffled at grocers, without going through gift cards
  3. The resto spend is indeed high. Only Canadian VISA with resto accelorator Afaik Is Simplii, and the cardholder would blow that cap quickly. That said, at ~$12k/yr resto spend, the cardholder could take Simplii, and put non-AmEx resto on it. There's probably a fair amount of that $12k annual resto spend that can't go on AmEx. This would be part of a 2+ card solution, but for those who don't churn and have hefty resto spend, intercepting non-AmEx resto on a no-AF VISA at 4% isn't bad. Sadly, Simplii won't give a single cardholder more than one Simplii VISA, so no way out of the $5k annual cap. This is also ok for those who don't have the Costco Cap1 MC (3% resto) or TD Cash VISA (cross-border USD, no-FTF, no-AF, 3% resto)

@HermanH your contacts seem to be non-churners who want a one or few cards solution. Keeping that in mind, I have made my suggestions.
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titaniumtux wrote:

@HermanH your contacts seem to be non-churners who want a one or few cards solution. Keeping that in mind, I have made my suggestions.
Yes, the people I talk with are non-churners who prefer a one card solution (or two cards max) and are above average spenders, with high spend in restaurants and 'everything else' categories.

Thank you for the suggestions.

CIBC Dividend Inf beat Meridian Inf only because CIBC now allows the card AF to be waived if one has a Smart Plus chequing account with a minimum balance, whereas Meridian does not allow for a AF waiver on their card. If CIBC AF had to paid, Meridian Inf would be rated slightly higher than the CIBC card.
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User455957 wrote: B.C's different. Pretty much accepted everywhere
Most of chains yes.
Exception Superstore/Loblaws (not SDM) and T&T.
I love shopping at Walmart but no groceries bonus for WM.
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F3el96 wrote: Not sure if it was mentioned, but I asked Scotiabank on Twitter about the daily transit category for the Gold Amex card. Uber is considered a transit purchase as long as they don’t change their merchant code as a taxi service.

As for the other things, daily transit will include local and suburban commuter passenger transportation, including ferries, passenger railways, taxicabs, limousines and bus lines.
You mean via rail is inlcuded?
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mr_raider wrote:
You mean via rail is inlcuded?
I would guess so. I mean, there’s not a lot of passenger railway companies here after all.
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F3el96 wrote: I would guess so. I mean, there’s not a lot of passenger railway companies here after all.
Scotia says "local and suburban" transit is included. Via Rail isn't that, it's an intercity service like an airline (which aren't included.) So I would assume that Via Rail is a 1% earner unless someone has actually verified that it is included in the daily transit category.
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Kiraly wrote: Scotia says "local and suburban" transit is included. Via Rail isn't that, it's an intercity service like an airline (which aren't included.) So I would assume that Via Rail is a 1% earner unless someone has actually verified that it is included in the daily transit category.
What railway company would they include then? That’s a bit confusing.

Either way, I wish Scotiabank would update this list: http://dr.scotiabank.com/ca/common/pdf/ ... gories.pdf
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F3el96 wrote: What railway company would they include then? That’s a bit confusing.
Local commuter railways that fall under "Local and suburban transit". Vancouver Skytrain, Edmonton LRT, Montreal metro, etc. It would be very nice if VIA Rail is included in that list too but I'll have to see it to believe it.
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Any DPs if international grocery/dining out counts as 5x?
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EDL67134234 wrote: Any DPs if international grocery/dining out counts as 5x?
The terms clearly state that all foreign transactions are 1x
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mr_raider wrote: The terms clearly state that all foreign transactions are 1x
Terms are one thing. Real life experience is another.
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mr_raider wrote: The terms clearly state that all foreign transactions are 1x
The terms clearly state that all bonus categories only work in Canada, but the fact is the opposite. (Amex Cobalt)
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EdisonL299 wrote: The terms clearly state that all bonus categories only work in Canada, but the fact is the opposite. (Amex Cobalt)
maybe AMEX doesn't consider USA as foreign :)))))))))))))) LOL.
TBH IDK
Kiraly wrote: Local commuter railways that fall under "Local and suburban transit". Vancouver Skytrain, Edmonton LRT, Montreal metro, etc. It would be very nice if VIA Rail is included in that list too but I'll have to see it to believe it.
too bad Translink doesn't take AMEX tho :(
maybe WCE takes AMEX? I mean it's quite "local" and "suburban" :DD
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Kiraly wrote: Scotia says "local and suburban" transit is included. Via Rail isn't that, it's an intercity service like an airline (which aren't included.) So I would assume that Via Rail is a 1% earner unless someone has actually verified that it is included in the daily transit category.
VIA does have a few commuter runs but they're predominantly intercity. They should be included, however.

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