Best Scotiabank Business Credit Cards in Canada for 2024
Jun 3, 2024Scotiabank’s best business credit cards in Canada can help you earn cash-back or rewards while managing expenses.
Scotiabank is one of Canada’s Big Six banks, offering Visa credit cards to both individuals and businesses. The bank’s business credit cards earn either cash back or Scene+ rewards points, which can be redeemed for travel, merchandise, account credits and more.
Best Scotiabank business credit cards in Canada
Rewards breakdown
Rewards breakdown
NerdWallet's take
NerdWallet's take
Card details
Card details
Rewards breakdown
Rewards breakdownNerdWallet's take
NerdWallet's takeCard details
Card details
NerdWallet's take
NerdWallet's takeCard details
Card detailsBest Scotiabank Credit Cards
Compare Scotiabank credit cards side-by-side to choose the one that will meet your needs with special perks and benefits.How Scotiabank business credit cards work
The Bank of Nova Scotia, commonly known as Scotiabank, is one of Canada’s Big Six banks.
Scotiabank’s business credit cards are on the Visa network and can be used for purchases and cash advances or as balance transfer cards. With Scotiabank business credit cards, you can earn either cash back or points through Scotiabank’s Scene+ rewards program. Scene+ points can be redeemed for travel, merchandise, dining or account credits.
Types of Scotiabank business credit cards
Business credit cards typically offer higher credit limits than personal credit cards, helping business owners cover the cost of operations. Scotiabank offers a modest selection of business credit cards that fall into two categories:
Scene+ rewards cards. Rewards credit cards typically generate points to be used with a bank’s own loyalty program. In Scotiabank’s case, credit card users earn Scene+ points that can be redeemed for a variety of merchandise, including travel purchases.
Cash-back cards. Cash-back credit cards earn cardholders a percentage of the amount spent on eligible purchases. You can generally identify a Scotiabank cash-back card if it has “Momentum” in its name.
Scotiabank also offers a credit card that includes the benefits of a line of credit for businesses, the ScotiaLine® for Business Visa Credit Card. It doesn’t earn any Scene+ points or cash back rewards, but it does provide discounts on certain purchases and car rentals, and includes purchase security and extended warranty protection for the items you buy for your business. The interest rate is also much lower compared to Scotiabank’s other business credit cards.
Common features of Scotiabank business credit cards
BRAND AFFILIATIONS
All of Scotiabank’s business credit cards are Visa cards.
AVERAGE INTEREST RATES
Scotiabank’s business credit cards that earn rewards each offer interest rates of 19.99% on purchases and 22.99% on cash advances.
The ScotiaLine® for Business Visa Credit Card, on the other hand, offers a variable interest rate. Secured cards can score a rate as low as 1% over the bank’s prime rate, while unsecured cards can get a rate as low as prime plus 3.49%.
ANNUAL FEES
Scotiabank’s business credit cards each charge an annual fee, which gets paid at the beginning of each year a card is used. Here’s how the annual fees break down:
Scotiabank Passport™ Visa Infinite Business* Card: $199.
Scotia Momentum® for Business Visa* Card: $79.
ScotiaLine® for Business Visa Credit Card: $0.
GENEROUS CREDIT LIMITS
Both of Scotiabank’s business credit cards, as well as the ScotiaLine® for Business Visa Credit Card, offer unsecured credit limits of up to $150,000. The offers a secured limit of up to $500,000.
ADDITIONAL PERKS
Scotiabank’s business credit cards offer useful perks, such as discounts at certain retailers and extended warranty protection. But they differ beyond that.
The Scotiabank Passport™ Visa Infinite Business* Card, for example, is one of the credit cards that offer airport lounge access, travel emergency medical insurance, no foreign transaction fees and other travel-related benefits.
The Scotia Momentum® for Business Visa* Card offers fewer varieties of insurance coverage.
OPPORTUNITIES TO EARN REWARDS
Scotiabank’s business credit cards earn two types of rewards: Scene+ points, which can be redeemed for a variety of products and experiences, and cash back.
The Scotiabank Passport™ Visa Infinite Business* Card can help you earn 1.5 Scene+ points for every dollar spent on business purchases. Points can be redeemed for travel, gift cards for your business or other merchandise.
The Scotia Momentum® for Business Visa* Card offers a 3% cash-back earn rate on eligible gas station, restaurant and office-supply store purchases, and on eligible recurring bill payments. You can earn 1% cash back on all other everyday purchases.
SCENE+ REWARDS PROGRAM
Scene+ is Scotiabank’s proprietary rewards program, which it operates with movie theatre chain Cineplex Odeon. While Scene+ points can be collected and redeemed at Cineplex theatres, that’s only part of the program.
Scene+ points can also be earned at a variety of grocery stores and their associated pharmacies, including large national chains like Sobeys, Safeway, Foodland and FreshCo; and at restaurants like Harvey’s, Swiss Chalet and Montana’s. Rewards can also be earned by booking travel through Scene+ Travel and making online purchases with Scene+ Rakuten.
Scene+ points can be redeemed for merchandise, travel purchases, entertainment experiences and account credits.
How to choose the best Scotiabank credit card for your business
When considering the best credit card for your business, you’ll want to compare cards based on their:
Annual fee. Fees vary widely from card to card, from nothing to hundreds of dollars per year. It’s an especially important factor if you’re getting multiple cards for your small business.
Interest rate. If you generally keep a balance on your card from month to month, it’s worth looking for a card with a lower interest rate.
Rewards structure. If rewards are a priority when applying for a business credit card, you’ll typically have to choose between collecting points or earning cash back. Opting for the rewards most relevant to your business will help you save the most money.
Who should consider a Scotiabank business credit card?
Scotiabank’s business credit cards should meet the needs of small business owners looking to cover and track their companies’ spending.
Being on the Visa network means Scotiabank’s credit cards will be accepted virtually everywhere, and the rewards offered can help businesses save money. If you’re already a Scotiabank personal banking customer, applying for a card for your business should be relatively easy.
Scotiabank business credit cards that offer Scene+ points will be most valuable to business owners who regularly buy from Scene+ partners and book travel through Scene+ Travel. If Scene+ rewards aren’t the best fit for your needs, you may prefer a cash-back rewards card instead.
How to get a Scotiabank business credit card
To apply for a Scotiabank business credit card, visit the Scotiabank website, find the card you’re interested in and click “Apply Now”.
If you’re not currently a Scotiabank customer, you’ll start your application by creating a profile. Note that your business must be registered in Canada and that your account cannot be used by a third party.
Answer a few questions about your business.
Enter your personal information. If your business isn’t your primary form of employment, you’ll have to provide information about your current employer. You may also have to consent to Scotiabank collecting a credit bureau report to confirm your identity.
Review the information you’ve submitted.
Submit your application.
Frequently asked questions
What’s the best Scotiabank business credit card?
What’s the best Scotiabank business credit card?
We like the combination of travel perks and rewards opportunities offered by the Scotiabank Passport™ Visa Infinite Business* Card, but the best Scotiabank credit card for your business will depend on how its rewards, annual fee and interest rate fit your company’s needs.
What’s the credit limit on a Scotiabank business credit card?
What’s the credit limit on a Scotiabank business credit card?
Scotiabank’s business credit cards offer unsecured credit limits of $150,000. If you opt for the ScotiaLine® for Business Visa Credit Card, you can get a secured credit limit of up to $500,000.
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