Canada’s First Cash Back Chequing Account: Scotiabank Launches Moneyback Account and Suite of Momentum VISA Products

Jul 19, 2011 | Corporate Member News

Scotiabank today announced the launch of two new banking products – the Scotia Moneyback Account and the Scotia Momentum VISA Infinite Card. The Scotia Moneyback Account offers customers one per cent cash back rewards on debit purchases and is a market first. The Scotia Momentum VISA Infinite Card offers more options and higher cash back on credit card purchases.

“We are excited to offer Canadians more choice when it comes to rewards they earn on their everyday purchases,” said Mike Henry, Scotiabank Senior Vice-President and Head of Retail Payments, Deposits and Lending. “Whether they pay with debit or credit, these new products allow all Canadians to earn cash back on their everyday purchases. At a time when value and savings are priorities for many people, these new products further demonstrate Scotiabank’s commitment to offering Canadians innovative and relevant solutions to help them become financially better off.”

Scotia Moneyback Account: One per cent cash back rewards

The Scotia Moneyback Account is a new chequing account that offers customers one per cent cash back rewards on all point of sale debit purchases.

“At Scotiabank, we are always looking for opportunities to improve the products and services we offer to our clients, and we are very pleased to introduce a Canadian first through the new Scotia Moneyback Account,” said Mr. Henry. “Canadians love using their debit cards and now without changing their spending habits, Scotia Moneyback Account holders will automatically earn cash back rewards on their everyday purchases. This new account provides our customers with one more way to make the most of their everyday banking.”

In addition to one per cent cash back on all debit purchases, the account includes a number of other features including unlimited self-service transactions.

To ensure customers are in the right account, they can use the enhanced Account Selector tool, which includes new interactive features. Customers can also try the new Moneyback Calculator, designed to help them determine the potential annual money back payout they may earn on their debit point of sale transactions based on their spending history.

Scotia Momentum Suite of Credit Cards

Building on the success of the Scotia Momentum VISA, which offers customers up to two percent cash back on their purchases, Scotiabank has introduced two new Momentum products – the Scotia Momentum VISA Infinite and the Scotia Momentum No-Fee VISA.

For customers looking to maximize their cash back earning potential, the Scotia Momentum VISA Infinite Card offers customers the potential to earn up to four per cent cash back. The four per cent cash back is available on gas and grocery purchases and the card also offers two per cent cash back on drug store purchases and recurring bill payments as well as one per cent on all other eligible purchases. Additionally, customers will have the opportunity to take advantage of concierge services, and exclusive offers on dining, travel, sports, and entertainment.

For those customers looking for a fee-free option, the Scotia Momentum No-fee VISA, which has replaced the No-Fee Scotia Moneyback VISA, offers one per cent cash back on select purchases. Customers with the Scotia Momentum No-Fee VISA get one per cent cash back on gas, grocery, drug store and recurring bill payments, as well as one half per cent cash back on all other eligible purchases.

“We decided to expand our Scotia Momentum product line to make the benefits of cash back accessible to all customers,” commented Mr. Henry. “Our goal with this launch is to be able to better respond to our customers’ unique needs and offer them the most relevant banking solutions.”

All VISA cardholders are protected by VISA’s Zero Liability policy, which means cardholders are protected against fraud if a lost or stolen VISA card is used to purchase goods in person, online, by mail, or by phone. For more information about VISA’s Zero Liability Policy, please visit http://www.visa.ca/.

For more information about the features of these new products and how cash back rewards can add up, please visit http://www.scotiabank.com/.

About Scotiabank
Scotiabank is one of North America’s premier financial institutions and Canada’s most international bank. With more than 70,000 employees, Scotiabank Group and its affiliates serve some 18.6 million customers in more than 50 countries around the world. Scotiabank offers a broad range of products and services including personal, commercial, corporate and investment banking. With assets above $571 billion (as at April 30, 2011), Scotiabank trades on the Toronto (BNS) and New York Exchanges (BNS). For more information please visit http://www.scotiabank.com/.

About VISA
Visa is a global payments technology company that connects consumers, businesses, financial institutions and governments in more than 200 countries and territories to fast, secure and reliable digital currency. Underpinning digital currency is one of the world’s most advanced processing networks—VisaNet—that is capable of handling more than 20,000 transaction messages a second, with fraud protection for consumers and guaranteed payment for merchants. Visa is not a bank and does not issue cards, extend credit or set rates and fees for consumers. Visa’s innovations, however, enable its financial institution customers to offer consumers more choices: pay now with debit, ahead of time with prepaid or later with credit products. For more information, visit http://www.corporate.visa.com/.

For further information:

Karen Heath, Scotiabank Media Communications, 416-866-7238 or
[email protected]

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