Scotia launches no fee cards & cash-back account

Scotiabank has rolled out three new products, the Scotia Moneyback Account and Scotia Momentum Visa Infinite and the Scotia Momentum No-Fee Visa Cards Mike Henry, Senior Vice-President and Head of Retail Payments, Deposits and Lending, told RBI that the bank expects to generate a third of all new account sales from the new cards.

Scotiabank has rolled out three new products,
the Scotia Moneyback Account and Scotia Momentum Visa Infinite and
the Scotia Momentum No-Fee Visa Cards.

The bank hopes to spur cards spending both on
debit and credit further, whilst also enticing customers to use
direct channels more.

Mike Henry, Senior Vice-President and Head of
Retail Payments, Deposits and Lending, told RBI that the
bank expects to generate a third of all new account sales from the
new cards.

Scotia Moneyback Account

The Scotia Moneyback Account offers customers
one per cent cash back rewards on debit purchases and unlimited
self-service transactions.

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Scotia also provides a Moneyback Calculator,
to determine the amount of cash back consumers can estimate to get
on an annual basis.

Scotia Momentum Visa Infinite
cards

With the new suit of Scotia Momentum Visa
Infinite cards, meanwhile, the bank is targeting an increase in
credit card spending, promising “higher cash back on credit card
purchases.”

The Scotia Momentum Visa Infinite and the
Scotia Momentum No-Fee Visa Cards are an addition to the bank’s
existing Momentum portfolio.

Scotia is offering up to four percent
cash-back from gas and grocery purchases and two percent for
purchases from drugstores and bill payments.

The bank looks to further incite consumers to
use debit cards with additional concierge services, dining, travel,
entertainment and sports services offers.

“We believe that cash back cards appeal to
those customers who prefer more straightforward rewards,” Henry
said.

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