Scotia Launches New GM VISA Credit Card in Canada

Scotia Launches New GM VISA Credit Card in Canada

Last updated on January 4, 2018 Views: 1379 Comments: 8

Scotia Bank and GM have partnered to offer a new no annual fee co-branded credit card with a very rich rewards program. The program has already launched, and will offer cardholders a robust 5% in GM earnings on the first $5,000 spent on the card, and 2% thereafter.

TD used to partner with GM, but the program was terminated shortly after GM’s restructuring during the financial crisis.

The new no fee card offered by Scotia and GM will offer the following key benefits:

  • Earn up to 5% in GM Earnings on the first $5,000 spent annually, and 2% thereafter
  • $1 in GM Earnings = $1 off the purchase price or lease of a new Chevrolet, Buick, GMC, or Cadillac
  • Earnings do not expire as long as you are a cardholder
  • No earning caps or redemption limits
  • Purchase security and extended warranty

There will also be a version of the card with a $79 annual fee, which allows cardholders to earn 5% up to $10,000 in spend, and 2% thereafter. It also comes with a more robust suite of travel insurance coverages.

All rewards are earned in GM Earnings. One GM Earning dollar is equal to one dollar toward the purchase price or lease down payment of any eligible new Chevrolet, Buick, GMC or Cadillac. Customers can redeem GM Earnings anytime, and have the ability to combine with any in-market offers. As such, If you spend $5,000 on your credit card, you will accumulate $250 in GM Earnings (5%), which you can then apply to the purchase price OR lease of a new Chevrolet, Buick, GMC or Cadillac.

With most no fee credit cards offering around 1% in value, and most premium cards offering up to 2% in value, this card is sure to ring true for those loyal to GM cars. If someone spends approximately $15,000 on their credit they will accumulate $450 a year in savings on their new GM vehicle.

“Scotiabank is proud to offer our customers some of the richest credit card rewards in the Canadian marketplace and today’s launch continues to set us apart,” said James O’Sullivan, Group Head of Canadian Banking at Scotiabank.

With GM selling 249,800 vehicles in Canada in 2014 and representing 2 of the top 10 cars sold in Canada in 2015 (the GMC Sierra & Chevrolet Silverado) the savings offered by the card are sure to appeal to a large audience.

Time will tell how popular the new Scotia GM VISA card becomes. With the recent introduction of cash back, grocery, and flexible travel cards we’ll see if Canadians are willing to tie themselves to GM. That said, for those loyaly to GM, few, if any cards will offer as much bang for their buck as the new Scotia GM Visa card.

Article comments

valentino ruffo says:

As a loyal GM customer since 1962 I am thrilled to have my Scotiabank GM card.
Thank you.
currently leasing an Equinox and looking forward Dec
2019 when we can lease a New Buick Enclave Avenir…using our accumulated GM Scotiabank earnings

The GreedyRates Team says:

Hey Valentino!

Awesome news! It’s great when someone finds a credit card that suits their short and long-term goals, and this is obviously the case with you and the GM card from Scotiabank. Saving up for a vehicle has never been easier, as rewards from this card will never expire and can be used on a huge range of cars, SUVs, and more. Whether you lease or buy, there are few better tools. We hope the Buick you get next year is fast, comfortable, satisfying–and of course, acquired at a hefty discount!

Have a great day,

Tyler Bellinger says:

Say you were going to make this a long term plan of saving for a vehicle down payment, and your card expired. would your accumulated “GM Points” carry over?

GreedyRates says:

Hey Tyler, great question! It’s perfectly normal for someone’s credit card to expire, and it doesn’t affect the standing of your account or cancel it. GM points with the Scotia GM Infinite Visa never expire unless you personally cancel the account yourself. Then, if the account is cancelled, you still have 90 days to spend your GM points.

Normally, if your credit card is about to expire, Scotia will send you a notice in the mail and probably a new card with it. Trust us when we say that they’ve thought of everything, and if you’re truly going to use the card, there are fewer tools more effective for saving on a vehicle.

GreedyRates Staff

Jason says:

unfortunately ur tied to GM cars… which isnt nothing wrong except when buying cars u have many choices but with this u only have one company. very good card for loyal customers

GreedyRates says:

Hi Jason,

Agreed. VERY strong rewards, if you’re willing to limit yourself to GM.

GreedyRates Staff

Kevin says:

This is a really good card as long as you don’t mind committing to a GM vehicle and it’s free. Even the 2% after the 5% is very rich compared with most cards that pay you around 1%.

GreedyRates says:

Hi Kevin,

Agreed. 5% is really rich, and so is 2% for everything after $5,000 in spend, especially for a no fee card. What’s especially intriguing is that it only requires a monthly income of $1,000 – meaning it’s not a premium Infinite or World Elite level card requiring $60,000 personal / $120,000 household income.

GreedyRates Staff