Scotiabank Wins “More Rewards” Credit Card Program

Scotiabank Wins "More Rewards" Credit Card Program

Last updated on July 25, 2018 Views: 1653 Comments: 4

Continuing its aggressive push into Canada’s co-branded credit card space, Scotia recently launched the “More Rewards” credit card program, replacing incumbent issuer MBNA Canada.

While the credit card program may benefit from the expansion of the More Rewards loyalty program to even more partners, ultimately we think the program doesn’t offer shoppers near the value they can get from using alternative credit cards available in the market – whether shopping in More Rewards partner stores, or elsewhere.

Scotia has improved the credit card’s value proposition for spend within More Rewards partner locations, allowing cardholders to earn 6 points per dollar spent instead of the 4 with the old MBNA’s More Rewards card. The problem is shoppers can get more value using a no-fee 2% cash back card at More Rewards partner stores, than the More Rewards Visa card.

We also notice one significant decrease in the customer value proposition. The More Rewards Visa card from Scotia doesn’t offer the 25,000 point welcome bonus that MBNA offered to incentivize new applications. We’re curious to see if that changes.

More Rewards Credit Card Summary

  • 15,000 bonus More Rewards points when you make a single purchase within 90 days of opening the account (offer expires April 30th, 2018)
  • Earn 6 points per dollar spent on purchases at partner locations (including save-on-foods, Overwaitea, Cooper’s Foods, Urban Fare, PriceSmart Foods, Panago, Oxygen Yoga & Fitness, Coast Hotels, Accent Inns, Canadian Direct Insurance, The Jim Pattison Auto Group, and Petro Canada)
  • Earn 4 points per dollar spent on purchases everywhere else
  • Ability to “double-dip” – show your More Rewards loyalty card at More Rewards partner locations1 to earn an additional 1 point per dollar spent
  • Frequent in-store bonus points offers
  • No annual fee
  • Redeem your points for travel, groceries and merchandise

More Rewards Points Valuation

We’ve done some quick valuations to determine the value of the points for various redemptions, and the resulting value earned at 6 points per dollar spent at partners and 4 points at non-partners with the credit card. The More Rewards Visa card can offer absolutely stupendous value, if you redeem your points through travel. Average value if you redeem for gift cards and other merchandise.

If you redeem for travel, you will receive .42% per point. Put another way, earning 6 points per dollar spent, you will earn the equivalent of 2.52% per dollar spent when spending at a More Rewards participating store or partner and redeeming for travel. When using your credit card elsewhere, you would receive 1.68% value when redeeming for travel. For a no fee credit card, that’s simply superb value.

If you’re redeeming for non-travel items, the value is less compelling:

  • Best Buy Gift Card: $25 for 16,000 points ($25/16,000=.0015625)
    • At 6 points per $1 spent at partners the value is .93%
    • At 4 points per $1 spent at non-partners the value is .62%
  • Accent Inn Gift Card: $75 for 36,000 points ($75/36,000=.00208)
    • At 6 points per $1 spent at partners the value is 1.25%
    • At 4 points per $1 spent at non-partners the value is .83%
  • 3rd Generation Apple TV: $82.79 for 43,000 points ($83.79/43,000=.001948)
    • At 6 points per $1 spent at partners the value is 1.16%
    • At 4 points per $1 spent at non-partners the value is .78%

More Rewards Credit Card Evaluation

The More Rewards credit card offers a ton of value for folks who want a no fee travel rewards credit card. When redeeming for travel, the Scotia More Rewards Visa card offers more value than most credit cards – by a large margin.

However, if you’re not redeeming for travel, consumers can earn far greater rewards in More Rewards partner stores using cashback credit cards, than the Save On More card itself.

Taking a look at the analysis above, the Save On More credit card earns you a maximum of 1.25% at partner locations. However, there are already several no fee cash back credit cards which earn you the same, such as the American Express Simply Cash card which offers 1.25% cashback on all spend, and 5% cashback on gas and groceries for the first 6 months. There are also other cashback cards that offer 2% cash back on gas and groceries at all times, such as the no-fee Tangerine cash back card.

The More Rewards Visa card gives you even worse value for non More Rewards spend, earning you far less than 1%. There’s no excuse for anyone to be using a credit card which gives you less than 1% value in today’s Canadian credit card landscape. There are plenty of no-fee credit cards offering at least 1% on all spend, including cashback cards from BMO, MBNA, Amex, CapitalOne and Tangerine.

Your best bet is to use a no fee cash back card which gets you at least 2% in store, and then collect Save On More point with the loyalty card. Do not even consider using this card at non More Rewards partner locations. Getting less than 1% is just not acceptable in today’s market.


The Scotiabank More Rewards Visa card is really a tale of two tapes. Redeem for travel, and it’s a phenomenal credit card. Redeem for other gift cards or merchandise, and you really have to be careful.

Article comments

Peter says:

I was confused, you called it the save on more program at the bottom and the more rewards program at the top. Guessing that was just an oops? I use the More Rewards program for travel, I can see on the website that every point is worth .00424 which means the credit card has a 2.544% return which is pretty good. I dunno about the other items you mentioned but that is the math I get.

GreedyRates says:

Hi Peter,

Actually, we calculated each point to be worth somewhere between .0015 to .002, which means the card returns 1.2%. You can get more from a cash back card like the no fee Amex Simply Cash card, which gives 1.25%, the Tangerine Money-Back card, which has no fee and gives 2% cash back in grocery, or the Rogers MasterCard which gives 1.75% cash back.

Hope that helps,

GreedyRates Staff

Peter says:

I think your numbers are out of date then- sorry! Once you login and go to the travel page it shows you how much your points are worth in travel $, the calculation is 1pt = .00424. I redeemed my points just the other night for a flight. I checked with my buddy he is seeing the same value.

GreedyRates says:

Hi Peter,

We’d love to see the calculation i.e. the number of points you redeemed, for the portion of the ticket you redeemed for i.e. was it airfare only or airfare plus taxes and fees.

We just double checked the More Rewards catalog and you need to redeem 15,000 points for a $25 Petro Canada gift card, which is .00166. You received even less value when redeeming for the Amazon or Best Buy gift cards.

GreedyRates Staff