Scotia Rewards is one of the most popular credit card rewards programs in Canada. What makes it appealing is that it’s easy to earn points, your points are flexible and Scotiabank has some great credit cards. When compared to other bank travel rewards programs, many people believe Scotia Rewards is the best. The best might be a stretch, but there’s no denying that it’s an excellent program.
Like any rewards program, it’s important to understand how it works so you can get the most out of your points. Scotia Rewards doesn’t offer any hacks, but there are some redemptions that are better than others. You’ll also want to make sure you have the right credit card so you can earn Scotia Rewards quicker. Here’s everything you need to know about Scotia Rewards including what the value of Scotia Rewards is.
- Scotia Rewards points value
- How to redeem Scotia Rewards for travel
- How to redeem Scotia Rewards for gift cards
- How to redeem Scotia Rewards for merchandise
- How to redeem Scotia Rewards points for a statement credit
- Converting Scotia Rewards points into SCENE points
- Do Scotia Rewards points expire?
- How Scotia Rewards compares to others
- How to earn Scotia Rewards
- Final thoughts
Scotia Rewards points value
Since it costs 1,000 Scotia Rewards points to redeem $10 in travel, one Scotia Reward point is worth 1 cent. Unfortunately, even though Scotia Rewards has multiple redemption options, the maximum value you can get for your points is 1 cent each. Here’s a quick look at all your redemption options with Scotia Rewards.
|Redemption type||Redemption value|
|Travel||1 cent per point|
|Gift cards||.75 cents per point|
|Apple and Best Buy online||.75 - .80 cents per point|
|Merchandise||.60 - .75 cents per point|
|Statement credit||.67 - 70 cents per point|
As you can see, the Scotia Rewards points value is best used for travel purchases. Using your Scotia Rewards points for anything else devalues your points so it’s best to avoid that whenever you can. If you don’t like to travel, then you shouldn’t collect these points since your Scotia Rewards points value will be quite low for other redemptions. You would be better off getting one of the best cash back credit cards in Canada.
How to redeem Scotia Rewards for travel
Many people like the Scotia Rewards travel portal since it’s easy to use and you can book vacation packages, flights, hotels, car rentals and cruises. You can either use points, cash, or a combination of both for your travel redemption which is convenient.
There are no blackout dates and you pay the market price for all redemptions so the prices you find on the travel portal should be about the same as any other travel website. Finding flights is easy but the hotel selection can be tricky since there is no map and not many filters. It may be easier to do your hotel search on a different site before using the Scotia Rewards travel portal. Car rentals are limited to a few companies and you need to call for cruises.
You can also apply your points to any travel purchase made on any travel website with a Scotiabank credit card that earns Scotia Rewards. This gives you more options since you’re not restricted to the choices available on the travel portal. Booking directly also allows you to earn points and elite qualifying activities for airlines, hotels and/or travel agencies loyalty programs. For example, if you book a Marriott hotel via Marriot.com, your Marriott Bonvoy status would apply. However, if you booked the same hotel via the Scotiabank Travel portal, you would not be able to use your status benefits.
To redeem using Apply Points to Travel, there is a minimum of 5,000 points ($50) per transaction, but you can use points at a ratio of 100 points = $1 for any expense, including taxes and fees. Your travel purchase must fall into one of the following categories:
- airlines & air carriers, airports, flying fields, and airport terminals
- lodgings, hotels, motels and resorts
- trailer parks and campgrounds
- passenger railways, bus lines
- steamship and cruise lines
- travel agencies and tour operators
- automobile rental agency
- motor home and recreational vehicle rentals
- include related taxes, booking fees, airport fees and travel insurance premiums
There is one downside to booking travel on your own and then applying points. You must have enough Scotia Rewards points to cover the entire cost if you want to make a redemption. There is no partial redemption for Scotia Rewards when using the book your own travel option.
How to redeem Scotia Rewards for gift cards
Similar to almost all other loyalty programs, Scotia Rewards allows you to use your points for gift cards. In most cases, it takes 13,400 Scotia Rewards points to get a $100 gift card. This is a decent value compared to other programs, but it’s still 25% less compared to travel. Some of the more popular merchants include:
- Canadian Tire
How to redeem Scotia Rewards for merchandise
While Scotia Rewards has a lot of merchandise to select from, the average value for your points is .60 – .75 cents per point which is not very good. When shopping at Best Buy and Apple online, you can get slightly more value of your points, but it’s still not anywhere near the value of travel redemptions. Don’t waste your points on merchandise, but if you insist, some better items include:
- Pots and pans
- Coffee machines
- Small appliances
How to redeem Scotia Rewards points for a statement credit
Finally, you can also redeem your points for a statement credit. How much credit you get depends on how many points you redeem.
- 3,000 Scotia Rewards points = $20
- 4,500 Scotia Rewards points = $30
- 7,500 Scotia Rewards points = $50
- 11,000 Scotia Rewards points = $75
- 14,500 Scotia Rewards points = $100
- 21,500 Scotia Rewards points = $150
- 43,000 Scotia Rewards points = $300
- 71,500 Scotia Rewards points = $500
As you can see, the more Scotia Rewards you redeem, the better value you get for your points. At the lowest value, your Scotia Rewards are worth .67 cents per point and .80 cents per point on the high end. That said, a statement credit is still a lower value compared to using your points for travel. Using your Scotia Rewards points for a statement credit would only be useful if you’re having cash flow issues.
Converting Scotia Rewards points into SCENE points
Scotiabank has a close partnership with Cineplex and its loyalty program SCENE. You can convert Scotia Rewards points into SCENE points at 1,000:770 rate. This conversion rate actually isn’t bad, but why earn Scotia Rewards if you’re just going to convert those points to SCENE? You’d almost be better off getting the Scotiabank SCENE Visa Card since it has no annual fee.
Do Scotia Rewards points expire?
Many people wonder do Scotia Rewards points expire? The good news is that they don’t as long as you have an active account with Scotiabank that’s in good standing. To be more specific, you need to have an active credit card account. If you’re thinking about cancelling a credit card that earns Scotia Rewards points, be sure to use them up first as you’ll lose them when you close your account.
How Scotia Rewards compares to others
Scotia Rewards program is one of the most flexible and easiest programs to use in Canada. Unlike American Express Membership Rewards, CIBC Rewards and RBC Rewards, Scotia Rewards doesn’t have a fixed points flight program from which you can get more value than $0.01 per point.
Scotia Rewards points value is topped at $0.01 per point, but this is easily compensated by the fact that you can earn 2 points per dollar spent on several categories with the Scotia Passport Visa Infinite card and up to 5 points per dollar spent with the Scotiabank Gold American Express card.
To get the best value out of your Scotia Rewards points, use the Apply Points to Travel option since it allows you to book your travel on your own directly and then you can claim your points later to offset your costs.
How to earn Scotia Rewards
The easiest way to earn Scotiabank Rewards is from sign up bonuses and your everyday spending with a Scotiabank credit card that earns you Scotia Rewards. There is currently a total of 6 credit cards that allow you to earn Scotia Rewards points, but two cards stand out and are worth applying for if you plan on collecting Scotia Rewards.
Scotiabank Passport Visa Infinite Card
- $139 annual fee
- No foreign transaction fees
- 30,000 Scotia Rewards points when you spend $1,000 in the first 3 months
- Priority Pass Standard Membership + 6 free visits per year
- Earn 2 Scotia Rewards points per $1 spent on eligible grocery, dining, entertainment, and transit purchases
- Earn 1 Scotia Rewards point per $1 spent on all other purchases
- Annual bonus of 10,000 points ($100 value) if you spend a minimum of $40K per year
- Included travel emergency medical, delayed and lost baggage, and trip cancellation / trip interruption insurance
- Rental car collision / Loss damage insurance included
- Hotel / Motel Burglary insurance included
The Scotiabank Passport Visa Infinite card is one of the best travel credit cards in Canada since it comes with a generous sign up bonus and 6 free airport lounge passes. The earn rate is respectable, so it’s a good everyday card. What many people love about this card is how it doesn’t charge foreign transaction fees, so it’s an ideal all-in-one card for travellers.
Scotiabank Gold Amex
- $120 annual fee – first year free
- 10% cash back on all purchases for 3 months (up to $2,000 in spending)
- 4% cash back on groceries and recurring bill payments
- 2% cash back on gas and transit purchases
- 1% cash back on all other purchases
- Comprehensive travel insurance
- Mobile device insurance
- Purchase protection
- Extended warranty
- Concierge service
The Scotiabank Gold Amex has quickly become one of the most popular credit cards in Canada due to the high earn rate. You’ll get 5 points per $1 spent on grocery, dining, and entertainment purchases; 3 points per $1 spent on gas, public transportation, rideshares and eligible streaming service purchases; and 1 point per $1 spent on all other purchases. For those who spend a lot on a regular basis, this card could really benefit them. The current sign up bonus has a value of $200 and the card has no foreign transaction fees.
Scotia Rewards is a great travel rewards program that’s worth collecting. The points are easy to accumulate with some of the best Scotiabank credit cards which have high earn rates. The fact that you can use the points at full value to book your own travel is what makes the Scotia Rewards program stand out as one of the best in Canada.