Scotiabank GM Visa Review

A couple years back Scotiabank released the Scotiabank GM Visa card and the Scotiabank GM Visa Infinite card. At the time, it seemed like an odd product that was being introduced since it was a specific partnership, but looking at the cards now, they’re actually pretty interesting.

With this card, you get GM Earnings for every dollar spent which can be used on the purchase price or lease of a new Chevrolet, Buick, GMC, or Cadillac. If you’re in the market for one of these vehicles, then one of co-branded Scotiabank credit cards is a great choice for you. Read my Scotiabank GM Visa review and Scotiabank GM Visa Infinite review now for the full details.

Scotiabank GM Visa Benefits

  • No annual fee
  • Earn 5% in GM Earnings on the first $5,000 spent annually
  • Earn 2% in GM Earnings thereafter
  • Purchase security
  • Extended warranty
  • Up to 25% off at participating AVIS and Budget locations in Canada

Scotiabank GM Visa Infinite Benefits

  • $79 annual fee
  • Earn 5% in GM Earnings on the first $10,000 spent annually
  • Earn 2% in GM Earnings thereafter
  • Comprehensive travel insurance package
  • Purchase security
  • Extended warranty
  • Up to 25% off at participating AVIS and Budget locations in Canada

As you can see, both Scotiabank credit cards are similar, but the Scotiabank GM Visa Infinite comes with additional benefits (and an annual fee of $79).

If you charge $10,000 to the card annually, the Infinite version pays for itself since you would earn an additional since you’ll earn an additional $150 in GM Earnings on your spend between $5,001 and $10,000. Keep in mind that the Infinite does require a personal income of $60,000 or a household income of $100,000.

The included travel insurance with the Scotiabank GM Visa Infinite is not bad since you get $1,000,000 in emergency medical insurance for 15 days if you’re under the age of 65, many of the best travel credit cards in Canada come with better insurance coverage.

Both cards come with purchase security which protects your purchases from loss, theft, and damage for the first 30 days and extended warranty which doubles your manufacturer warranty up to one additional year.

How GM Earnings works

The GM Earnings program is very similar to a cash-back program. Instead of actual cash or a statement credit, you earn credits towards your future automobile purchase.

$1 in GM Earnings = $1 off the purchase price or lease down payment of a new Chevrolet, Buick, GMC, or Cadillac.

Earnings do not expire as long as you are a cardholder so the Scotiabank GM Visa and Scotiabank GM Visa Infinite cards can be quite lucrative if you plan on buying a GM vehicle in the future.

Let’s say you spend $20,000 a year on your credit card. With the Scotiabank GM Visa you would earn $550 in GM Earnings every year or $700 with the Scotiabank GM Visa Infinite card. After 5 years, you would have earned $2,750 or $3,500 respectively. That’s a fair amount of earnings!

How the Scotiabank GM Visa compares to other cards

If you’re looking for a credit card that earns you discounts off vehicles, then there is no other credit card like the Scotiabank GM Visa cards on the market. That being said, the cards have similar features to cash-back cards, so let’s look at what some of the other cash-back cards offer.

Tangerine has their Money-Back Credit Card which earns you 2% in cash-back on three selected categories and 0.50% on all other purchases. The cash-back earned can be deposited directly into your Tangerine account or applied to your statement credit.

There’s also the SimplyCash Preferred Card from American Express which gives you 5% cash-back on all purchases made in the first 6 months (up to $300) and 2% on all purchases after the promotional period ends. This card comes with an annual fee of $99.

When compared to the two above cards, the Scotiabank GM credit cards offer much higher “cash-back” rewards, but you can only use your GM Earnings on the purchase price or lease down payment of a new Chevrolet, Buick, GMC, or Cadillac.

Final thoughts

My Scotiabank GM Visa review is positive. If you’re planning to buy a GM car in the near future, then this credit card can help you save quite a bit. However, if you decide you want a different vehicle when you’re ready to buy, those GM Earnings are basically useless to you.

Apply Now for the Scotiabank GM Visa Infinite card

By |2018-07-27T17:43:19+00:00July 27th, 2018|Credit cards, Personal Finance|

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