When the Scotiabank Passport Visa Infinite card came out, it was embraced by the public since it was the first credit card from one of the major banks in Canada to offer no foreign exchange fees. In addition, you received 6 free annual airport lounge passes and it had a great redemption system in Scotia Rewards. Basically, this card became one of the most versatile credit cards and easily ranked as one of the best travel credit cards in Canada.
Well, Scotiabank has just released a business version of the card and it does not disappoint as it comes with even more benefits which will be very attractive to small business owners. Read my Scotiabank Passport Visa Infinite Business review now to find out all the details.
Scotiabank Passport Visa Infinite Business benefits
- $199 annual fee
- No foreign transaction fees
- 35,000 Scotia Rewards points ($350 value) when you spend $5,000 in the first 3 months
- Additional welcome bonus of 15,000 points ($150 value) if you spend a minimum of $60K in the first year
- Priority Pass Standard Membership + 6 free visits per year
- Earn 1.5 Scotia Rewards point per $1 on all other purchases
- Comprehensive travel insurance package included
- Avis Preferred Plus membership
- Business reporting tools
- Payment control tools
- Purchase Security & Extended Warranty
The Scotiabank Passport Visa Infinite Business card comes packed with benefits. The most appealing feature will be the no foreign transaction fees as this is the only business card in Canada that offers it. Small business owners who make purchases in foreign currencies will save 2.5% every time they use this card. The amount of money you save could be huge depending on what your expenses look like.
The sign up bonus of 35,000 points has a value of $350 which is not bad. There’s also an additional 15,000 points you can earn when you charge $60,000 to your card in the first year. There is an annual fee of $199, but you get one free supplementary card. Any additional cards you need will each come with a $50 annual fee.
With this card, you have a flat earn rate of 1.5 Scotia Rewards point per dollar spent on all purchases. This means you’re getting a 1.5% return on all your points since it takes 100 Scotia Rewards points to claim $1 in travel.
The travel insurance benefits are quite good and cover you up to 25 days of consecutive travel for those under the age of 65. If you’re between 65-75, you’re covered for 10 days. Another interesting travel benefit you get is the Avis Preferred Plus membership which gives you complimentary upgrades and discounts up to 25% in Canada and the U.S.
If you’re interested in managing your expenses more efficiently, you have access to Visa Business Reporting which is a web-based tool that will help you stay on budget.
How Scotiabank Passport Visa Infinite Business compares to others
Right away, most people will likely compare the Scotiabank Passport Visa Infinite Business card to two American Express Business cards.
The American Express Business Platinum Business Canada card comes with a sign up bonus of 75,000 points (when using a referral link) with a minimum spend requirement of $7,000 in the first three months. The earn rate 1.25 points per $1 spent and you get some great travel benefits such as unlimited lounge access and hotel status upgrades, but the card comes with an annual fee of $499.
Then there’s the American Express Business Gold Rewards card that comes with a sign up bonus of 30,000 points and an annual fee of $250. The earn rate is 1 point for every dollar spent, but you don’t get any airport lounge access.
Many people typically compare cards and points to Amex because American Express Membership Rewards points are so valuable. You can use them in a variety of ways for travel including transferring them to Aeroplan and Marriott Bonvoy.
If you value points and unlimited airport lounge access, you could argue that the American Express Business Platinum Canada card is a better card (despite the higher annual fee), but you’re ignoring one major thing. The Scotiabank Passport Visa Infinite Business has no foreign exchange fees which is why it’s one of the best Scotiabank credit cards.
Not only are you earning 1.5 points for every $1 spend with your Scotiabank Passport Visa Infinite Business card, but you’re also saving 2.5% on purchases made in a foreign currency. That means your earn rate could go as high as 4%. That’s tough to beat for a business card.
My Scotiabank Passport Visa Infinite Business review is positive. If you’re a small business owner that makes frequent purchases in a foreign currency, then you need to get this card now since it represents an instant savings of 2.5%. There’s no need to worry about dynamic currency conversion, just make your purchases and pay the mid-market rate set by Visa.