[DISCONTINUED] Scotiabank GM Visa Infinite Card

With car prices skyrocketing the past 2 years, the Scotiabank GM Visa Infinite Card had a decent deal where we can earn 5% cash back (on the first $10,000) on GM purchases.

Unfortunately, the card has been discontinued, effective June 15, 2022 to new customers. But existing card holders can continue to use their card.

a screenshot of a credit card

Below are the highlights of the Scotiabank GM Visa Infinite Card.

  • $79 annual fee
  • Earn 5% cash back in GM Earnings on the first $10,000 spent annually on all purchases
  • Earn 2% cash back in GM Earnings on all purchases after the first $10,000 of purchases annually
  • Cash back to be used for the purchase price or lease of a Chevrolet, Buick, GMC, or Cadillac

It is too bad that this card is being discontinued, but if you do lease a car that can benefit from the 5% bonus, I would recommend to hang on to the card while you still can. I say lease because not all car dealerships allow credit card payments of $10,000 when purchasing a car. Furthermore, it’s not like we purchase a new car every year.

Here is how the math breaks down: net $421 in cash back annually ($10,000 x 5% – $79) on the 5% cash back bonus.

I am sad to see this card discontinue because it does reduce the competitive in the overall credit card market.

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