Nuggets from Scotiabank Roundtable
I was invited to a round table by Scotiabank and I want to share some fun information that I learned. Please share your thoughts with us in the comment section below and I will be sure to pass on the information to Scotiabank!
Transfer Partners
Scotiabank offers its MoreScotiaRewards program that is currently a fixed rewards program. In other words, for every 1 point that you earn, you can redeem it for 1 cent worth. There is the option to redeem for merchandise, but be sure to redeem for more than 1 cent per point in value.
Unfortunately, there are not current plans to include any transferable like RBC Avion and American Express Membership Rewards. Hopefully this will change in the future.
What changes would you like to see to the MoreScotiaRewards program?
Airlines or Hotel Co-Branded Card
One of the burning questions that I had is whether Scotiabank has approached (or been approached by) airlines and hotel loyalty programs to offer a co-branded card. I understand that phone calls have been made, but not decisions have been made.
Personally, I would like to see them team up with at least one of American Airlines (AAdvantage), United Airlines (Mileage Plus), Hilton (HHonors), Hyatt (World of Hyatt) or Intercontinental Hotel Group (IHG Rewards Club).
Who would you like Scotiabank to team up with?
Cash Back
Some work is being done to consider other multiplier bonus categories with their cash back cards. It will not look like the Tangerine model, where you can choose 2-3 categories out of a list. So be on the lookout for that.
Personally, I like the Tangerine model where you can select categories of your choice to be more customized to personal spending.
In the meantime, what multiplier bonus category would you like Scotiabank to add into their cash back portfolio?
When redeeming for travel, if they could include the “sharing economy” in their list of authorized uses (notably AirBnB and Uber) for redemption, that would carve out a big niche for them.
Yes it would!
I’d like Scotia to think outside the box and come out with a card that offers transferable points to various airlines. Similar to what the Chase Ultimate Rewards card does in the USA. And they really don’t need the big guns such as Air Canada, American Airlines, United or Delta either. They could sign transfer agreements with other airlines such as Korean Air, JAL, ANA and Lifemiles. Between all those airline FF programs you can get redemptions on every North American carrier and beyond!
Would love for them to do that as well!
It would be nice for Scotiabank to partner up other airlines or hotel chains and offer transferability of Scotia points to their Frequent flyer program or hotel loyalty program. Or perhaps offer a credit for Nexus or Uber credits even? How about 2x on gas, 5x on airline and hotel purchases etc
Give us something more that no one is offering e.g. See Amex Cobalt
Yes. Cobalt has set a new standard!
A co-branded hotel card is desperately needed in Canada, especially after the loss of Marriott. All we have is the MBNA Best Western and SPG Amex now, so most of the global chains are missing, aside from Amex transfer options.Any transferability or co-branding would be refreshing.
Definitely. Hotel co-branded cards are sorely lacking. Agreed!
I would love to see a new hotel co-branded card, I have the Marriott Visa and the Best Western Mastercard. I used to have the SPG Amex and the original MBNA SPG Mastercard (loved that card!) A Marriott or Hilton card would be great if you ask me. I would be surprised to see one since Canadian banks don’t seem very interested in partnerships with hotels. I have a feeling that the only option we will get from Scotia is a card for hotel points à la carte; Amex Gold card style. Time will tell.
Either way, I hope that they do something.