Scotia’s New Travel Credit Card Miles Ahead of Competitors
Previously, if you were on the lookout for travel credit cards issued by major Canadian banks that do not charge foreign currency transaction fees and offer free lounge access, you were out of luck. You could find cards that offer free lounge access, such as the BMO World Elite MasterCard, but getting one with both free lounge access and zero foreign currency fees was out of the question.
However, it all changed when Scotia Bank launched its Scotia Passport Visa Infinite Credit Card offering both free lounge access and zero foreign currency fees. Better yet, this card even has a lower annual fee ($140) than BMO World Elite MC ($150) and giving more free lounge entrances (6 vs BMO’s 4) via the Priority Pass program.
Scotiabank placed itself as a leader and miles ahead of other major banks by offering a zero foreign currency conversion fee with no conversion mark-up and 6 free lounge visits. Canadians have long been waiting for this type of card. Since Chase Bank pulled out its 2 zero foreign currency credit cards from Canada, the vacuum in this segment of the credit card market grew and Scotia realized faster than other banks that there was a great opportunity there.
Of course, the Scotia Passport Visa Infinite Credit Card is not a perfect travel credit card and it has its flaws. For example, it does not offer accelerated points for travel spending and all the travel insurances this card offers are not usable because the 3rd party provider makes it difficult to fulfill claims based on countless Internet reviews, ratings, and complaints.
But still, Scotia took a step in the right direction by offering the first no foreign currency fees credit card issued by one of the major Canadian banks and by lighting the path for other big Canadian banks.