Canadians can make their dollars go further by
unlocking the benefits of the new and refreshed Scotiabank®*
American Express® Card and Scotiabank®* Platinum
American Express® Card
TORONTO, July 7, 2022
/CNW/ - July 7, 2022 The 2022
Scotiabank Credit Card Survey revealed that almost all Canadians
with a credit card (95 percent) say they are good or very good at
sticking to their budget spending limits when using their credit
card. Among respondents with a credit card, most (92 percent) say
they always check their monthly statement for accuracy, and 90
percent know the annual fee they pay on their most frequently used
card.
"Canadians are dealing with rising prices everywhere from
housing to gas as a result of inflation," said Laura Scheck, Vice President of Credit Cards at
Scotiabank. "As Canadians adjust their budgets to cover their daily
expenses, they still want to enjoy the things they have missed
during the pandemic, like travel and concerts. This data from our
survey shows us that the majority of Canadians are using their
credit cards responsibly and seek out credit cards with enhanced
rewards and features that give them the freedom to treat themselves
to nonessential purchases."
This survey data comes as part of recent news that Scotiabank
has refreshed two of their Scotiabank American Express® credit
cards – the Scotiabank®* American Express® credit card and
the Scotiabank®* Platinum American Express® credit card to
help Canadians earn more while they spend on their everyday
purchases.
The Scotiabank®* American Express® Card has no annual fee
and offers cardholders the opportunity to earn 2X Scene+™ points on
eligible everyday purchases like groceries, dining, and gas, plus
enjoy additional benefits like mobile device insurance and access
to special offers through American Express Invites. And as of
Oct. 1, cardholders will be able to
earn 3X Scene+™ points on grocery purchases at Empire banners, like
Sobeys, Safeway, Foodland, Fresh Co., and IGA.
The Scotiabank®* Platinum American Express® Card brings
luxury rewards to cardholders with 2X Scene+™ points earned on all
eligible everyday purchases, access to airport lounges, no foreign
transaction fees, premium concierge service & comprehensive
travel insurance coverage.
"We continue to be excited to work with Scotiabank to give their
customers a faster way to earn rewards for their everyday
purchases," said William Stredwick,
SVP & GM, American Express Global Network Services North
America. "With the Scene+™ program, there's more flexibility
for Scotiabank's American Express customers to redeem their points
for entertainment, shopping, travel and more, providing
best-in-class credit card options."
With more than 10 million members, Scene+™ is one of
Canada's leading loyalty brands. Recently Scotiabank and Cineplex
welcomed Empire into the Scene+™ family as a co-owner
providing millions of Scotiabank customers and Scene+ members even
more flexibility to earn and redeem their points with a growing
list of partners from entertainment, shopping, and travel.
"With so many credit cards on the market, it can be hard to
choose just one. Scotiabank wants to empower Canadians by providing
some of the industry's best benefits and features that matter to
them the most," said D'Arcy
McDonald, Senior Vice President of Retail Payments and
Unsecured Lending at Scotiabank. "Seventy percent of respondents
said that the potential of rewards earned affected their card
usage. Scotiabank credit cards can provide Canadians with solutions
that work best for their personal spending habits, with benefits
and redemption opportunities that make their dollar go that much
further."
More than half of Canadians with a credit card (61 percent) say
their financial knowledge about credit cards is excellent or very
good, while about one-in-four (26 percent) say they have a good
working knowledge of their card. Yet, 13 percent of Canadians with
a credit card say they don't know much or anything at all about
their card and/or the fine print.
Highlights from the 2022 Scotiabank Credit Card Survey:
- Reading the fine print: About three-in-four credit
cardholders say they know how the interest rate is calculated on
their card (78 percent), are aware of installment plans available
on eligible credit cards (76 percent) and say the potential to earn
rewards on their card impacts their card usage (70
percent).
- Carrying a balance: Just one-in-three Canadian
credit cardholders say they carry a balance on their most
frequently used card (31 percent). Canadians aged 25-34 (41
percent) and 35-44 (44 percent) are significantly more likely to
carry a monthly balance on their credit card than those aged 55+
(20 percent).
- Credit card debt: Close to a third of Canadians say
they currently have credit card debt (31 percent). Canadians 35-54
years of age are significantly more likely to have credit card debt
(39 percent) than those 18-34 years (30 percent) and those ages 55+
(25 percent).
- Verifying monthly statements: Canadians 55 years
and older are significantly more likely than those under the age of
55 to check their credit card statement monthly to ensure it's
accurate (96 percent).
For Canadians that are working on their credit card literacy,
Scotiabank can provide some tips:
- Find the card that works for you – Scotiabank has a
wide range of credit cards, and a Scotiabank advisor can help you
decide which one is right for you. Or visit ScotiaAdvice+ for all
of the different options.
- Leverage rewards – Using rewards cards like the
Scotiabank®* American Express® Card or Scotiabank®*
Platinum American Express® Card for anything from everyday
purchases to big ticket items is the fastest way to earn Scene+™
points, which can then be redeemed for travel, shopping, dining,
and more.
- Understand the fine print – One of the most important
features of a credit card is the interest rate. It affects the cost
of carrying a balance on your credit card. Canadians can become or
continue to be credit card savvy by reviewing their monthly
statements for accuracy and being aware of the annual fees and
interest rates for their credit cards.
- Track your spending online – Scotiabank's
award-winning mobile app allows Scotia credit card customers to
track their spending, set up alerts, pay bills, redeem
Scene+™ Rewards points, and even check their credit scores for
free directly from their mobile device.
Methodology: From June
1st to June
2nd, 2022 an online survey of 1,515 randomly
selected Canadian adults who are Maru Voice
Canada panelists was conducted on behalf of Scotiabank
by Maru/Blue. Respondents that currently have a credit card
(n=1,420) completed this survey. The results of this study have
been weighted by education, age, gender and region (and in
Quebec, language) to match the
population, according to Census data. This is to ensure the sample
is representative of the entire adult population of Canada.
Discrepancies in or between totals are due to rounding.
About Scotiabank
Scotiabank is a leading bank in the Americas. Guided by our
purpose: "for every future", we help our customers, their families
and their communities achieve success through a broad range of
advice, products and services, including personal and commercial
banking, wealth management and private banking, corporate and
investment banking, and capital markets. With a team of over 90,000
employees and assets of approximately $1.3 trillion (as
at April 30, 2022), Scotiabank trades on the Toronto Stock
Exchange (TSX: BNS) and New York Stock Exchange (NYSE: BNS). For
more information, please
visit http://www.scotiabank.com and follow us on
Twitter @ScotiabankViews.
SOURCE Scotiabank