Scotiabank Passport® Visa Infinite* Card vs BMO CashBack® World Elite® Mastercard®: Which one is better?
Scotiabank Passport® Visa Infinite* Card
4.8
BMO CashBack® World Elite® Mastercard®
4.2
Rewards Breakdown
Annual Rewards
$343.9
Scene+
First Year Bonus
$250
Scene+
Annual Fee
$150
First Year Value
$443.9
$193.9 in years after
Based on $2,000/mo average spending. Calculate your rewards.
Rewards Breakdown
Annual Rewards
$500.78
First Year Bonus
$190
Annual Fee
$120
First Year Value
$690.78
$380.78 in years after
Based on $2,000/mo average spending. Calculate your rewards.
Insurance Included*
Lost or Stolen Baggage
$1000
Baggage Delay
$1000.svg)
Car Rental Damage & Theft
$65,000 up to 48 days
Travel Accident
$500,000/insured, $1M combined
Extended Warranty
1 year
Purchase Protection
90 days
Hotel Burglary Insurance
$1,000
Emergency Out of province Medical
$2M/insured up to 25 daysFlight Delay
$500/person after 4 hoursEmergency Medical Over 65
$2M/insured up to 3 days
Trip Cancellation
$1,500/person, $10,000/trip
Trip Interruption
$2,500/person, $10,000/trip
Insurance Included
Lost or Stolen Baggage
$500/person, $1000 maximumBaggage Delay
$500/person, $1000 maximum After 6 hoursCar Rental Damage & Theft
$65,000 up to 48 daysTravel Accident
$500,000Extended Warranty
Up to a yearPurchase Protection
90 daysHotel Burglary Insurance
$1000Emergency Out of province Medical
$5M up to 8 days per covered personFlight Delay
$500 After 4 hours delay
Extra Benefits*
Airport Lounge - Dragon Pass
6 Free complimentary visits
No Foreign Transaction Fees
Avoid the usual 2.5% forex fees on your purchases when you travel outside of Canada
Visa Infinite Exclusive Benefits
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Concierge Services
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Status lift
Avis® Preferred Plus membership
Extra Benefits
Airport Lounge - Dragon Pass
Pass only, complimentary visits not included
Car Rental Discount
25% off base rate of participating National Car Rental and Alamo Rent a Car.svg)
Gas Discount
Get up to seven cents off per litre on Shell® fuel
Roadside Assistance
Includes free battery boosts, flat-tire change, lockout service and towing
Hotel Booking Discount
Save up to 7% on your Booking.com prepaid hotel or property rental bookings
Boingo Wi-Fi hotspot
Interest Rates*
Purchase:
20.99%
Cash Advance:
22.99%
Balance Transfer:
22.99%
Interest Rates
Purchase:
20.99%
Cash Advance:
23.99%
Annual Fee*
$150
Annual Fee
$120
$0
First Year Waived
Income Required*
Min Personal Income:
$60,000
Min Household Income:
$100,000
Income Required
Min Personal Income:
$80,000
Min Household Income:
$150,000
Welcome Bonus*
Earn 25,000 bonus Scene+ points by making at least $1,000 in everyday eligible purchases in your first 3 months. Plus, as a Scotiabank Passport Visa Infinite cardholder, you are eligible to earn an annual 10,000 Scene+ point bonus when you spend at least $40,000 in everyday eligible purchases annually. Individuals who are currently or were previously primary or secondary cardholders of a Scotiabank personal credit card in the past 2 years, including those that switch from an existing Scotiabank personal credit card, as well as employees of Scotiabank, are not eligible for the 25,000 bonus points offer. All cardholders remain eligible to earn an annual 10,000 Scene+ point bonus with an annual spend of at least $40,000. Expires January 2, 2025.
Welcome Bonus
Get up to 10% cash back in your first 3 months with an incremental cashback value of $200
Rewards Rate*
- 3 Points on on every $1 you spend at Sobeys, Safeway, IGA, Foodland & Participating Co-ops
- 2 Points dining and at other eligible grocery stores, entertainment purchases which includes movies, theatre, and ticket agencies and Rides which includes rideshare, buses, taxis, subways and more
- 1 Point on everything else
Rewards Rate
- 5% cashback on groceries (maximum $25 per statement)
- 4% cashback on daily transit (maximum $12 per statement)
- 3% cashback on gas (maximum $9 per statement)
- 2% cashback on recurring payments (maximum $10 per statement)
- 1% cashback on all other credit card purchases.
Loyalty Program*
Loyalty Program
N/A
Point Redemption Options*
Entertainment
1¢ / point
Travel
1¢ / point
Groceries (Sobeys)
1¢ / point
Restaurants
1¢ / point
Merchandise
0.76¢ / point
Gift Cards
0.74¢ / point
Statement Credits (Cash)
0.7¢ / point
Point Redemption Options
Not Applicable
Is this card worth it?
The Scotiabank Passport Visa Infinite is a strong choice for frequent travelers, especially those who value flexibility and premium perks. It stands out with its rare benefit of no foreign transaction fees, making international purchases more cost-effective. Additionally, the card offers a valuable blend of travel perks, including airport lounge access, comprehensive insurance coverage, and flexible rewards, making it an ideal companion for those who frequently travel abroad and want to avoid extra fees while enjoying premium benefits.
Is this card worth it?
If you're seeking a cashback credit card, the BMO CashBack® World Elite® Mastercard® stands out for its excellent balance between rewards and benefits. It offers a robust rewards program and a comprehensive benefits list, making it a solid choice. The high first-year value is enhanced by the annual fee waiver, and those with a BMO Premium Chequing Account can enjoy continued fee waivers. While it's highly ranked for rewards alone, it may not be the absolute top choice if benefits are less important to you.
Pros
- High Rewards on Select Purchases: Earn up to 3 points per $1 spent on select categories.
- No Foreign Transaction Fees: Shop abroad without additional charges.
- Comprehensive Insurance: Includes 11 types of insurance coverage.
- Airport Lounge Access: Enjoy up to 6 airport lounge passes per year through the Visa Airport Companion program.
Pros
- Offers one of the highest cashbacks on groceries and gas, two of the most frequently spent categories, compared to other credit cards in Canada.
- Includes roadside assistance, a rare but valuable benefit for people on the road.
- Provides a comprehensive list of insurance coverage and benefits.
- High first-year value.
Cons
- High Income Requirements: Requires $60,000 personal or $100,000 household income.
- Lower Overall Rewards: Rewards potential is lower compared to premium credit cards.
- High Annual Fee: Comes with a significant annual fee.
- Average Insurance Coverage: Insurance benefits are standard, not exceptional.
- Mediocre Earnings Potential: The card’s rewards structure might not offer the highest returns for every spender.
Cons
- Does not include restaurant purchases as a reward category, which is one of the most important spending categories.
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Other Comparisons
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Scotiabank Passport® Visa Infinite* Card vs BMO CashBack® World Elite® Mastercard®: When to go for one over the other
Annual Fees and Requirements
The Scotiabank Passport Visa Infinite and BMO CashBack World Elite Mastercard have different income requirements, with BMO requiring a higher personal and household income. Both cards charge a competitive annual fee, but the fee waiver for the first year on the BMO card adds initial savings. These differences in eligibility and fees could influence which card suits your financial situation better.
Rewards Structure and Signup Bonuses
In terms of rewards, the Scotiabank Passport focuses on earning points, especially in travel and entertainment categories, while BMO CashBack offers high cashback rates on essential spending like groceries and gas. Both cards feature attractive signup bonuses, but BMO’s card may offer slightly more upfront value due to its generous cashback on everyday purchases. Depending on whether you prefer points or cashback, one card may stand out more for your lifestyle.
Reward Redemption Options
The Scotiabank Passport allows point redemptions for travel, groceries, and merchandise, with travel offering the best value. In contrast, the BMO CashBack card is more flexible, offering straightforward cashback that can be used for anything. If flexibility in how you use your rewards is important, the BMO card offers the better redemption model since cashback can cover any expense.
Benefits and Insurance
Both cards provide comprehensive insurance coverage, including travel medical, trip cancellation, and purchase protection. However, the Scotiabank Passport stands out with its no foreign transaction fees and access to six complimentary airport lounge visits. BMO offers unique benefits like roadside assistance and gas discounts, which are ideal for drivers. Depending on your travel habits, these extra perks could be a deciding factor.
Networks and Acceptance
The Scotiabank Passport is a Visa, and the BMO CashBack is a Mastercard. Visa is widely accepted, but Mastercard has the added benefit of being accepted at Costco and classifies Walmart as a grocery store, earning additional rewards. If you frequently shop at these stores, the BMO Mastercard may provide better value.
Conclusion
Frequent travelers who want to avoid foreign transaction fees and enjoy premium travel perks should consider the Scotiabank Passport. However, those looking for flexible cashback rewards, especially for everyday purchases like groceries and gas, might find the BMO CashBack World Elite a better fit. Ultimately, the choice depends on whether you prioritize travel benefits or day-to-day savings.
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