The Scotiabank Passport Visa Infinite Business Card is Scotiabank’s latest addition to their suite of credit cards. It stands out as a small business owner credit card that eliminates the pain of foreign transaction fees, saving you at least 2.50% on all foreign payments.
If this card sounds familiar, it is likely because you have come across the existing Scotiabank Passport Visa Infinite card (non-business version) which ranks high on my list of the best no-FX fee markup credit card in Canada.
The Scotiabank Passport Visa Infinite Business card’s main selling point is not just the lack of foreign transaction fees which is a first for a business credit card. It also offers a plethora of other benefits that small business owners will appreciate: a 1.5x rewards earning rate on all purchases, complimentary airport lounge access, comprehensive travel insurance, expense management and reporting tools, up to $500 in bonus travel rewards, and more.
This review of the card covers all the main highlights that will help you decide whether or not it is worth considering for your business needs.
Scotiabank Passport Visa Infinite Business Card Benefits
1. No Foreign Transaction Fees: This is the only business card in Canada that waives the 2.5% or more in fees charged on all foreign currency purchases made in and outside of Canada.
2. $350 Sign-Up Bonus: For a limited time, new cardholders earn 35,000 Scotia Rewards points ($350 value) after spending up to $5,000 within the first 3 months. You are eligible for an additional 15,000 points ($150 value) when you spend $60,000 or more.
3. Everyday Rewards: Earn 1.5 Scotia Rewards points for every $1 spent on all business purchases.
4. Complimentary Airport Lounge Access: You enjoy a complimentary Priority Pass membership which includes 6 free visits every year.
5. Comprehensive Travel Insurance that includes:
- Travel emergency medical insurance of up to $1 million per person. Individuals under age 65 are covered for up to 25 consecutive days and it is 10 days if you are 65 years or older.
- Trip cancellation/trip interruption insurance up to $2,500 per person and a maximum of $10,000 per trip.
- Flight delay insurance with a limit of $500 per person.
- Delayed and lost baggage insurance up to a combined maximum of $1,000.
- Travel accident insurance up to a maximum of $1 million per occurence.
- Hotel/motel burglary insurance for hotel/motel stays in Canada or the United States.
6. Rental Car Collision Loss/Damage Insurance
7. Purchase Security that provides protection for the first 90 days after purchase and Extended Warranty that doubles the manufacturer’s warranty for up to one extra year.
8. Free Business Reporting Tools that make it easier to track your spending, monitor transactions, and set controls.
9. Complimentary Avis Preferred Plus membership with discounts of 5% to 25%.
10. Visa Infinite benefits that include:
- Visa Infinite Concierge
- Visa Infinite Luxury Hotel Collection
- Visa Infinite Dining Series
- Visa Infinite Wine Country Program
The Scotiabank Passport Visa Infinite Business is targeted at small business owners who want to save on fees. While this card has a $199 annual fee, its benefits far outweigh the cost.
Starting with its no-foreign transaction fees, you save $2.50 on every $100 you spend. If your business makes a lot of foreign currency purchases, these savings add up.
The sign-up bonus of 35,000 points is equivalent to $350 (travel) and is easily obtained after you spend $5,000 in the first three months. If your annual spending exceeds $60,000, an additional 15,000 points ($150 value) is credited to your account for a total of 5,000 points or $500 in rewards.
The insurance coverage provided by the Scotiabank Passport Visa Infinite Business card is an indication of its premium status and includes 12 different insurances. Like its personal card version, this card also comes with a Priority Pass membership and 6 free airport lounge visits per year which is easily worth $262.
Downsides of this card
The Scotiabank Visa Infinite Business has a $199 annual fee. To be eligible, you must meet one of the following requirements:
- Earn at least $60,000 in annual personal income, or
- Earn at least $100,000 in annual household income, or
- Have a minimum business annual sales revenue of $500,000, or
- Have at least $250,000 in assets under management, or
- Spend at least $30,000 annually on your credit card.
Scotiabank Passport Visa Infinite Business Card vs. Other Business Cards
If you are here in search of a business card, I include a few others for comparison below. It is worth noting that the Scotiabank Passport Visa Infinite Business is the only business card I could find that offers no foreign exchange markup fee in Canada.
The BMO Air Miles Business Mastercard allows you to earn AIR MILES on all purchases. You earn 1 mile on every $10 spend and this is upped to 1.25 miles when you spend at Shell stations. You can also get up to 3,000 bonus AIR MILES on sign-up. This card offers excellent travel protection and has a $120 annual fee (waived for the first year).
The American Express Business Gold Rewards Card offers a bonus of 30,000 points when you spend $5,000 or more in your first three months. This card also offers up to 55 interest-free days and has a price-tag of $250 per year.
The BMO Cashback Business Mastercard is for business owners who prefer a no-fee cash back card. This card offers 1.5% cash back on gas, office supplies, cell phones, and internet spending (6% bonus rate for the first 4 months) plus 1.75% on purchases made at Shell stations. You earn 0.75% cash back on all other purchases. It has a $0 annual fee.
Lastly, the Marriott Bonvoy Business American Express Card offers 60,000 Marriott Bonvoy points after you spend $1,500 in the first three months. You earn 3 points for every $1 purchase on gas, dining, and travel; 5 points per $1 spent on purchases at Marriott Bonvoy properties, and 2 points per $1 spent on all other purchases. This card has a $1540 annual fee.
Is the Scotiabank Passport Visa Infinite Business Card For You?
This card ranks well among other business cards. Its first-year annual fee is easily offset by the $350 sign-up bonus alone. In subsequent years, the 1.5% Scotia Rewards points earning rate on all purchases, insurance coverage, free airport lounge access, and no foreign transaction fee savings of 2.5% is worth it.
Scotiabank Passport Visa Infinite Business Card Review
The Scotiabank Passport Visa Infinite Business Card offers up to $500 in bonus rewards, no foreign transaction fees, comprehensive travel insurance, and more. This review covers all the main highlights that will help you decide whether or not it is worth considering for your business needs.