Scotiabank Scene+ Visa Card for Students review

• Earn up to 10,000 bonus Scene+ points within your first 3 months.†
  

• Earn 2x Scene+ points¹ on every $1 you spend at Sobeys, Safeway, IGA, Foodland, participating Co-ops, Freshco and more.
• Earn 2x Scene+ points¹ for every $1 you spend on Home Hardware, Home Building Center, Home Furniture locations in Canada and online at homehardware.ca.
  
• Earn 2x Scene+ points¹ for every $1 you spend at Cineplex theatres or online at cineplex.com.
  
• Earn 1x Scene+ point for every $1 spent on all other eligible everyday purchases.
  

• No annual fee, making it budget-friendly for students.
• A generous welcome bonus
• Accelerated earn rate on purchases at select stores and Cineplex.
• The card is tailored for students, helping them build credit history while earning rewards.

The Scotiabank Scene+ for students comes with no insurance coverage, but you can opt for credit card balance protection insurance. Balance protection insurance is not a great financial product. 

For the Comprehensive Protection plan, the monthly premium is charged at a rate of $1.09 for every $100 of your daily credit card balance. Similarly, the Basic Protection plan charges a monthly premium of $0.89 per $100 of your daily balance.

Let's say you have a balance of $1,000 on your credit card. Here's how the premium would be calculated for each plan:

• Comprehensive Protection: With a rate of $1.09 per $100, for a $1,000 balance, the calculation would be $1.09 x 10 (since $1,000 is 10 times $100). This results in a monthly premium of $10.90.
• Basic Protection: At a rate of $0.89 per $100, for the same balance of $1,000, the calculation would be $0.89 x 10. This equals a monthly premium of $8.90.

Should you face unfortunate circumstances, Scotiabank will pay your $1,000 balance off if you’re paying $10 month. Or, for around the same price, you can get a 20-year term life insurance policy with a $100,000 payout. 

• Discounts on car rentals: Cardholders can enjoy up to 25% off base rates at participating AVIS and Budget car rental locations in Canada and the U.S. This can be particularly beneficial for students who may need rental cars for road trips or when traveling back home during breaks.
• Scene+ Points flexibility: The Scene+ points earned with this card are quite versatile. You can redeem them not just for movies at Cineplex, but also for dining, entertainment, travel through Scene+ Travel and even for groceries. This flexibility allows students to use their rewards in a way that best suits their lifestyle and needs.
• No fee for additional cards: Students can add additional cardholders, such as family members, without incurring any extra fees. This can be useful for managing household expenses or for parents who want to support their children's expenses while they’re studying.

Based on the discussions from Reddit users on the Scotiabank Scene+ Visa Card for students, here are some insights and experiences shared:

• Difficulty in approval for first-time credit users: A user on r/PersonalFinanceCanada shared their frustration about being declined for the card due to a lack of credit history. They were advised to get a co-signer because they had government loans, which is a common situation for many students. This indicates that first-time credit users or those with limited credit history might face challenges getting approved for this card, despite the fact that it’s meant for those with limited or no credit history.
• Uncertainty about card status after graduation: Another Reddit user in this thread expressed concerns about the card being closed upon graduation. They were starting a new program and wanted to continue using the card to build credit. This suggests there might be uncertainty or lack of clarity regarding the card's status for students who graduate or transition to a different phase in their education.

These Reddit discussions provide a glimpse into the real-world experiences and considerations of potential and current cardholders, particularly students, regarding the Scotiabank Scene+ Visa Card. Issues like approval challenges for those with limited credit history, the card's status post-graduation and the practical value of the rewards offered are among the key points discussed by users.

The Scotiabank Scene+ Visa Card is for students who frequent movies and enjoy a variety of entertainment options. This card is particularly appealing for movie enthusiasts and those who prefer redeeming points for entertainment, dining, or travel. Additionally, it offers a welcome bonus of 5,000 Scene+ points after the first purchase within the first three months, enhancing its initial appeal.

On the other hand, the BMO CashBack Mastercard for Students might be more practical with a straightforward cash back reward system. It offers a nice welcome bonus of and then Earn 3% (up to a monthly max of $500) cash back on groceries., Earn 1% (up to $500 per month) on any recurring bill payments*. and Cardholders can earn 0.5% (no monthly max) on all other eligible purchases*. This card is ideal for students who prefer cash rewards and spend a significant portion of their budget on groceries and recurring bills. The BMO card's cash back system is simple and flexible, allowing students to redeem cash back at any time as long as they have accumulated at least $1, making it a practical choice for students who value ease of redemption and immediate rewards.

Both cards have no annual fee, making them financially accessible for students. However, the choice between them largely depends on individual lifestyle and spending patterns.

Disclosures:

As mentioned, the Scotiabank Scene+ Visa Card is for students. We’ve covered at length at this point, so let’s talk about the Cobalt card.

The American Express Cobalt Card is targeted towards a broader audience with a focus on everyday spending and travel. It offers 5x  the points on eligible eats and drinks in Canada, including groceries and food delivery, 3x the points on eligible streaming subscriptions, 2x the points on eligible ride shares, transit & gas, and 1x point for every $1 spent on other purchases. 1 additional Membership Rewards point on eligible hotel and car rental bookings via American Express Travel Online.

The card also provides access to hotel bookings with benefits, the ability to transfer points to several frequent flyer and other loyalty programs, and access to exclusive events and experiences. However, it comes with a monthly fee, which might be a consideration for budget-conscious students. 

The TLDR is that the Scotiabank Scene+ Visa Card is ideal for students looking for a no-fee card with entertainment-focused rewards, while the American Express Cobalt Card caters to a wider audience seeking a comprehensive rewards program with a focus on travel and dining, albeit with a monthly fee.

Disclosures:

Two student cards enter with no clear winner.

While the Scotiabank Scene+ Visa Card is focused on entertainment rewards, the CIBC Aeroplan® Visa* Card for Students leans more towards travel rewards. It offers a generous welcome bonus, which can be significant for students looking to travel. Join and get up to $200 in value in your first year† including 10,000 Aeroplan points!†

Earn 1 point for every $1 you spend on eligible gas, electric vehicle charging, groceries and with Air Canada directly, including through Air Canada Vacations®.. This card is great for students who travel frequently or plan to do so, as the Aeroplan points can be redeemed for flights and other travel-related expenses. Additionally, it includes travel insurance benefits, which are not offered with the Scotiabank card. Also, like the Scotiabank card, it has no annual fee, making it accessible for students.

Disclosures:

†Terms and Conditions Apply. This offer is not available for residents of Quebec.

The information for the CIBC Aeroplan® Visa* Card for Students has been collected independently by Money.ca. The card details on this page have not been reviewed or provided by the card issuer.