Scotiabank Raises Annual Fees on Select Credit Cards

Scotiabank has notified cardholders of annual fee increases affecting four credit cards in its consumer lineup, with changes taking effect on card renewal dates starting May 1, 2026. The increases range from $20 to $50 per card and reflect what the bank describes as rising costs associated with card benefits, insurance coverage, and loyalty program operations.

The Scotiabank Gold American Express card, one of the most popular mid-tier rewards cards in Canada, sees its annual fee rise from $120 to $150. The card's earn structure remains unchanged at 5 Scene+ points per dollar on groceries, dining, and entertainment, and 1 Scene+ point per dollar on everything else. The $30 increase represents a 25 percent jump and may prompt some cardholders to re-evaluate whether the card's accelerated earn rates justify the higher cost.

The Scotiabank Passport Visa Infinite card, known for its no-foreign-transaction-fee benefit, increases from $139 to $169. Again, the earn rates and benefits remain unchanged, but the $30 increase narrows the value gap for cardholders who do not travel internationally frequently enough to benefit from the FX fee waiver.

The Scotiabank Momentum Visa Infinite card rises from $120 to $140, a $20 increase. This cash back card offers 4 percent on groceries and recurring bills, 2 percent on gas and transit, and 1 percent on everything else. At $140, it remains price-competitive with comparable Big Five bank cash back cards, though the increase may push value-conscious consumers to explore alternatives from fintechs like Neo Financial and Brim.

Finally, the Scotia Rewards Visa Signature card increases from $79 to $99. This entry-level travel rewards card had been one of the most affordable options in its category, and the $20 increase brings it in line with several competing products.

Scotiabank has justified the increases by pointing to enhanced insurance benefits, including higher coverage limits on travel emergency medical insurance and the addition of cellphone protection on the Passport and Gold Amex cards. The bank also noted that Scene+ operating costs have risen as the program expands its partner network and redemption options.

The increases follow a broader industry trend. TD raised annual fees on several cards in late 2025, and RBC adjusted pricing on its Avion lineup earlier this year. Canadian credit card annual fees have generally been trending upward as banks face higher interchange regulation costs, increased fraud losses, and elevated reward program expenses.

Consumer advocates have expressed concern about the pace of fee increases, noting that many cardholders do not actively review their card costs and may continue paying higher fees without evaluating alternatives. The Financial Consumer Agency of Canada requires banks to provide at least 30 days notice before implementing fee changes, and Scotiabank has confirmed it is meeting this requirement through both email and in-app notifications.

For Scotiabank cardholders evaluating their options, the key question is whether the card benefits and earn rates still deliver positive value after the fee increase. A cardholder who spends $2,000 per month on a Scotiabank Gold Amex, with roughly 60 percent in bonus categories, would earn approximately 84,000 Scene+ points per year. At a redemption value of roughly 1 cent per point, that represents $840 in annual rewards against a $150 fee, yielding $690 in net value. For most active cardholders, the math still works, but the margin has thinned.

Scotiabank is offering a retention incentive for cardholders who contact the bank to discuss the fee increase. Reports from early callers suggest that statement credits of $50 to $100 are being offered to cardholders who threaten to cancel, though the bank has not publicly confirmed a formal retention program.