Scotiabank has launched its new premium travel credit card, the Passport Visa Infinite, designed to make travel easier and more rewarding.

 Scotiabank Passport Visa Infinite cardholders are liable for an annual fee of C$139. Cardholders benefits include:

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  • Complimentary airport lounge membership with six free visits per year. No other Canadian credit card under C$150 annual fee currently offers more than four lounge visits per year;
  • No FX mark-up on foreign transactions made on purchases abroad. Most cards charge 2.5% and currently, no other major financial institution in Canada offers a credit card with no FX Mark-Up;
  • Customers earn 2x the points on grocery, dining, entertainment and daily transit and are eligible for a bonus offer of up to 25,000 Scotia Rewards points, a $250 value, and
  • The Scotiabank Passport Visa Infinite card also comes with exclusive benefits including complimentary 24-hour concierge, the Visa Infinite Luxury Hotel Collection and the Visa Infinite Dining Series and Wine Country Programme.

 Canadians are travelling more than ever and last year made a record 12.8 million trips to countries overseas, a 7.2% increase from the previous year, according to StatsCan.

The travel rewards credit card sector in Canada is already competitive and Scotia’s latest launch makes the market even more crowded.

Bank of Montreal offers the BMO World Elite Mastercard. The BMO card benefits include 35,000 welcome points after C$3,000 spend in the first three months and four airport lounge visits per year.

Last September, HSBC Canada launched its Premier World Elite Mastercard, subject to an annual card fee of C$149.

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Cardholders require to hold an active HSBC Premier current account and maintain a balance of at least C$100, 000 in combined deposits and investments with HSBC Canada.