Business banking advice and solutions for practising physicians

All banking and credit products and services are offered by The Bank of Nova Scotia (“Scotiabank”) unless otherwise noted. Credit and lending products are subject to credit approval by Scotiabank. Terms and conditions apply to all reward programs and benefits and should be reviewed carefully before applying. All offers, rates, fees, features, reward programs and benefits and related terms and conditions are subject to change. Visit scotiabank.com or speak with your MD Advisor or a Scotiabank representative for full details

Registered trademarks of The Bank of Nova Scotia.

Trademark of Scene IP LP, used under license.

Visa Int./ Licensed User. Visa is a registered trademark owned by Visa International Service Association and used under license.

Chase and the Octagon logo are registered trademarks of JPMorgan Chase Bank, N.A.  JPMorgan Chase Bank, N.A. is a wholly-owned subsidiary of JPMorgan Chase & Co.

MD Financial Management includes MD Financial Management Inc., MD Management Limited, MD Private Trust Company, MD Life Insurance Company and MD Insurance Agency Limited.

MD Financial Management provides financial products and services, the MD Family of Funds and investment counselling services through the MD Group of Companies. For a detailed list of these companies, visit md.ca.

To be eligible for the Physician Banking Program benefits you must be a Canadian resident that meet one of the following conditions: 

• Enrolled in a Canadian university medical degree program 
• Has been accepted or is completing a medical residency in Canada 
• Medical fellow who is completing a Canadian fellowship granted by the Royal College of Physicians and Surgeons of Canada
• Physician with a medical doctorate (MD) and licensed to practice medicine in a Canadian province or territory
• Retired physician with a medical doctorate (MD) and has practiced medicine in a Canadian province or territory  

Subject to credit approval. This is not a commitment to lend. Open to physicians that meet one of the following conditions: 

• Physician with a medical doctorate (MD) and licensed to practice medicine in a Canadian province or territory; or
• Retired physician with a medical doctorate (MD) and was licensed to practice medicine in a Canadian province or territory.

Subject to credit approval. Preferred rates may vary per applicant and are subject to change. Additional conditions may apply. Offer may be changed, cancelled, or extended at any time without notice.

Transactions that are included in the monthly plan fee for each applicable account plan option are allocated in the order in which they appear on the Transaction Fees Chart of Guide to Fees and Interest Schedule on page 18. Additional transactions are charged on a “pay-per-use” basis when applicable.

Maximum per account, per statement cycle.

To apply for the Scotiabank Passport Visa Infinite Business Card you must declare that you meet  at least one of the following requirements:

You have a minimum business annual sales revenue of CAD $500,000, you have at least $60,000 in personal annual income, you spend at least $30,000 annually on your credit card, you have a least $100,000 in annual household income, or you have at least $250,000 in assets under management.

Subject to approval. If you open a new Scotiabank Passport Visa Infinite Business credit card account (“Account”) you will receive an annual fee waiver for the first year only (“First Year Annual Fee Waiver”) provided the Account remains open and in good standing. The Account is considered in good standing if it is not delinquent (past due) or over limit and there is no breach of the Revolving Credit Agreement or any other agreement(s) that applies to the Account. The Account will only receive one First Year Annual Fee Waiver regardless of the number of accountholders on the Account. All other fees and charges applicable to the Account continue to apply. First Year Annual Fee Waiver is non-transferable and cannot be combined with any other annual fee waiver offer. Current annual fees, rates and other features for the Account are subject to change.

Offer Description and Conditions: The 40,000 Bonus Scene+ Points Offer (the “Offer”) applies only to new Scotiabank Passport Visa Infinite Business credit card accounts (“Accounts”) opened by October 31, 2024 subject to the conditions below. To qualify for 30,000 bonus Scene+ points (the “30,000 Point Bonus”), you must open a new Account by October 31, 2024 and have at least $5,000 in eligible purchases posted to your new Account in the first 3 months of the Account open date. To qualify for an additional 10,000 bonus Scene+ points (the “10,000 Point Bonus”), you must have at least $60,000 in eligible purchases posted to your new Account in the first year (12 months). Eligible purchases include purchases (less any refunds, returns or other similar credits) but do not include payments, cash advances (including balance transfers or cash-like transactions), interest, fees or other charges.  The 30,000 Point Bonus will be credited to the primary cardholder’s Scene+ account within approximately 2-3 business days after the qualifying $5,000 in eligible purchases being posted to your Account within the first 3 months from the Account open date, provided the Account is open and in good standing. The 10,000 Point Bonus will be credited to the primary cardholder’s Scene+ account within approximately 2-3 business days after you have met the $60,000 annual spend threshold on the Account, provided your Account is open and in good standing. The Account is considered in good standing if it is past due or over limit and the Cardholder(s) is not in breach of the Revolving Credit Agreement that applies to the Account. All other terms and conditions of the Program Terms continue to apply during the Offer period. Offer may be changed, cancelled or extended without notice at any time and cannot be combined with any other offers.

 

Offer Eligibility and Exclusions: Individuals who are currently or were previously primary or secondary cardholders of a Scotiabank small business credit card in the past 2 years, including those that switch from an existing Scotiabank small business credit card, as well as employees of Scotiabank, are not eligible for the Offers. Subject to the above exclusions, Scotiabank personal credit cardholders are also eligible for the Offers. 

 

Rates and Fees: The current annual fee is $199 for the primary card, $0 for the first additional card and $50 for each additional card thereafter (including those issued to co-borrowers and supplementary cardholders).

 

The current preferred annual interest rates for the Account are: 19.99% on purchases and 22.99% on cash advances (including balance transfers and cash-like transactions). All rates, fees, features and benefits are outlined in the Welcome Kit you will receive if approved and are subject to change. 

You will earn 1.5 Scene+^TM points per $1 on eligible business purchases. Points are not awarded for Cash Advances (including Balance Transfers, Scotia® Credit Card Cheques and Cash-Like Transactions), returns, refunds or other similar credits, card payments, fees, interest charges or other charges. Scene+^TM points must be redeemed within 60 days of account closure or they will be deleted permanently. If your account is not in good standing, the accumulated Scene+^TM points are not eligible for redemption.  See the Scene+^TM program terms at www.sceneplus.ca/en-ca/terms-and-conditions for more information.

Primary Cardholders with a valid Scotiabank Passport™ Visa^* Infinite Business Card account (the “Account”) have access to participating lounges within the Visa Airport Companion Program (“Program”), hosted and managed by DragonPass International Ltd.  Cardholders must enroll for this benefit either through the Visa Airport Companion App (available to download for free) or on the Program Website using a valid Card on the Account. Upon enrollment, 6 complimentary lounge visits will be available for the Primary Cardholder per membership year; the complimentary visits can be used by any Cardholder for themselves and for their accompanying guests at participating lounges (however, Primary Cardholder must be present for each such use).  Lounge visits are counted on a per person per visit basis (e.g. lounge access by a Cardholder and one accompanying guest will count as two (2) visits). All additional visits beyond complimentary visits are subject to a fee of $32 USD (subject to change) per person per visit. Applicable lounge access fees will be charged to the Card connected to the Cardholders’ Program membership (i.e. the Card enrolled in Program).

To view a full list of participating airport lounges, their facilities, opening times and restrictions Cardholders can visit the Program App and Website.  To view the full Terms and Conditions for the Program, including DragonPass Terms of Use and Privacy Policy and Visa’s Privacy Policy that apply to the Program, visit the Visa Airport Companion Program App or Website. 

The Program services and benefits are provided by DragonPass and applicable third party offer providers and neither Visa nor The Bank of Nova Scotia is responsible for the Program or any claims or damages arising from participation in the Program.

Unless the Program membership is suspended or cancelled, the Program membership and any included complimentary lounge visits (if applicable) will automatically renew annually on the anniversary date (based on date when the Cardholder enrolled for the Program). Program membership will be cancelled if your Scotiabank Passport™ Visa* Infinite Business Card is cancelled. If your Scotiabank Passport™ Visa* Infinite Business Card is renewed or replaced, remember to update your card details within the Visa Airport Companion Program (either on the App or on the Program Website).

Access upon presentation of a valid and enrolled Scotiabank Passport™ Visa* Infinite Business Card, while available in most lounges within the Visa Airport Companion Program, is subject to availability.

We will not charge you Foreign Transaction Fees on foreign currency transactions including purchases, only the exchange rate applies. The term “Foreign Transaction Fees” is a substitute for “Foreign Currency Conversion” as described in the Disclosure Statement for this Card. This fee relates to the 2.5% mark-up that is typically charged by credit card issuers in addition to the exchange rate. See the Foreign Currency Conversion section of the Welcome Kit for this Card or download it at www.scotiabank.com/welcomekits.

Scotiabank is not an insurer. All claims for insurance indemnities must be forwarded to the insurers. Complete details of the coverage are in the Certificate of Insurance and Terms and Conditions provided with the new Card.

Subject to approval. If you open a new Scotiabank Momentum for business Visa credit card account (“Account”) you will receive an annual fee rebate (“Annual Fee Rebate”) each year provided the Account remains open and in good standing. The Account is considered in good standing if it is not delinquent (past due) or over limit and there is no breach of the Revolving Credit Agreement or any other agreement(s) that applies to the Account. The Account will only receive one Annual Fee Rebate regardless of the number of accountholders on the Account. All other fees and charges applicable to the Account continue to apply. Annual Fee Rebate is non-transferable and cannot be combined with any other annual fee rebate offer. Current annual fees, rates and other features for the Account are subject to change.

You will earn 3% cash back on the first $50,000 you spend annually at gas stations, restaurants, office supply stores, and on recurring bill payments. 3% cash back applies at merchants which are classified in the Visa Inc. (Visa) network Service Stations (with or without ancillary services) and Automated Fuel Dispensers; Restaurants, Fast Food Restaurants and Bars; Stationery and Office Supply Stores; and Recurring Payments (Merchant Codes: 5541 & 5542; 5812, 5813 & 5814; and 5111 & 5943). Recurring payments are defined as payments made on a monthly or regular basis automatically billed by the merchant to your Scotia Momentum for business Visa card. Recurring payments are typically telecommunication, insurance, membership, subscriptions, etc. purchases. Not all merchants offer recurring payments. (Please check with your merchant to see if they offer recurring payments on Visa cards.) Some merchants may sell these products/services or are separate merchants who are located on the premises of these merchants but are classified by Visa in another manner, in which case this added benefit would not apply. You will earn 1% cash back on purchases made after you have reached the 3% $50,000 annual spend maximum and on all other eligible purchases made with the card.

You will benefit from an interest-free grace period of at least 25 days on new purchases that appear on your statement for the first time if you pay off your balance in full by the payment due date. There is no interest-free grace period for cash advances (including  balance transfers, Scotia Credit Card Cheques and cash-like transactions).

Offer Description and Conditions: The Introductory 2.99% Balance Transfer Rate Offer (the “Offer”) applies only to new Scotia Momentum for business Visa credit card accounts (“Accounts”) that are opened by October 31, 2024 subject to the conditions below.   All other terms and conditions of the Program Terms continue to apply during the Offer period. Offer may be changed, cancelled or extended at any time without notice and cannot be combined with any other offers.

 

Introductory 2.99% Balance Transfer Rate Offer Description and Conditions: The Introductory 2.99% Balance Transfer Rate Offer (the “Rate Offer”) applies only to eligible cash advances (including balance transfers and cash-like transactions) (collectively “Cash Advances”) subject to the conditions below. The introductory rate applies if the new Account is opened by October 31, 2024 and will continue for 6 months from date of Account opening (the “Promotional Period”).  

After the Promotional Period, the promotional 2.99% interest rate on any promotional Cash Advances (including any that remain unpaid after the Promotional Period ends) will increase to the preferred interest rate on Cash Advances (currently 22.99%).  There is no balance transfer fee on balances transferred during the Promotional Period.   

This Offer is subject to any available limit for Cash Advances on your Account. This Offer cannot be used for any Scotiabank account including to transfer a balance from another Scotiabank Account, or to make a payment or deposit to another Scotiabank account.

 

Losing your promotional rate: If we don’t receive the minimum payment on your Account by the payment due date on your statement, two times in any consecutive 12-month period, you will lose the benefit of this promotional Rate Offer and the interest rates that apply on any unpaid balance will increase to the standard annual interest rates that apply to your Account (currently 24.99% on purchases and 27.99% on Cash Advances).

 

How We Apply Payments: In general, if you make a payment that exceeds the minimum payment on your statement, we will apply your payment on a proportionate basis among each group of billed charges on your Account. We group charges based on the interest rate that applies to the group of charges. Your payment cannot be applied to the balance(s) of your choice. See your credit card agreement for more information about how we apply payments to your Account.

 

Eligibility and Exclusions: Individuals who are currently or were previously primary or secondary cardholders of a Scotiabank small business credit card in the past 2 years, including those that switch from an existing Scotiabank small business credit card, as well as employees of Scotiabank, are not eligible for Offer. Subject to the above exclusions, Scotiabank personal credit cardholders are also eligible for the Offer.

 

Rates and Fees: The current annual fee is $79 for the primary card and $29 for each additional card (including those issued to co-borrowers and supplementary cardholders). The current preferred annual interest rates for the Account are: 19.99% on purchases and 22.99% on Cash Advances. 

All rates, fees, features and benefits are outlined in the Welcome Kit you will receive if approved and are subject to change.

Merchants who wish to obtain payment processing services from Chase must submit an application. All applications are subject to credit approval and entering into a Merchant Agreement with Chase. 

Deposit Fees are waived for Chase customers using select Scotiabank business accounts including Right Size Accout for business, Select Account for business, SPP Plus Account Plan, Dual Rate Investment Account, ScotiaOne Account Plan for Agriculture, Scotia® Community Account Plan. The Basic Business Account is excluded. Customers are subject to a transaction fee for each of their Visa, MasterCard and Interac deposit transactions if they process payments with a service provider other than Chase.

Next-day funding is available to Chase Paymentech customers for Visa, Mastercard and Interac card transactions only. Next-day funding is subject to merchant credit approval and all funds are subject to fraud monitoring. Qualifying funds are deposited on the next business day, excluding weekends and bank holidays.