Banks have forever been trying to lure customers away from Toronto mortgage brokers, as well as other banks and lenders by offering them deals that are sometimes too good to be true and other times, just coming up with something so creative and unique that Canadians just can’t resist. And that’s just what Scotiabank did when they decided to ramp up its promotions and get more customers in the door for Canadian and Toronto mortgages, as well as their other products such as credit cards.
The new deal the bank is offering is called the ScotiaHockey NHL Visa. The card has been available since March and in addition to letting customers make purchases, it also works like a points card – but only if the cardholder shops at Sport Chek or Sportchek.ca. Every time a purchase is made through the store, the cardholder receives one award point for every dollar spent. Those points can then be redeemed for a free skate sharpening within the store, five times the reward points, and miscellaneous NHL, hockey, and sports-related items. 20% can also be saved on purchases bought through shop.canada.NHL.com, and new signups also get a chance to win a trip to the 2012 Olympic Games in London. Oh, and the cardholder also gets to choose whether they want a generic NHL shield on their card, or whether they want to personalize it by having it emblazoned with the logo of their favourite NHL team.
So what’s the downside of the card? It’s the same downside that comes with any credit card – it carries an extremely high interest rate. With the ScotiaHockey NHL VISA, you’ll pay a whopping 19.99% on any purchase that you make. And if you decide to pull money out of a machine using that card? That interest rate jumps to 21.99% – and remember, with credit cards that starts adding up the minute you take the money out of that machine.
If any bank in Canada was going to do this, it makes sense that it’s Scotiabank. They are after all, Canada’s hockey bank already having two arenas named for them – both Scotiabank Place, home of the Ottawa Senators; and the Scotiabank Saddledome, where the Calgary Flames call home. The bank is also the official bank of the NHL, NHLPA, NHL Alumni, Winnipeg Jets, Toronto Maple Leafs, the Ottawa Senators, and the Calgary Flames.
