Scotiabank Now Offers Cash Back Credit Card For Small Business Owners
TORONTO, May 9, 2013 /CNW/ - With spring in the air, it's time for small
business owners to review their balance sheets and find opportunities
to improve the life blood of their business: cash flow. Scotiabank has
now launched the Scotia Momentum® for business VISA*card, a credit card designed exclusively for small business owners
that includes up to 3% cash back on eligible business purchases and
recurring bills, 1% cash back on all other eligible business purchases,
and an extended interest-free grace period of at least 25 days on
"Successful entrepreneurs know that while their business may be
profitable, cash is still king when it comes to growing their
enterprise," said John Roberts, Vice President for Small Business at
Scotiabank. "Putting a solid cash flow plan in place gives
entrepreneurs control of what flows in and out, and a credit card that
gives you cash back rewards for your business purchases, and an
additional 4-day grace period, provides strong new options that can
help bolster cash reserves and ensure your business can prosper."
Scotiabank offers five tips for making the most of your cash flow:
Understand Your Business Situation: Cash flow is an essential aspect of your business and its future
success. You need a full picture of the factors that will impact your
cash flow - including sales volume, payment terms, and business
expenses. Scotiabank offers a Scotia Cash Flow for business Tool that can help you assess your current cash flow and create projections.
Be Prepared to Adapt: Your cash flow projection is something that will constantly evolve.
Keep your accounting records up to date and create cash flow reports
frequently to see what the impact of the changes could be. Whether you
are expecting your cash flow to grow or shrink, knowing any change in
projected cash flow gives you the time to create a financial strategy.
Identify Your Cash Flow Killers: Every business is going to have expenses, but there are methods to
keep them under control. Regularly review your expenses and suppliers
to look for ways to lower costs. For example, negotiating with your
suppliers for early payment discounts or extended penalty-free payment
terms. Using a credit card with an extended grace period can be an
effective way to slow the payment process.
Take Advantage of Cash Flow Boosters: Consider loyalty credit cards that reward you for your everyday business
transactions like purchasing office supplies, entertaining clients at
restaurants and filling up at the gas station. Even small savings can
add up to a large cash reward at the end of the year that you can
reinvest into your company.
Avoid Unnecessary Expenses: Take advantage of credit cards that include a comprehensive suite of
insurance benefits including travel insurance, rental car collision,
and purchase security and extended warranty for you and your small
business so you don't have to make an extra payment every month.
"With the growing popularity of rewards cards, we saw an opportunity to
create a credit card for the unique needs of Canada's small business
owners," said Jennifer Douglas, Vice President of Credit Cards at
Scotiabank. "In addition to getting cash back on their everyday
business purchases, small business owners now have at least 4 more days
to free up that all-important cash flow with the extended grace period
of 25 days available with the Scotia Momentum for business VISA card."
Please refer to the Backgrounder for more information on the features of
the Scotia Momentum for business VISA card.
Canadians interested in learning more about the Scotia Momentum for business Visa card can visit their local Scotiabank branch, call 1-888-660-6161
or go to www.scotiabank.com/cashbackforbusiness.
Scotiabank is a leading multinational financial services provider and
Canada's most international bank. With more than 82,000 employees,
Scotiabank and its affiliates serve some 19 million customers in more
than 55 countries around the world. Scotiabank offers a broad range of
products and services including personal, commercial, corporate and
investment banking. In December 2012, Scotiabank became the first
Canadian bank to be named Global Bank of the Year and Bank of the Year
in the Americas by The Banker magazine, a Financial Times publication. With assets of $736 billion (as at January 31, 2013),
Scotiabank trades on the Toronto (BNS) and New York Exchanges (BNS).
For more information please visit www.scotiabank.com.
BACKGROUNDER: Scotia Momentum® for business VISA* card
3% cash back on purchases at gas stations, restaurants, and on office
supplies and recurring bill payments up to an annual maximum purchase
amount of $50,000. 1% cash back for purchases within these business
categories that exceed $50,000. 1% cash back on all other eligible
Maximize cash flow with 4 more days added to the traditional 21-day
interest-free grace period for a total 25-day grace period on
purchases, provided balance is paid in full by the payment due date.
Cash advances, balance transfers and credit card cheques are excluded.
Card holders can access www.scotiabank.com/cashbackforbusiness to help with the tracking and reporting of business expenses for tax
filing, and keep business expenses separate from personal expenses.
Insurance features relevant to small business owners such as: Travel
Emergency Medical Insurance; Rental Car Collision/Loss Damage
Insurance; Purchase Security and Extended Warranty; Commercial Creditor
Life Insurance (optional).
An annual fee of $49 and a $29 annual fee for supplementary cards.
SOURCE: Scotiabank - Products & Services
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