SOURCE: Scotiabank

Scotiabank

July 19, 2016 14:57 ET

Scotiabank Poll Reveals What Canadians Would Do to Earn $200

8 in 10 Canadians Willing to Do Extreme Household Chores to Put Momentum Behind Their Savings

TORONTO, ON--(Marketwired - July 19, 2016) - A recent poll commissioned by Scotiabank shows that while almost 8 in 10 Canadians would be willing to go to great lengths to earn $200, two-thirds of them would choose to save the money or pay down debt, rather than spend it.

A large majority of respondents (79%) said that they would be willing to perform extreme household chores in order to earn $200:

  • 31% said they would perform pet-sitting duties for 10 days
  • 23% said they would wash dishes by hand for 100 guests
  • 17% would prepare tax returns for five family members

The $200 benchmark corresponds with the average annual cash back reward on a no-fee Scotiabank Momentum® Visa* credit card or debit card, earned on purchases made on that card. The average annual cash back on the Scotia Momentum® Visa Infinite* card1 is $386 on purchases made on that card and customers can earn up to $300 cash back per year with the Scotiabank Momentum Chequing Account's debit card.2

"This poll highlights the benefits of the popular cash back rewards programs that we offer on both our credit cards and debit cards," said Jennifer Douglas, Senior Vice President, Credit Cards at Scotiabank. "You could do a lot of dishes, or spend a lot of time pet-sitting to earn $200, but another way to earn is to use Scotiabank's rewards programs which provide leading rewards for every day spending."

Canadians recognize the value of an extra $200 a year. Nearly one-third of respondents (32%) said that if they received the unexpected sum, they would save the money. A further one-third (34%) said that they would use this unexpected money to pay down debt.

"Research shows that almost 75% of cardholders actively choose to use a credit card because of the rewards that they offer and cash back remains the most preferred reward by customers,"3 continued Ms. Douglas. "We've listened to our customers and they tell us that they want cash back rewards programs that offer significant value in a simple to earn, easy to redeem package. We've worked hard to deliver robust cash back rewards programs that we believe do just that."

Other findings in the poll include:

  • Two in three respondents (64%) view their annual cash back as a nice little bonus at the end of the year. This number grows to 87% among those who earn $200 or more in cash back annually.
  • Almost a third of respondents (29%) say they make specific plans for the cash back they earn each year. This figure is higher among men (32%) and those between the ages of 18-34 (34%).

About the Survey:

The poll was conducted by Vision Critical on behalf of Scotiabank. A total of 1,514 online interviews were conducted nationally with Canadians 18+, n=885 with a cash back debit or credit card. The research study was conducted from March 11 to 14, 2016.

About Scotiabank
Scotiabank is Canada's international bank and a leading financial services provider in North America, Latin America, the Caribbean and Central America, and Asia-Pacific. We are dedicated to helping our 23 million customers become better off through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets. With a team of more than 89,000 employees and assets of $895 billion (as at April 30, 2016), Scotiabank trades on the Toronto (TSX: BNS) and New York Exchanges (NYSE: BNS). Scotiabank distributes the Bank's media releases using Marketwired. For more information, please visit www.scotiabank.com and follow us on Twitter @ScotiabankViews.

1 The Scotiabank Momentum No-Fee Visa credit card offers customers up to 1% cash back on purchases without the annual fee or earning cap. The Scotiabank Momentum Visa Infinite credit card combines maximum cash back on purchases of up to 4% with a unique program of premium enhancements that provide an excellent customer experience.
Visit scotiarewards.com for full details about the Scotiabank Momentum No Fee Visa and Scotiabank Momentum Visa Infinite cards.

2 The Scotiabank Momentum Chequing account allows customers to earn while they spend, by providing a cash reward of 1% ("Money Back") on the first $30,000 of Qualified Purchases that are made each year using their ScotiaCard® banking card.

3 Ipsos Personal Cardholder Syndicated Study 2015.

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