If you’re in the market for a premium cash back credit card, you may end up considering the Scotiabank Momentum Mastercard Credit Card vs. the BMO CashBack® World Elite®* Mastercard®*. While these cards share many similarities, they have different issuers and therefore their rewards and perks can vary quite a bit..
Take some time to read through what makes each card unique and see how they compare in terms of insurance, perks, rewards, and fees. Remember, the best card for you is one that aligns with your spending habits and helps you achieve your financial goals.
Key Takeaways
- The Scotiabank Momentum Visa Infinite and the BMO CashBack World Elite Mastercard are both premium credit cards that offer plenty of perks and benefits.
- The Scotiabank card has lower income requirements and slightly lower interest rates than the BMO card.
- The BMO card has better earn rates per category and a higher welcome offer.
- It's hard to choose the better card, but the BMO CashBack World Elite Mastercard come out on top as the World Elite program is more valuable than Visa Infinite program
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Scotiabank Momentum Mastercard Credit Card vs. BMO CashBack World Elite Mastercard at a glance
Often, our credit card showdowns are between similar cards or from the same issuers, so we really have to pick through the fine details. Not so with this comparison! Here’s a quick overview of the differences between the Visa Infinite issued by Scotiabank and the World Elite Mastercard from BMO:
| Feature | Scotiabank Momentum Mastercard Credit Card | BMO CashBack® World Elite®* Mastercard®* |
|---|---|---|
| Annual fee | $0, first year free | $120, first year free |
| Welcome offer | 10% cash back for the first 3 months, up to $2,000 in spend | up to $480 cash back in the first 12 months |
| Maximum rewards | * Up to 4% back | * Up to 5% back |
| Highest earning categories | * Groceries and recurring bill payments | * Groceries |
| Insurance | 0 types | 13 types |
| Special features | * Visa Infinite benefits * High $25,000 annual spending caps on various categories * Annual fee waiver for Scotiabank Ultimate Package account holders | * World Elite Mastercard benefits * Free roadside assistance * Redeem cash back on demand |
| Best for | General spenders | People with higher income |
| Income requirements | * $60,000 personal * $100,000 household | * $80,000 personal * $150,000 household |
| Get started | Apply now | Apply now |
What we love about the Scotiabank Momentum Mastercard Credit Card
$20 GeniusCash + 10% cash back on purchases for 3 months + 4% cash back on groceries.*
GC: $20
Pros:
- 10% cash back for the first 3 months, up to $2,000 in spend (up to $2,000 in spend)
- Up to 4% cash back on purchases
- 0 types of insurance included
- Annual fee can be waived if you have a Scotiabank Ultimate Package
Cons:
- Rewards only paid out once per year as a statement credit
- High income requirements
First, let’s talk rewards. For the big grocery spender, or those who pay a lot of bills, the Scotiabank Momentum Mastercard Credit Card has a lot going for it:
- 4% cash back on groceries and recurring bills (up to $25,000 in annual spend)
- 2% cash back on gas and transit (up to $25,000 in annual spend)
- 1% cash back on all other purchases.
It has a welcome bonus. You'll earn 10% cash back in the first 3 months, up to $2,000 in spend.
If you’re looking for a solid insurance package, you won’t be disappointed. The Scotiabank Momentum Mastercard Credit Card includes 11 types of insurance.
Scotia Momentum® Visa Infinite* Card
| Extended Warranty | 1 year |
| Purchase Protection | 90 days |
| Mobile Device | $1,000 |
| Travel Accident | $500,000 |
| Emergency Medical Term | 15 days |
| Trip Cancellation | $1,500 |
| Trip Interruption | $2,000 |
| Flight Delay | $500 |
| Baggage Delay | $500 |
| Lost or Stolen Baggage | $500 |
| Rental Car Theft & Damage | Yes |
Please review your insurance certificate for details, exclusions and limitations of your coverage.
So far, the Scotia card is pretty similar, but there are a few ways the Scotiabank Momentum Mastercard Credit Card stands out:
Visa Infinite Benefits
Visa Infinite cards are the top-tier offering from the issuer, and they come with exclusive benefits, including access to the Visa Luxury Hotel Collection, exclusive opportunities through the Visa Dining Series, and 24/7 concierge access.
Although you don’t get global lounge access and airport perks (as you would with Visa Infinite Privilege cards), Visa Infinite benefits can make travel much smoother.
Lower income requirements
The Scotiabank card has significantly lower income requirements for applicants. You’re only required to have a minimum of $60,000 personal or $100,000 household income to get this Visa, compared to $80,000 personal or $150,000 for the BMO card.
What we love about the BMO CashBack World Elite Mastercard
GC: $150
Pros:
- up to $480 cash back in the first 12 months
- Up to 3% cash back on purchases
- 13 types of insurance included
- Roadside assistance included
- Save up to 7 cents per litre at Shell
Cons:
- Low monthly spend caps on bonus categories
- High income requirements
There's a lot to like about the revamped BMO CashBack World Elite Mastercard, and it tends to beat the Scotia card in several categories.
Better rewards
Everyday spenders will appreciate the high earning opportunities:
- 5% cash back on groceries (up to $500 spent per month)
- 4% cash back on transit (up to $300 spent per month)
- 3% cash back on gas (up to $300 spent per month)
- 2% cash back on recurring bills (up to $500 spent per month)
- 1% cash back on all other purchases
That's a lot of different rates, covering food, transportation, and paying bills. The only drawback is the monthly caps. Exceed those, and you're only earning 1% cash back on the overage.
Better welcome bonus
Yes, both cards give you up to 10% back in your first three months, but you’ll get an additional $75 with the BMO card.
Roadside assistance
Roadside assistance is a rare perk not included on many credit cards, but it’s included for free. We value this perk alone at $100. If you drive a car, you'll get some peace of mind knowing help is a simple phone call away and that you won't have to pay for it. Plus, if you already pay for roadside assistance, you can cancel that coverage and pocket the savings.
Mastercard Travel Pass
Mastercard Travel Pass by DragonPass membership is also included. Although you don’t get any free passes (each visit costs US$32), you do get access to over 1,600 airport lounges around the world.
Once you pay for entry, you can enjoy all the amenities of a lounge, which might include:
- Wi-Fi
- Complimentary drinks and snacks
- Comfortable lounge seats
- Quiet workspaces
- Shower access
- Spa treatments
- Fully stocked bars
- Televisions
World Elite Mastercard benefits
World Elite Mastercard benefits are only offered with premium Mastercards. As a cardholder, you’ll get access to exclusive World Mastercard Experiences, once-in-a-lifetime opportunities with Mastercard World Elite Priceless Cities, 24/7 concierge service, and personalized deals or discounts for everyday offers.
Unlike the Scotia card, the BMO CashBack World Elite Mastercard allows you to redeem your cash back on demand, not just once a year. Plus, you can select between a statement credit and direct deposit to a BMO bank account or BMO Investorline account.
How do the Scotiabank Momentum Mastercard Credit Card and BMO CashBack World Elite Mastercard cards compare?
Now, let's compare these two credit cards in a few key areas:
Best benefits: BMO CashBack World Elite Mastercard
Essentially, we’re comparing the Visa Infinite benefits to World Elite Mastercard benefits, and the BMO CashBack World Elite Mastercard has the upper hand. World Elite Mastercard perks are far more valuable than what the Scotiabank Momentum Mastercard Credit Card offers.
Lounge access and roadside assistance significantly enhance the value, as well as the ability to redeem rewards whenever you want.
Best for low fees: Scotiabank Momentum Mastercard Credit Card
Sure, the interest rates for these cards don’t vary by much, but when you’re talking about balance transfers or interest charged, even a few percent difference can really add up. That said, the Scotiabank Visa has lower rates:
- 20.99% purchase interest
- 22.99% cash advance interest
- 22.99% balance transfer interest
Keep in mind that these cards charge the same annual fee and both waive it for the first year.
Best insurance: BMO CashBack World Elite Mastercard
If we’re just comparing the types of insurance you’ll get, the BMO card wins.
BMO CashBack® World Elite®* Mastercard®*
| Extended Warranty | 1 year |
| Purchase Protection | 90 days |
| Travel Accident | $500,000 |
| Emergency Medical Term | 8 days |
| Trip Interruption | $2,000 |
| Flight Delay | $500 |
| Baggage Delay | $500 |
| Lost or Stolen Baggage | $500 |
| Personal Effects | $750 |
| Hotel Burglary | $1,000 |
| Rental Car Theft & Damage | Yes |
| Rental Car Accident | $200,000 |
| Rental Car Personal Effects | $1,000 |
Please review your insurance certificate for details, exclusions and limitations of your coverage.
It also comes with a triple extended warranty, which is rare, as well as all three types of rental car coverage. If you’re a frequent traveller, you may want to reach for the BMO card.
Best rewards: tie
You might assume the BMO CashBack World Elite Mastercard would win because it has slightly higher earn rates in certain categories. However, the low spending caps on all categories cancel out any lead the BMO card may have with those higher rates.
For an even comparison, we prefer to look at how much your rewards are worth. Here’s what we found, based on an example of $2,000 in monthly spending:
- Scotiabank Momentum Mastercard Credit Card: $24,000 annual spending x 2.08% return on spending = $498 annual rewards
When you subtract the $0 annual fee, you get $378 net annual rewards.
- BMO CashBack World Elite Mastercard: $24,000 annual spending x 2.05% return on spending = $492 annual rewards
When you subtract the $120 annual fee, you get $372 net annual rewards.
We figure that’s too close to call.
The winner: tie
These are two terrific cash back credit cards, and it's tough to declare an overall winner since, really, it all depends on what you're after (and which card you qualify for). The high income requirement of the BMO CashBack World Elite Mastercard might disqualify a lot of people, so the Scotiabank Momentum Mastercard Credit Card would be the better option.
But, if you could choose between the cards, you’d have to ask yourself which reward program you’d rather participate in: Visa Infinite or World Elite Mastercard benefits.
Frequent travellers will probably want to opt for the BMO card, while people focusing on everyday spending will appreciate the Scotiabank card (and the fact that it doesn’t cap its rewards like BMO does).
Ultimately, you can't go wrong with either of these cards.
FAQ
Which is the best cash back credit card in Canada?
The MBNA Rewards World Elite Mastercard is the best cash back credit card in Canada. It offers a high earning rate, has flexible redemption options, provides an annual birthday bonus, and includes an extensive insurance package.
Is the Scotiabank Visa Infinite worth it?
The Scotiabank Momentum Mastercard Credit Card is certainly worth considering, especially if your income doesn’t qualify you for the BMO alternative. The Visa Infinite program offers exclusive perks and benefits, making this card very attractive.
Is the World Elite Mastercard the best?
A World Elite Mastercard didn’t win our best credit card overall – that honour went to the American Express Cobalt Card). Still, World Elite Mastercards earn top honours as the best cash back, best flexible rewards, and best Air Miles cards.
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