Pros & cons
Pros
- 5% cash back for the first 3 months, up to $2,000 in spend.
- Up to 1% cash back on purchases.
- 0% on balance transfers for 6 months.
- No annual fee.
Cons
- Only earns 0.5% cash back on non-category purchases.
- Limited insurance included.
- Rewards only paid out once per year as a statement credit.
Your rewards
Getting your welcome bonus
Based on $2,000 in monthly spending, you can get up to 5% in your first 3 months on up to $2,000 in spending which translates to an estimated $85.◊
For all welcome bonus details click here.
How you earn rewards
Each card earns rewards differently. Part of choosing your card is deciding what type of rewards you want to get. With Scotia Momentum No-Fee Visa Card, here's how you earn rewards:
- 1% cash back on gas , groceries , drugstores , and recurring payments
- 0.5% cash back on all other purchases
For all reward details click here.
How much your rewards are worth
The dollar value of your rewards depends on the specific rewards program ‒ and what you choose to redeem your points for. For Scotia Momentum No-Fee Visa Card in particular, if you spend $2,000 per month, here's our estimated annual rewards earned depending on which reward you choose:
| Statement credits | $177 |
Calculating your annual rewards
$24,000 annual spending x 0.74% return on spending = $177 annual rewards
$177 annual rewards − $0.00 annual fee = $177 net annual rewards
Details and eligibility
- Estimated Credit Score
- 725 - 759
- Personal Income
- $12,000
- Household Income
- N/A
- Annual Fee
- $0.00
- Extra Card Fee
- $0
- Card type
- Credit
- Purchase
- 19.99%
- Cash Advance
- 22.99%
- Balance Transfer
- 22.99%
- Balance Transfer
- 0.00%
- Transfer Term
- 6 months
Genius Rating
Scotia Momentum No-Fee Visa Card's 3.2 Genius Rating is based on the weighted average of the following scores:
Methodology
All scores are produced by our math-based rating algorithm that takes into account over 126 credit card features.
Top cards from Scotiabank
GC: $20
GC: $30
Our review
Want to earn cash back rewards for no annual fee? You may be interested in the Scotiabank Momentum No-Fee Visa.
It's about as basic a credit card as you'll get. Here's what it has to offer.
Earning cash back with the Scotia Momentum No-Fee Visa
As a basic cash back credit card, which you'll get back in the form of cash.
Here's what you'll earn on your purchases:
- 1% cash back on gas, groceries, drugstores, and recurring payments
- 0.5% cash back on all other purchases
How does that translate into annual rewards? Based on a typical $2,000 monthly spend, you're looking at $177 in annual rewards, an overall average earn rate of 0.74%.
Nothing earth shattering, but nothing terrible either.
2 benefits to the Scotia Momentum No-Fee Visa
On top of earning rewards on purchases, here are 2 other things to like about the Scotia Momentum No-Fee Visa.
1. Intro balance transfer offer
Have some credit card debt? This card can help.
You'll get an introductory rate of 0% for the first 6 months, helping you save on credit card debt.
2. Welcome bonus offer
There's also a welcome bonus offer included. For the first 3 months, you'll earn 5% cash back, up to $2,000 in spend.
That's a total of $100 in cash back.
2 downsides to the Scotiabank Momentum No-Fee Visa
It's by no means a perfect credit card. Here are 2 things you'll want to consider before taking the plunge (and they're big ones).
1. Lacklustre rewards on purchases
You're only earning between 0.5% to 1% back on purchases. There are many other no annual fee credit cards out there that provide at least 1% back on all purchases, or have bonus categories that earn 2% or more, while still earning 0.5% on everything else.
So, while the rewards included with this credit card are ok, you can certainly be doing better in this department.
2. No insurance included
Many no annual fee credit cards include at least basic extended warranty and purchase protection coverages (and some provide even more).
But not here. This credit card doesn't include any insurance coverage at all.
Comparison to the Scotiabank Momentum Visa
Scotiabank offers other Momentum Visa cards, and the next one up in the family is the
Here's how these 2 cards compare.
| Scotia Momentum No-Fee Visa | Scotia Momentum Visa | |
|---|---|---|
| Welcome Bonus | 5% cash back for the first 3 months (terms) | None |
| Earn Rates |
* 1% cash back on gas, groceries, drugstores, and recurring payments * 0.5% cash back on all other purchases |
* 2% cash back on gas, groceries, drugstores, and recurring payments * 1% cash back on all other purchases |
| Insurance Coverage | 0 types | 2 types |
| Annual Fee | $0 | $39 |
| Income Requirements | * Personal: $12,000 | * Personal: $12,000 |
There's really no comparison here. For a modest annual fee of $39, you're getting more rewards and basic insurance.
The biggest item, though, is the rewards. Based on a typical $2,000 monthly spend, here's what both cards earn for annual rewards:
- No-Fee version – $177
- Low-fee version – $354
That's double the annual rewards, for an extra $39 in fees – well worth it.
With that said, everyone's spending is different. But unless you're dead set against paying an annual fee, most people are going to be better off with the low-fee version.
And to earn even more rewards on purchases, there's also the
In short
Here we have a basic no annual fee credit card. But, it's far from perfect – there are better no annual fee credit cards out there.
Do you have, or have you had this credit card in the past? Leave a user review so others can see what you thought of it.
FAQ
What does the Scotia Momentum No-Fee Visa offer for rewards?
The Scotiabank Momentum No-Fee Visa earns cash back on purchases at these rates:
- 1% cash back on gas, groceries, drugstores, and recurring payments
- 0.5% cash back on all other purchases
Does the Scotiabank Momentum No-Fee Visa have a balance transfer offer?
There is a balance transfer offer with the Scotia Momentum No-Fee Visa. It has a low rate of 0% for the first 6 months.
What is the annual fee and income requirements of the Scotia Momentum No-Fee Visa?
The Scotia Momentum No-Fee Visa has no annual fee, and a personal income requirement of $12,000.
Key benefits
User reviews
Reviewed by 7 Canadians
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Got this one as my first credit card, no complaints since it is what it is, a credit card with no fees. I don't expect rewards from a card I don't pay for really unless it required an amazing score to get. This card is 4 stars, it does what it's supposed to do, and will help you build up your credit score from nothing to the 700's before you're even 20. I like this card.
Better than nothing sums it up. They do not disclose which businesses give you the cash back... just "eligible gas stations, grocery stores, drug stores purchases". As well the 'recurring payments" is signed up through Visa's site, and the link to it in the terms PDF is defunct... for which I'm now waiting to see if my Visa now shows up in my list of accounts to pay bills from in the Scotia banking site.
It's all a joke, designed to strip you of your $
Hated it ! Worst credit card I ever signed up for, steal your money! Major regret
Rarely us it, but have it for large articles.
It's a credit card.
