Pros & cons
Pros
- No welcome bonus at this time.
- Up to 2% cash back on purchases.
- 2.99% on balance transfers for 6 months.
Cons
- Limited insurance included.
- Rewards only paid out once per year as a statement credit.
Your rewards
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 Visa Card, here's how you earn rewards:
- 2% cash back on gas , groceries , drugstores , and recurring payments
- 1% 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 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 | $354 |
Calculating your annual rewards
$24,000 annual spending x 1.48% return on spending = $354 annual rewards
$354 annual rewards − $39.00 annual fee = $315 net annual rewards
Details and eligibility
- Estimated Credit Score
- 660 - 724
- Personal Income
- $12,000
- Household Income
- N/A
- Annual Fee
- $39.00
- Extra Card Fee
- $15
- Card type
- Credit
- Purchase
- 19.99%
- Cash Advance
- 22.99%
- Balance Transfer
- 22.99%
- Balance Transfer
- 2.99%
- Transfer Term
- 6 months
Insurance coverage
- Extended Warranty
- 1 year
- Purchase Protection
- 90 days
Please review your insurance certificate for details, exclusions and limitations of your coverage, terms and conditions apply.
Learn more about the value of credit card insurance coverage.
Genius Rating
Scotia Momentum Visa Card's 3.3 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.
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Scotiabank Momentum Visa review
A low annual fee cash back credit card, the Scotiabank Momentum Visa (not to be confused with its
Here's what this Scotiabank Visa has to offer.
Earning cash back with the Scotia Momentum Visa
It's a cash back credit card, which means for every purchase you make, you'll get a certain amount back on your account.
Here are the earn rates for this credit card:
- 2% cash back on gas, groceries, drugstores, and recurring payments
- 1% cash back on all other purchases
For a low annual fee of $39, that's a lot of cash back in your pocket. Based on a typical $2,000 monthly spend, you're looking at annual rewards of around $354.
Your cash back gets paid out once per year in November, and you can choose to have it applied as a statement credit or deposited into a Scotiabank account.
2 benefits to the Scotia Momentum Visa
On top of earning rewards, here are 2 other things to like about the Scotia Momentum Visa.
1. Balance transfer offer
Have existing credit card debt? The Scotia Momentum card has a balance transfer offer. You'll get a low rate of 2.99% for 6 months. It's not the greatest offer out there, but will still help in tackling unwanted credit card debt.
2. Low annual fee and income requirements
For what you get, you're paying a low annual fee of only $39, and this card has low income requirements of only $12,000 personal.
If you don't qualify for credit cards with higher income requirements, this can be a good alternative to think about.
2 downsides to the Scotia Momentum Visa
On the flip side, here are 2 other things to be aware of.
1. Little insurance coverage
Despite having an annual fee, you won't get much in the way of insurance coverage. This card only includes basic extended warranty and purchase protection, the same level of coverage as most no annual fee cards provide.
2. Rewards pale in comparison with the Visa Infinite version
This depends on whether or not you qualify for it and how much you spend, but the Visa Infinite version can earn more than enough rewards to offset the higher annual fee.
With a typical $2,000 monthly spend, the standard Mastercard version earns $354 in rewards. However, the Visa Infinite version earns $498 in rewards, more than offsetting the extra $81 you'll pay for the boosted annual fee.
Comparison to the Scotiabank Momentum Visa Infinite
How does this card compare to its big brother – the
Here's how they compare in a few key areas.
| Scotia Momentum Visa | Scotia Momentum Visa Infinite | |
|---|---|---|
| Earn Rates |
* 2% cash back on gas, groceries, drugstores, and recurring payments * 1% cash back on all other purchases |
* 4% cash back on groceries and recurring bill payments * 2% cash back on gas and transit * 1% cash back on all other purchases |
| Insurance Coverage | 2 types | 11 types |
| Annual Fee | $39 | $120, first year free |
| Income Requirements | * Personal: $12,000 | * Personal: $60,000 * Household: $100,000 |
Which one you should get mostly depends on the income requirements. As shown above the rewards the Visa Infinite version offers are generally going to be superior, and will at least offset the higher annual fee.
So if you can meet its stricter requirements, it may be the better card for you.
However if you don't, you're still earning 2% cash back on 4 different categories, while still earning at least 1% cash back on all your purchases.
Your turn
For a low annual fee and no income requirements, we have a cash back credit card that can earn between 1% to 2% on all your purchases.
Do you have this card? What are your thoughts on it? Leave a review below so others can see what you thought of it.
FAQ
What does the Scotia Momentum Visa earn for rewards?
With the Scotia Momentum Visa, you'll earn cash back at these rates:
- 2% cash back on gas, groceries, drugstores, and recurring payments
- 1% cash back on all other purchases
Does the Scotiabank Momentum Visa have a balance transfer offer?
The Scotia Momentum Visa has a balance transfer offer of 2.99% for 6 months. A low rate offer like this can help put a dent in existing credit card debt.
What is the annual fee and income requirements of the Scotia Momentum?
The Scotia Momentum Visa has an annual fee of $39, and a low personal income requirement of $12,000.
Key benefits
User reviews
Reviewed by 7 Canadians
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The pending charge take 3-4 days to clear, but payment clear in one day, so example if you pay your car insurance one week 2K$/ card limit 3K$ your credit availability is limited until the charge pass from pending to posted, therefore you cannot make another large procurement that week even if you paid that charge the same day!!! This isssue just pop-up last Nov 2024, it was not like this before. It limit your travel procurements...
One of the worst credit card bank in the world, don't even apply for it or get it even if they give it free. They cheat the customer by saying scotia plan of easy payments but you will not pay the amount till you die. Biggest scamming out of all the credit cards.
I love receiving cash back but absolutely hate paying that annual fee
Excellent cash back for gas and groceries.
This card works great for me. Normally I end up getting a $350 credit each year with the 1% or 2% cash back on all purchases. The only flaw in the system is the payment date switches. I am self employed and pay my self once a month but the payment date for the card can range anywhere from the 7th of the month to the 16th of the month. I pay it off in full each month but this variable date sometimes disrupt my work flow. The one month i did forget to check the date they did waive my interest charges when I called.
