Scotia Momentum Visa Infinite Card is one of the best cash back credit cards in Canada. In this article, let’s look into what really makes this an excellent pick, the pros and cons, best features and everything around that really makes this card stand-out in the crowd.
Let’s get started.
Scotia Momentum Visa Infinite Credit Card – Overview
The Scotia Momentum Visa Infinite card is one of the best cash back credit cards in Canada.
You’ll get 4% cash back on grocery and gas spendings, 2% cash back for purchases at drug stores and recurring bill payments, 1% cash back on everything else.
Scotiabank has this introductory offer of 10% cash back on everyday purchases up to $2000 in total purchases for your first 3 months when you initially sign up for the credit card.
Plus, they are waiving off the first year’s $99 annual fee, now that’s a welcome offer of $299 in the first year alone.
Also, looking at the huge cash back value (10% especially) it is no wonder rated as the #1 cash back rewards card by MoneySense in 2018.
Benefits Of The Scotia Momentum Visa Infinite Credit Card
Now here’s the thing right, Scotiabank has a wide variety of credit cards that cater to the different needs and interests of its cardholders.
The Scotia Momentum Visa Infinite card should be the top choice for you if you are interested in earning cash back rewards as opposed to travel or entertainment rewards.
Some of the key benefits and features that make this card stand out:
Great Cash Back Rewards
You’ll earn 4% cash back on the first $25,000 you spend annually at gas stations and grocery stores.
You will also earn 2% cash back on the first $25,000 you spend annually on recurring payments and drug store purchases. 2% cash back applies at merchants, which are classified in the Visa network as Drug Stores & Pharmacies
For everything else, you will earn 1% cash back on purchases made after you have reached the 4% and 2% $25,000 annual spend maximum (‘overflow’) and on all other eligible purchases made with the card.
As you can see from the above list, the cash back offers are pretty good to be ignored and the average spender like you and me will probably never exceed the maximum thresholds.
Also, do not that If you are a large family and spend a dozen on grocery shopping, or you do a lot of driving – gas purchases, your cash back potential is huge with this card.
Even with below to average spend month-to-month, you are still looking at a decent cash back in your wallet at the end of the day.
Top 7 Benefits of the Scotia Momentum Visa Infinite Credit Card
Scotia is one of the top banks in Canada and the products they offer is unique and value for money.
1. Bonus Offer – The day you’ll sign up for a new Scotia Momentum Visa Infinite card, you’ll start earning 10% cash back on your first $2,000 spending. This offer is valid only for the first three months and up to $200 in value at the max.
Now, after doing a quick math – The 10% cash back offer translates into an additional $160 in rewards on your $2,000 spend.
2. Annual Fee – Like I said earlier, the annual fee for this card is $99.
When you initially sign up for a new card, your first year annual fee is waived. This is equivalent to an additional $99 value in your first year.
3. Travel Rewards – While this card is not focused on earning travel rewards points like the Scotia Gold American Express card, it does offer a variety of travel benefits that come in handy when you travel.
Travel Benefits of the Scotiabank Visa Momentum Infinite Card include:
Emergency Medical Insurance: up to $1 million coverage for you and your family if there is an unexpected illness or accidental injury while you are travelling outside of your home province or territory within Canada (for up to 15 consecutive days)
Trip Interruption Insurance: up to $2,000 per person and $10,000 maximum per trip
Flight Delay Insurance: reimbursement of up to $500 per person
Lost Baggage Insurance: up to $500
Travel Accident Insurance: up to a maximum of $500,000
4. Car Rental and Insurance: You’ll get up to a 25% discount when you rent a car at participating AVIS and Budget locations when you pay with your scotia momentum visa credit card.
In addition, you are eligible for a free rental car collision insurance loss/damage insurance when you pay with your card.
5. Purchase Assurance and Extended Warranty: This gives you insurance coverage against theft, loss or damage, and an extended warranty that doubles the manufacturer’s warranty up to 1 year.
6. Exclusive VISA Benefits: The Scotia Momentum Visa Infinite card entitles you for benefits that are exclusive to Visa Infinite cardholders.
The Benefits Include:
Complimentary concierge services: They are available to help you buy tickets, make dinner reservations, plan your trip, and more 24 hours a day and 7 days a week at 1-888-853-4458.
VIP access to top notch entertainment events, wine tasting at over 60 wineries in British Columbia and Ontario, luxury hotel privileges (such as free WiFi, complimentary breakfast, 3 p.m. checkout), and dining.
Zero liability: You are fully protected against unauthorized use of your card.
7. Other Features: As with every other major credit cards, the Scotia Momentum Visa Infinite comes with 19.99% interest rate on purchases and 22.99% on cash advances and balance transfers. The grace period allows you to use funds interest-free for 21 days.
Cons Of the Scotiabank Visa Momentum Infinite Card
There are definetely a few downsides to note with the new Scotiabank Visa Momentum Infinite credit card. Let’s discuss them in detail here.
1. Additional Spouse Card: If you are planning to get an additional card for your spouse or a family member, you’ll have to pay $30 for each
2. Income Requirement: The card has a minimum individual income requirement of $60,000 or a combined household income of $100,000.
Also, you should have an excellent credit score to qualify (750 – 900 Ideally)
Another point to note here is – You’ll have to wait till the end of November to make use of the cash back earned. Cos that’s when the cash back is actually rewarded to your account.
Regarding the bonus cash backs, they are credited to your account within 2-3 months after the promo ends.
Is The Scotia Momentum Visa Infinite Card Right For You?
Let’s consider the below example:
Assuming you’ll spend $1000 on groceries and gas every month, and $200 on recurring bills and drug store purchases, for a total of $1,200 spend on your card per month.
Groceries and Gas at 4% cash back: $1000 x 4% = $40
Now, $40 x 12 months = $480/year in cash back
Recurring bills and Pharmacy at 2% cash back: $200 x 2% = $4
That is, $4 x 12 months = $48/year in cash back
That’s a total of $528 in cash back for the year
That’s pretty good considering it’s a cash back card.
Also note that, the calculation above does not include the $99 fee waiver for the first year.
With these added benefits and promos such as the 10% cash back rate, 2% and 1% cash back earned on all other purchases. Even though you were to pay the $99 fee, it still leaves you with significant cash back earnings.
Do note that, In the example shown above, we have not considered the value of the travel benefits, extended warranty, rental car discount and insurance, concierge services, and more.
If you are using your Scotia Momentum Visa Infinite credit card while you book for your flights and hotel reservations, pay for rentals, or purchase everyday items, this can actually translate into a lot of cash back money at the end of the day.
Alternatives To The Scotia Momentum Visa Infinite Card
Other top rewards and cash back cards that are worth looking at depending on your needs:
1. Excellent Travel Rewards Card: Scotia Gold American Express card – you’ll earn 15,000 bonus Scotia Rewards points ($150) on your first $1,000 everyday spending in the first 3 months. Also you have the potential to earn 4x Scotia Rewards points for every eligible $1 spend on gas, groceries, dining, and entertainment.
2. No Annual Fee Card: These types of credit cards do not charge any annual fee – Scotia Momentum No Fee Visa card and Tangerine 2% Money Back Credit Card.
3. Low Interest Balance Transfer Card: Scotia Value Visa Card – 0.99% introductory interest rate on balance transfers for the first 6 months and 12.99% after that.
4. Student or First Time Credit Card: Scotia SCENE Visa Card has no annual fee. You will earn 2,000 SCENE points with your first $500 in everyday purchases in the first 3 months. Also, you will earn 1 SCENE point for every $1 spend or 5 SCENE points for every $1 spend at Cineplex theatres.
To conclude, the Scotia Momentum Visa Infinite card should definetely be on your list if your considering getting yourself a cash back credit card in Canada.
Like I said before, it is rated #1 by Money Sense for a reason.
With all the great benefits this card has to offer, it’s really one of the best cash back credit cards in Canada right now. Don’t forget that the joining bonus itself is worth $299 and 10% cash back for the first three months.
Personally, I like this card and its definetely worth considering it if not now, then at-least in the near future.
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- 10% Cash Back for the first three months
- Annual fees waived off for the first year
- 4% Cash back for Gas and Groceries
- If you are looking for rewards points, then this might not be the one for you
- Scotia Value Visa Card – 0.99% introductory interest rate on balance transfers for the first 6 months and 12.99% after that
- Scotia SCENE Visa Card has no annual fee. You will earn 2,000 SCENE points with your first $500 in everyday purchases in the first 3 months