7 Benefits Of The Scotia Momentum Visa Infinite Card

Scotia Momentum Visa Infinite Card is one of the best cashback credit cards in Canada. In this article, let’s look into what really makes this an excellent pick, the pros and cons, the best features, and everything around that really makes this card stand out in the crowd. 

The Scotia Momentum Visa Infinite card is one of the best cashback credit cards in Canada. You’ll get 4% cashback on grocery and gas spending, 2% cashback for purchases at drug stores and recurring bill payments, and 1% cashback on everything else. 

Scotiabank has this introductory offer of 10% cashback 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 cashback value (10% especially) it is no wonder rated as the #1 cashback 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 cashback rewards as opposed to travel or entertainment rewards.

• You’ll earn 4% cashback on the first $25,000 you spend annually at gas stations and grocery stores.

• You will also earn 2% cashback on the first $25,000 you spend annually on recurring payments and drugstore purchases. 2% cashback applies at merchants, which are classified in the Visa network as Drug Stores & Pharmacies

• For everything else, you will earn 1% cashback 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 cashback 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 cashback potential is huge with this card.

Even with below-average spending month-to-month, you are still looking at decent cashback in your wallet at the end of the day.

Pros of the Scotia Momentum Visa Infinite Credit Card

Scotia is one of the top banks in Canada and the products they offer are 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% cashback 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 quick math – The 10% cashback offer translates into an additional $160 in rewards on your $2,000 spend.

2. Annual Fee – As 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 a million coverage for you and your family if there is an unexpected illness or accidental injury while you are traveling 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 by 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. 

• 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 card, the Scotia Momentum Visa Infinite comes with a 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 definitely 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 that you’ll have to wait till the end of November to make use of the cashback earned. Cos that’s when the cashback is actually rewarded to your account. 

Regarding the bonus cashback, 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 spent 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 cashback for the year

That’s pretty good considering it’s a cashback 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% cashback rate, 2% and 1% cashback earned on all other purchases. Even though you were to pay the $99 fee, it still leaves you with significant cashback 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 cashback money at the end of the day. 

Alternatives To The Scotia Momentum Visa Infinite Card 

Other top rewards and cashback 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 spent 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 spent or 5 SCENE points for every $1 spent at Cineplex theatres.

Conclusion 

To conclude, the Scotia Momentum Visa Infinite card should definitely be on your list if you’re considering getting yourself a cashback 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 cashback credit cards in Canada right now.  Don’t forget that the joining bonus itself is worth $299 and 10% cashback for the first three months. 

Personally, I like this card, and its definitely worth considering it if not now, then at least in the near future.

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