Scotia Momentum® No-Fee Visa® Card

These days, finding the right financial products can be confusing. One credit card offer promises this, but only if you jump through hoops. Another bank offers a few great incentives, but the annual fees or other fee structures are bloated, erasing any value from the incentives. Scotiabank offers the No fee Scotia Momentum Visa credit card with a simple rewards program, no annual fee, and a great customer service team.

Scotia Momentum No-Fee Visa is Best for

• Cardholders who wish to avoid an annual fee
• Consumers looking to improve credit with everyday purchases
• People who want an interest-free grace period
• Cardholders looking for cashback rewards

What Are the Advantages?

This credit card has many benefits, so let’s check them out.

No annual fee

If you are a beginner on your credit-building journey, you might want to opt for a credit card that doesn’t require an annual fee. This card is free of charge; you won’t have to pay to own it. Moreover, you can get supplementary cards for free, which is not an option with many other cards.

Cashback rewards

This card offers cash back¹ on every eligible purchase you make with it. If you are a new member, you can get a 5% cashback in the first three months. All other users will get 1% cash back for groceries, gas, and recurring payments, such as subscriptions. The cashback percentage on other purchases is 0.5%.

Digital banking

With digital banking, you can track how much you spend and where. This card offers the option of digital banking and a chance to pay via phone. With this option, you won’t have to wait in line to pay with your card; you can transfer the money to any store, and you’ll be good to go.

Rentals

Scotiabank and Visa help those who travel and those who need to rent a car for any occasion. With this card, you can get discounts up to 25% for renting a car. However, that only applies to AVIS and Budget Car Rental locations; you can find them across Canada and the US.

Insurance

This card also has insurance options. There are two types of coverage: Basic Protection and Comprehensive Protection. Here is what they offer when it comes to coverage benefits.

Basic Protection:

• Life Benefit
• Critical Illness
• Hospitalization

If you stay in the hospital or develop a critical illness, you will receive up to $50,000 on your card.

Comprehensive Protection:

• Life Insurance, Critical Illness, and Hospitalization
• Disability
• Job Loss
• Strike

Similarly to Basic Protection, you will receive $50,000 if you fall ill or stay in the hospital. However, this option covers more than the Basic option. If you can’t work due to injuries or other difficulties, you will receive up to 20% of your outstanding balance. When it comes to job loss or strike, you can receive up to 20% of your balance, but for five months only. Additionally, you can have free coverage for up to a month to see whether a particular insurance option is right for you.

The low minimum credit limit

Every credit card has a minimum credit limit (the amount of money you will have in your account each month, and the amount you will pay back). The minimum credit limit for this card is $500 only, making it suitable for low-income families or individuals who want to build their credit score.

Are There Any Disadvantages?

Although there aren’t many disadvantages to this card, there are a few less desirable features.

High-interest rate

When you get a credit card, you will, ultimately, have to pay an interest rate² each month. This card has a high-interest rate on cash advances, including balance transfers. For regular purchases, the interest rate floats around 20% (remember that it changes regularly), and for cash advances, such as transferring money, the rate can be as high as 23%. The card does have an interest-free grace period, but it lasts only six months; that’s the current promotion, at least.

Costly insurance

You will have to pay a fee to get either the Basic Protection or the Comprehensive Protection package. That is a premium account, and here are the current prices of both:

1. Basic Protection: $0.89 for every $100 in your account;
2. Comprehensive Protection: $1.09 for every $100 in your account.

There isn’t a fixed rate for these insurance options; you pay according to the amount of money you have in your account every month.

Age limit for insurance

If you are an elderly Canadian citizen, this card’s insurance options may not be ideal. Namely, if you are older than 70, you won’t be eligible for full coverage. You can pay $0.49 for every $100 in your account and get Life Benefits only.

How Can I Apply for the Scotia Momentum No-Fee Visa Card?

To apply for the No fee Scotia Momentum Visa credit card, you can click on the “Apply Now” button. Once you are directed to the online application form, the bank will ask for your information like name, address, and SSN and send a notification instantly or email about your application approval or denial within a few business days

What Are the Requirements to Get a No-Fee Card?

If you are a Canadian over 18, you can apply for this no-fee credit card. No minimum income requirements exist, which is why this card is suitable for students, too.

What Makes No Fee Scotia Momentum Visa Different

There aren’t many fee-free credit card options currently, especially not with the many benefits this card offers. With this card, you will get a cashback on any purchase you make with the card, whether you do it online or in brick-and-mortar stores.

Usually, no-fee cards don’t offer the option of digital banking, but this card does. It is essential to keep track of your finances, and you can do that by simply using Scotiabank’s mobile app. You can track your balance and credit score at the same time.

You can also pay for the insurance that this card offers. However, the insurance rate is not fixed; it depends on the amount of money you have in your account. There are two options to choose from, depending on your lifestyle.

No Fee Visa Card Competition and Alternatives

• Scotiabank Scene Visa – card offers no annual fee, 5,000 bonus rewards, digital banking, and fast online application
• National Bank MC1 Mastercard – there is no annual fee with this card and no income requirements. Free additional card.
• Simplii Financial Debit Card – card comes with no monthly fees, 2% cash back, free banking, and special promotions

Bottom Line

The Scotia Momentum No-Fee Visa card may be one of the best no-fee credit cards in Canada. The features and benefits it offers are numerous. The best one might be the cashback feature; you will get a cashback on any purchase you make with your card. As the name suggests, this card has no annual fees, and you won’t even have to pay to get a supplementary card. Overall, it is an excellent option for those who want to build their credit with everyday purchases but don’t want to pay to get and use a credit card.

Frequently Asked Questions

Reference Index

1. Cash Back From a Credit Card Is Like ‘Free’ Money. Time
2. What Are Interest Rates? Bank of England