Scotiabank offers various financial products, including multiple visa cards. The Scotia Momentum Visa credit card is one of those options to consider – it offers cashback rewards1 and low fees with some decent features. Aside from cashback rewards, Scotia Momentum has a 0% balance transfer fee for the first six months, which is good compared to other Canadian cards at this level. It’s a good option for earning cash rewards when buying everyday essentials. The following review will help you understand this card and whether it’s a good option for your needs.
Momentum Visa Card is Best for
- People who want a cashback rewards card with a low fee.
- Those who need a card to buy all the essentials needed.
- People with good credit scores.
- People looking to build credit history securely and conveniently.
- Cardholders that don’t like carrying an outstanding balance.
Scotia Momentum Visa Cash Back Card Advantages
The main benefit of the Scotia Momentum Visa is the cashback rewards. However, let’s dig a little deeper to show you what you’ll get.
Good cashback conditions
Cardholders earn 2% cashback on all their essential purchases, including recurring payments, drug store purchases, gas, groceries, etc. The cashback is limited to a total of $25K purchases per year. In other words, you can earn up to $500 in rewards, and after passing the limit, you will get an unlimited 1% cashback on spending in these categories. At the same time, there is a fixed 1% cashback on all the other purchases that don’t cover essentials.
This card lets cardholders double the manufacturer’s warranty lasting up to 12 months. Users get a lifetime claim with a maximum amount of $60K and an occurrence maximum claim of $10K. Both of these conditions are applied for extended warranty coverage and purchase security.
Reliable purchase security
All purchases you make are protected against damage, theft, and loss for a maximum of 90 days. This coverage can handle a maximum of $10K in replacement or repair costs.
0% starting balance transfer fee
This card gives new users a special period of six months, during which there’s no balance fee2. It’s important to remember that this is only a promo period and that the balance fee goes to 22.99% after the first six months have passed.
Inexpensive car rental
Many people are surprised that this card gives users a 25% discount on all transactions related to car rental. However, this card is meant for travelling professionals who often use these services. This feature helps them save a lot while reducing car rental costs and making essentials more accessible.
Improve your credit score
Scotia Momentum Visa lets cardholders boost their credit score easily, as all the transactions are reported to the three major credit bureaus.
Are There Any Disadvantages
This card doesn’t let you carry an outstanding balance. Of course, you can carry one if you want to, but you will lose a lot of money. It’s not a card you can use for debt consolidation, either. Another big downside of this card for people who don’t like fees is the $39 annual fee everyone has to pay right away.
At the same time, getting an additional card for the same account will cost you an extra $15. The Scotia Momentum Visa is a straightforward card that gives you great rewards on your ongoing purchases and helps you save up while building credit and nothing else. If you’re looking for anything outside of that, it’s probably best to find a different credit card.
What Makes Scotia Momentum Visa Card Different
This card is unique because it allows you to get $500 per year in cashback with one feature while giving an additional 1% cashback on all purchases to increase this number even further. The six-month promo period with a 0% balance transfer also allows you to tackle any unwanted debt at the start and help you understand how to use this card without consequences.
On top of that, this card doesn’t have any high-income requirements making it suitable for those who want to boost their credit score and maybe even upgrade to another Scotiabank card later.
Offers Similar to Scotia Momentum Visa and Alternatives
- Scotia Momentum Visa Infinite Card – 10% cash back on all purchases for 3 months, comprehensive travel insurance, and complimentary concierge services
- National Bank World Elite Mastercard – 20,000 welcome bonus, no annual fee for 1 year, travel perks, and Mastercard World Experiences
- SCENE Visa Card – no annual fee, 5,000 bonus rewards, comprehensive insurance, and free supplementary cards
Take the time to figure out whether Scotia Momentum Visa is the right card for you. With some solid cashback rewards, insurance, and discounts, it can be a perfect card for your everyday spending that lets you boost your credit score while saving up.
Frequently Asked Questions
- What is cash back? Investopedia
- What is the balance transfer fee? Investopedia