The Scotia Momentum Visa Infinite Card is one of the best cash back credit cards in Canada. In this article, let’s take a look at what really makes this a great choice, the pros and cons, the best features, and everything else that makes this card really stand out from the crowd.
The Scotia Momentum Visa Infinite Card is one of the best cash back credit cards in Canada. You’ll get 4% cash back on your grocery and gas spending, 2% cash back on pharmacy purchases and recurring bill payments, and 1% cash back on everything else.
Scotiabank is offering this introductory offer of 10% cash back on your everyday purchases up to $2,000 in total purchases for your first 3 months when you initially sign up for the credit card. Plus, they waive the $99 annual fee for the first year, which is a welcome deal of $299 for the first year only.
Plus, considering the huge cash back value (10% specifically), it’s no wonder it’s ranked as the #1 cash back rewards card by MoneySense in 2018.
Benefits of the Scotia Momentum Visa Infinite Credit Card
There you have it, Scotiabank offers a wide variety of credit cards that meet the different needs and interests of its cardholders.
The Scotia Momentum Visa Infinite Card should be the best choice for you if you want to earn cash rewards rather than travel or entertainment rewards.
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You’ll earn 4% cash back on the first $25,000 you spend at gas stations and grocery stores each year.
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You’ll also earn 2% cash back on the first $25,000 you spend each year on recurring payments and pharmacy purchases. A 2% cashback applies to merchants classified in the Visa network such as Drugstores & Pharmacies
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For everything else, you’ll earn 1% cash back on purchases made after reaching the 4% and 2% annual spending maximums of $25,000 (“spillover”) and on all other eligible purchases made with the card.
As you can see from the list above, cashback offers are pretty good to ignore and the average spender like you and me will probably never exceed the maximum thresholds.
Also, don’t do this. If you’re a large family and you spend a dozen dollars on groceries, or if you make a lot of gas purchases, your cash back potential is huge with this card.
Even with lower-than-average monthly spending, you still get decent cashback in your wallet at the end of the day.
Advantages of tScotia Momentum Visa Infinite Credit Map
Scotia is one of the best banks in Canada and the products it offers are unique and good value for money.
1. Bonus Offer – The day you sign up for a new Scotia Momentum Visa Infinite card, you will start earning 10% cash back on your first $2,000 in spending. This offer is only valid for the first three months and up to $200 maximum value.
Now, after doing some quick math, the 10% cash back offer translates to $160 in additional rewards on your $2,000 in spending.
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 equates to an additional $99 in value over your first year.
3. Travel Rewards – While this card isn’t 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’re traveling.
Scotiabank Momentum Infinite Visa Card travel benefits include:
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Emergency Medical Insurance: Up to $1 million of coverage for you and your family in the event of unexpected illness or accidental injury while traveling outside your home province or territory in Canada (up to 15 consecutive days)
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Trip interruption insurance: up to $2,000 per person and maximum $10,000 per trip
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Flight delay insurance: reimbursement of up to $500 per person
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Lost baggage insurance: up to $500
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Travel accident insurance: up to a maximum of $500,000
4. Car Rental and Insurance: You’ll get up to 25% off when you rent a car at participating AVIS and Budget locations when you pay with your Scotia Momentum Visa credit card.
Plus, you’re eligible for free rental car collision insurance when you pay with your card.
5. Purchase Assurance and Extended Warranty: This gives you insurance coverage against theft, loss or damage, as well as an extended warranty that doubles the manufacturer’s warranty for up to 1 year.
6. Exclusive VISA Benefits: The Scotia Momentum Visa Infinite card entitles you to benefits exclusive to Visa Infinite cardholders.
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Complimentary Concierge Services: They are available to help you purchase tickets, make dinner reservations, plan your trip and more, 24 hours a day, 7 days a week at 1-888-853-4458.
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VIP access to premier entertainment events, wine tastings at over 60 wineries in British Columbia and Ontario, luxury hotel privileges (such as free Wi-Fi, free breakfast, 3 p.m. check-out), and dining.
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Zero Liability: You are fully protected against any unauthorized use of your card.
7. Other Features: Like all other major credit cards, the Scotia Momentum Visa Infinite comes with an interest rate of 19.99% on purchases and 22.99% on cash advances and balance transfers. The grace period allows you to use the funds interest-free for 21 days.
Disadvantages of Scotiabank Momentum Infinite Visa Card
There are definitely some downsides to note with the new Scotiabank Momentum Infinite Visa credit card. Let’s discuss it in detail here.
1. Additional Spouse Card: If you are considering getting an additional card for your spouse or family member, you will need 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.
Additionally, you must have an excellent credit score to qualify (750 – 900 ideally)
Another point to note here is that you will have to wait until the end of November to use the earned cashback. Because that’s when the cashback is actually rewarded to your account.
Regarding bonus cashback, they are credited to your account within 2-3 months following the end of the promotion.
Is the Scotia Momentum Visa Infinite Card Right for You?
Consider the example below:
Assuming you spend $1,000 on groceries and gas each month, and $200 on recurring bills and pharmacy purchases, for a total of $1,200 spent on your card per month.
Groceries and gas with 4% cash back: $1,000 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
In other words, $4 x 12 months = $48/year in cash back
That’s a total of $528 in cash back for the year
This is 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 additional benefits and promotions such as 10% cash back rate2% and 1% cashback earned on all other purchases. Even if you were to pay the $99 fee, that still leaves you with significant cashback earnings.
Note that in the example above, we haven’t taken into account the value of travel perks, extended warranty, car rental discount and insurance, concierge services, etc.
If you use your Scotia Momentum Visa Infinite credit card while you book flights and hotels, pay for rentals, or purchase everyday items, it can actually result in a significant discount down the line.
Alternatives to the Scotia Momentum Visa Infinite Card
Other rewards and cashback cards worth looking into based on your needs:
1. Great Travel Rewards Card: Scotia Gold American Express Card – you’ll get 15,000 bonus Scotia Rewards points ($150) on your first $1,000 in daily spending in the first 3 months. Plus, you have the opportunity to earn 4x Scotia Rewards points for every eligible dollar spent on gas, groceries, dining and entertainment.
2. No Annual Fee Card: These types of credit cards charge no annual fee: Scotia Momentum No Fee Visa Card and Tangerine 2% Cash Back Credit Card.
3. Low Interest Balance Transfer Card: Scotia Value Visa Card – introductory interest rate of 0.99% on balance transfers for the first 6 months and 12.99% thereafter.
4. Student or first-time credit card: The Scotia SCENE Visa card has no annual fee. You will earn 2,000 SCENE points with your first $500 in daily purchases within the first 3 months. Plus, you’ll earn 1 SCENE point for every $1 spent or 5 SCENE points for every $1 spent at Cineplex theaters.
Conclusion
To conclude, the Scotia Momentum Visa Infinite card should definitely be on your list if you are considering getting a cash back credit card in Canada.
As I said before, it’s ranked #1 by Money Sense for a reason.
With all the great benefits this card has to offer, it’s truly one of the best cash back credit cards in Canada right now. Remember that the membership bonus itself is worth $299 and 10% cashback for the first three months.
Personally, I like this card, and it’s definitely worth considering, if not now, then in the near future.
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