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Are you looking for a card that gives you up to 4% cash back, travel perks and no annual fee for the first year? Enter the Scotia Momentum® VISA Infinite card which is chock-full of features that can help you save money and make your life easier in a number of ways. While it may not earn any actual travel rewards, it offers some luxurious options only available to VISA Infinite cardholders that can help enhance your travel experiences. There are also a number of travel insurance benefits and it’s eligible for Apple Pay, making this a well-rounded card.
- 4% cash back on all eligible gas station and grocery store purchases
- 2% cash back on eligible drug store purchases as well as recurring bill payments
- 1% cash back on all other eligible purchases
Note that the 4% and 2% rates apply to the first $25,000 you spend annually at merchants that accept VISA. After you surpass this limit, you will only earn 1% cash back on any eligible purchase you make with the card.
One special feature this card has is the ability to earn cash back on recurring bill payments. Basically, you get rewarded for paying your bills on time. It’s a nice touch.
Cash Back Earning Potential: Excellent
How does this card stack up to other rewards options? We crunched the numbers using our Best of Finance methodology to see how much you could earn over a two-year period.
Assuming $1,119.58 is spent on the card monthly in the following categories:
Total estimated cash back percentage: 3.2%
Estimated value of cash back over a 24-month period: $860-$870
That’s enough cash back to buy a round trip plane ticket to a sunny island destination! In comparison to many travel rewards cards where it takes several years to earn enough points for a plane ticket, this cash back card could actually be a quicker route to your dream vacation.
Sign Up Bonus: Average
Anyone who signs up before April 30, 2017 can earn 5% cash back on purchases for the first three months, plus an introductory 1.99% on balance transfers for the first six months.
Note that the 5% cash back only applies to the first $3,000 in purchases. Regular cash back applies on purchases made after you have reached the 5% threshold or made $3,000 in purchases in the first three months.
Balance Transfer and Cash Advance Features: Below Average
This card includes a 22.99% balance transfer and cash advance rate – something that’s pretty average in comparison to other Canadian credit cards. For balance transfers, fees are 1% of the total amount for each transfer over $100.00, while each cash advance transaction costs $4.00. If you’re late making the minimum monthly payment account twice or more within a 12-month period, the rate for both features rises to 27.99%. What’s more is that an additional $10 per month is tacked onto your bill if you don’t make your payment in full before the monthly due date. Therefore, this isn’t the card to use if you’re looking for help with paying off debt.
Note that this card also includes a dishonoured payment and Scotia credit card cheque fee of $48.00 which is charged by your financial institution on the date the payment is returned or dishonoured, due to insufficient credit available in your account.
This card also allows you to enroll in the Scotia total equity plan but will result in additional fees and charges related to the collateral mortgage security and registration.
Additional Benefits: Excellent
The Scotia Momentum® VISA Infinite card carries several other features, including:
- 24/7 VISA Infinite complimentary concierge service
- Access to the VISA Infinite luxury hotel collection
- Access to the VISA Infinite dining series at some of Canada’s top restaurants
- Access to additional special offers and experiences
This card also gives you:
- Purchase and extended warranty protection
- Baggage insurance
- Flight delay insurance*ᵻ
- Rental vehicle insurance
- Travel medical insurance*
- Trip interruption of cancellation insurance*ᵻ
- Common carrier travel accident insurance*ᵻ
- Avis rental car discount ᵻᵻ
- VISA payWave and VISA checkout compatible
- Eligible for My Mobile Wallet as well as Apple Pay
*This applies to you, your spouse and any dependent children
ᵻ When you charge at least 75% of the total cost to the card
ᵻᵻ When you charge the full 100% to the card
Our Final Word
The Scotia Momentum® VISA Infinite card has a long list of cool features that – despite not being a rewards card – can help you earn toward your dream trip and cover your insurance needs, too. It earns cash back at a quick rate and gives you access to luxurious restaurant and travel options. However, you need to pay your balance in full each month in order to reap all the benefits. If you don’t, the penalties are steep.
Our advice? Always read the fine print before signing up for any card. If you’re aware of all these additional charges and know how to avoid them, then this card may just be exactly what you need.
Are you carrying the best credit card for your spending habits? Check out the Credit Card Rewards Calculator and find out!
How to Qualify for the Card
- You are a Canadian citizen or landed immigrant
- You must be the age of majority in your province or territory of residence
- You have not declared bankruptcy in the past seven years
- You have a minimum gross individual annual income of $60,000 or a minimum $100,000 household income.