Scotia Momentum Mastercard Credit Card Review 2023

Published on

Written by SnappyRates Team

Snappy Rates is reader-supported. This means if you click on some of our links, we may earn a commission. This does not affect the objectivity of our evaluations. Read our disclosure.

The Scotia Momentum Mastercard Credit Card is a popular credit card from one of Canada’s largest banks.

This cashback credit card offers a good cashback rate, allowing you to earn on your everyday purchases. It also includes a few other useful benefits for cardholders.

This review will examine the pros and cons of the Scotia Momentum Mastercard Credit Card in Canada.

We’ll also compare it with other credit cards on the market to help you decide which card is most suitable for your situation.

Scotia Momentum Mastercard Credit Card – Summary

Scotia Momentum Mastercard

Rewards: Earn up to 1% cash back on gas, grocery, drug stores, and recurring payments; 0.5% on everything else.

Welcome offer: Get an extra 15% cash back on up to $1,000 in spending in the first 2 months ($150 value).

Interest rates: 19.95% for purchases, balance transfers, and cash advances.

Annual fee: $0

Benefits of the Scotia Momentum Mastercard Credit Card

There are several Scotiabank Momentum Mastercard benefits. However, the main benefit of using this credit card is that you can earn cashback on your everyday purchases.

The card provides you with 1% cashback on all eligible purchases in the spending categories of gas, grocery, drug stores, and recurring payments.

In addition, you can earn 0.5% cash back for all other eligible purchases outside of these primary categories.

In return for this, you do not have to pay an annual fee to use the card. In addition, if you want to add authorized cardholders, you will also not be charged a fee for supplementary cards, making this a very affordable card.

This Scotiabank credit card also comes with a few additional perks. One of these is the possibility of getting up to 25% off when renting a car. Doing so is possible at several AVIS and Budget locations throughout Canada and the U.S.

You can also get access to Mastercard experiences worldwide for being a cardholder. However, this is the limit of the perks, as expected from a no-frills credit card with no annual fee.

Another benefit is that the minimum income requirement is $12,000, which is lower than that required by many premium credit cards.

Downsides of the Scotia Momentum Mastercard Credit Card

The Scotia Momentum Mastercard Credit Card is fairly basic. It is not a premium credit card, and as such, it does not come with any premium perks beyond the ability to save on car rentals.

If all you want is the ability to earn cash back, you’ll be happy with the Scotia Momentum Mastercard Credit Card. However, it may not be ideal if you want to earn points and enjoy premium perks like travel insurance.

The APR of 20.99% for purchases and 22.99% for cash advances and balance transfers are fairly standard. However, it may be best to get a low-interest credit card if you carry a balance.

How to Apply for the Scotia Momentum Mastercard Credit Card

Applying for the Scotia Momentum Mastercard Credit Card is quite straightforward. However, if you want to apply for the card, the easiest option is probably to apply online via the website.

If you prefer to apply over the phone, this is an option. However, you can also make an appointment at your local branch and apply for the credit card in person.

Make sure you meet the requirements before applying to reduce your chances of getting rejected.

The minimum requirements are quite flexible, however. The main requirement is that you have a gross income of $12,000 or more, which is low compared to many other cards.

You must be a citizen or permanent resident of Canada and not have declared bankruptcy at any time in the past seven years.

Scotia Momentum Mastercard Credit Card Alternatives

If you are considering applying for the Scotia Momentum Mastercard Credit Card, there are a few alternatives to consider first.

snappy rates site icon

Subscribe to our Newsletter!

Subscribe to get the latest personal finance news, offers, and our weekly newsletter. You can unsubscribe at any time.

Here we will compare it with the BMO CashBack Mastercard, SimplyCash Card from American Express and Amex Cobalt Card to help you decide which is best for your situation.

BMO CashBack Mastercard

The BMO CashBack Mastercard is another credit card with no annual fee. The APR is 20.99% for purchases and 22.99% for cash advances.

This card also offers cashback and is similar to the Scotia Momentum Mastercard Credit Card.

However, you can earn up to 3% cash back on eligible grocery purchases up to a limit of $500 per statement period, which is more than the 1% offered by the Scotia Momentum Mastercard.

You can also earn 1% cash back on eligible recurring bill payments. For all other eligible purchases, you can earn 0.5% cashback.

It does not have many additional perks. Just like the Scotia Momentum Mastercard, it offers you the chance to save 25% on car rentals, which could be a useful feature for travellers.

But with this card, the ability to earn cash back is the main reason to choose it.

SimplyCash Card from American Express

The SimplyCash Card from American Express also has no annual fee. It has an APR of 20.99% for purchases and 21.99% for cash advances, which is fairly standard. There is also no fee for additional cards.

This is another cashback card where you can earn 2% cash back on gas. So if that’s where you want to make your money back, this could be a good choice.

You can also earn 2% cash back on eligible grocery purchases up to a maximum of $300 per year. Finally, you can earn 1.25% cash back on all other eligible purchases with no limit.

As well as cashback, the SimplyCash Card may include travel insurance coverage when you purchase a trip with your card. You can also get access to American Express® Experiences and exclusive offers.

Again, it is a fairly basic card, as to be expected for a card with no annual fee.

Amex Cobalt Card

The Amex Cobalt Card comes with a $12.99 monthly fee, which adds up to $155.88 per year. However, additional cards have no annual fee. It has an APR of 20.99% for purchases and 21.99% for cash advances.

In contrast to the other credit cards compared above, this is not a cashback card. Instead, you can use it to earn Amex points, which you can then use to get discounts on almost any type of purchase.

You can earn 5x points on eligible restaurants and delivery purchases, 3x points for eligible streaming subscriptions, and 2x points for eligible travel and transit purchases. For all other eligible purchases, you will earn 1x points.

1,000 points are worth a discount of up to $10 on your purchases, and you can make discounts on a wide range of purchases, including categories like gas and travel.

The card also includes membership in The Hotel Collection, which includes over 600 hotels worldwide. And you may get travel insurance coverage when you book a trip with your card.

Scotia Momentum Mastercard Credit Card: Conclusion

The Scotia Momentum Mastercard Credit Card is a good option if you are looking for a credit card with no annual fee. It’s also a good choice if you want to earn cash back on your everyday purchases.

While other cards come with more premium perks, it is a good option for daily spending. The low minimum income requirement also makes it accessible to more people.

 Scotia Momentum Mastercard Credit CardBMO CashBack MastercardSimplyCash Card from American ExpressAmex Cobalt Card
Annual Fee:$0$0$0$155.88
APR Purchases:20.99%20.99%20.99%20.99%
APR Cash Advances:22.99%22.99%21.99%21.99%
Rewards / Cashback:1% cashback on gas, grocery, drug stores, and recurring payments, 0.5% cashback for everything else.3% cashback on eligible grocery purchases (on up to $500 monthly spending), 1% on recurring bills, 0.5% everything else.  2% cashback on gas and groceries, 1.25% cashback on everything else.5x Amex points for dining, 3x pts. for streaming subscriptions, 2x pts for travel, 1x pts everything else.

Bonuses & Freebies for February

Free prepaid card with up to 5% cashback. No credit check & $20 bonus with CASHBACK code.

Earn up to 5% unlimited cashback. No annual fees and $25 bonus.

Get a $100 cashback bonus in the first 2 months. No annual fee credit card.

No current offers for this category.

Subscribe to our Newsletter!

Subscribe to get the latest personal finance news, offers, and our weekly newsletter. You can unsubscribe at any time.

Gravatar for SnappyRates Team

SnappyRates Team

The SnappyRates Team comprises personal finance writers who have reviewed and personally tested hundreds of financial products in the Canadian space. With over 20 years of combined experience to draw from and expertise in all things credit cards, banking, insurance, and mortgages, our goal is to provide you with the most comprehensive guides and resources to help you on your financial journey.

Leave a comment