Scotia Momentum No-Fee Visa Card Review for 2024

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Written by Enoch Omololu

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If you’re in the market for a no-fee cash back credit card in Canada, the Scotia Momentum No-Fee Visa Card is worth considering.

In this review, we go over the features of the card, including the rewards program, insurance benefits, and any potential drawbacks.

Main Highlights

  • The Scotia Momentum No-Fee Visa Card has no annual fee, making it an affordable option for earning cash-back rewards.
  • 1% cash back on eligible grocery, gas, and drugstore purchases, as well as on recurring bill payments; 0.5% cash back on other eligible purchases.
  • Insurance coverage for theft, loss, or damage for 90 days, and doubled manufacturer’s warranty for up to one year.
  • Downsides include lower cash-back rewards and a foreign transaction fee of 2.5%.

Scotia Momentum No-Fee Visa Card: Summary

  • No annual fee
  • 19.99% interest on purchases and 22.99% interest on cash advances
  • Earn up to 1% cash back on purchases
  • Save up to 25% on car rentals at participating AVIS and Budget locations in Canada and the U.S.
  • Get a low introductory interest rate on balance transfers for the first 6 months

Benefits of the Scotia Momentum No-Fee Visa Card

Here are some of the benefits you can enjoy with this card:

  • There is no annual fee, making it a cost-effective option for those who want to earn cash-back rewards.
  • Earn 1% cash back on eligible grocery, gas, and drugstore purchases, as well as on recurring bill payments.
  • 0.5% cash back on all other eligible purchases, providing you with additional cash back rewards on purchases outside the designated categories.

Downsides of the Scotia Momentum No-Fee Visa Card

  • Lower cash back rewards compared to other cash back credit cards available on the market.
  • There are no welcome bonuses for new cardholders, which may not appeal to those looking for additional incentives.
  • A foreign transaction fee of 2.5% may not be ideal for frequent travellers or those who make purchases outside of Canada.

How to Apply for the Scotia Momentum No-Fee Visa Card

To be eligible for the Scotia Momentum No-Fee Visa Card, you must meet the following requirements:

  • You must be a Canadian resident and have reached the age of majority in your province or territory of residence.
  • You must have a minimum annual personal income of $12,000.

You’ll also need to provide some basic personal and financial information, such as your name, address, and income.

You can apply for the card online through the Scotiabank website, by phone, or by visiting a Scotiabank branch nearest you.

Scotia Momentum No-Fee Visa Card Alternatives

If you’re considering the Scotia Momentum No-Fee Visa Card, there are a few other cash-back credit cards you may want to consider as well. Here are some alternatives:

Scotia Momentum Visa Card

This card offers higher cash back rewards (4% on eligible grocery and gas purchases, 2% on eligible drugstore purchases and recurring bill payments, and 1% on all other eligible purchases), but comes with an annual fee of $39.

Scotia Momentum Visa Card

Rewards: Earn up to 2% cash back on groceries, drugstores, gas stations, and recurring bill payments, and 1% cash back on everything else.

Welcome offer: Get a 0% introductory balance transfer interest rate for the first 6 months.

Interest rates: 19.99% for purchases, 22.99% for cash advances.

Annual fee: $39

Recommended credit score:
660
900

Good to Very Good

Scotia Momentum Visa Card

On Scotiabank’s website

  • Earn 2% cash back on groceries, drugstores, gas stations, and recurring bill payments (on the first $25,000 annually).
  • Earn unlimited 1% cash back on everything else.
  • $500 minimum credit limit.
  • Save up to 25% off base rates at participating Avis and Budget car rental locations in Canada and the US.
  • Purchase security and extended warranty protection are included.
  • $12,000 minimum income requirement to qualify.

Earn unlimited 1% cash back on most purchases

Savings up to 25% off at Avis and Budget locations

Purchase security and extended warranty protection

$25,000 annual spend cap for the 2% cash back category

No travel insurance or benefits

$12,000 minimum income requirement

The Scotia Momentum Visa Card is great for those who spend a lot on groceries, gas, or drugstore purchases, as you can earn up to 2% cash back in those categories and 1% cash back on everything else.

Tangerine Money-Back Credit Card

This card offers 2% cash back on up to three categories of your choice (including grocery, gas, and recurring bill payments) and 0.5% cash back on all other purchases, with no annual fee.

Tangerine Money-Back Credit Card

Rewards: Earn 2% unlimited cash back in up to 3 categories of your choice plus 0.50% on all other purchases.

Welcome offer: Get an additional 10% cash back after spending $1,000 in the first 2 months ($100 value).

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

Annual fee: $0

Recommended credit score:
600
900

Fair to Excellent

tangerinemoneyback-cc-img

On Tangerine’s website

  • Earn 2% unlimited cash back on 2 categories of your choice, including groceries, restaurants, entertainment, and recurring bill payments.
  • Unlock an additional 2% cash back category when you deposit your money back into a Tangerine Savings Account.
  • Earn 0.5% unlimited cash back on all other purchases.
  • Cash back is earned automatically on everyday purchases and paid monthly.
  • 1.95% promotional balance transfer interest rate for 6 months.
  • Purchase assurance and extended warranty are included.
  • Track and categorize your spending with the Tangerine mobile app.
  • To qualify, you must make a minimum of $12,000 per year.

Earn unlimited 2% cash back in up to 3 categories

No annual fee

1.95% balance transfer interest rate for 6 months

No travel benefits or insurance

No physical bank branches as it is an online-only bank

The Tangerine Money-Back Credit Card has no annual fees and earns you 2% cash back on up to 3 categories. You choose the categories in which you spend the most to maximize your rewards.

Neo Secured Mastercard

This card is a good option for those with no credit history or a poor credit score, as it is a secured credit card. It offers up to 5% cash back on all eligible purchases and has no annual fee.

Neo Secured Mastercard

Rewards: Earn up to 15% cash back at thousands of Neo partners and never fall below 0.5% average cash back.

Welcome offer: $25 welcome bonus; Get an extra 15% cash back on your first-time purchases at participating merchants.

Interest rates: 19.99% to 24.99%

Annual fee: $0

Recommended credit score:
None

N/A

neosecuredmastercard cc-img

On Neo’s website

  • Earn 5% unlimited average cash back at Neo partners.
  • Earn up to 15% cash back on your first purchases at participating retailers.
  • Never fall below 0.5% cash back with Neo’s guarantee.
  • Guaranteed approval with no annual fees or income requirement.
  • Flexible credit limit that you can increase or decrease at any time.
  • Autopay feature, so you don’t miss a monthly payment.
  • Security funds are safely stored in your Neo account and are returned if you pay off your balance and close your account.
  • Deposit a minimum of $50 for your security funds.
  • No hard credit check is required.
  • No annual fees, minimum credit score, or minimum annual income are required.

Flexible security deposit and credit limit

Earn up to 15% cash back at select retailers

No annual fees, minimum credit score, or minimum income

No insurance coverage

Cash back rewards are not very high with some merchants

Your credit limit is your security deposit

Unlike other secured credit cards, the Neo Secured Mastercard rewards you with up to 15% cash back while helping improve your credit score. You choose your credit limit with the amount of security funds you deposit.

Simplii Financial Cash Back Visa Card

This card offers 4% cash back on eligible restaurant and bar purchases, 1.5% on eligible gas, grocery, and drugstore purchases, and 0.5% on all other eligible purchases, with no annual fee.

Simplii Financial Cash Back Visa Card

Rewards: Earn up to 4% cash back on purchases.

Welcome offer: Get 10% bonus cash back at restaurants and bars (up to $500) for the first 4 months. Plus, get a 9.99% interest rate on purchases for 6 months.

Interest rates: 19.99% for purchases, 22.99% for cash advances.

Annual fee: $0

Recommended credit score:
660
900

Good to Very Good

Simplii Financial Cash Back Visa Card

On Simplii’s website

  • Earn 4% cash back on restaurant, bar, and coffee shop purchases (up to $5,000 yearly).
  • Earn 1.5% cash back on gas, grocery, and drugstore purchases and pre-authorized payments (up to $15,000 yearly).
  • Earn 0.5% cash back on everything else without limits.
  • Cash back is accumulated monthly and automatically redeemed as a statement credit in December.
  • Introductory 9.99% interest rate on purchases for 6 months.
  • Earn $50 for each successful referral.
  • Send money abroad for free with a Simplii Financial Global Money Transfer.
  • Purchase security and extended protection insurance are included.
  • A minimum household income of $15,000 is required to apply.

Earn up to 4% cash back on categories you spend most in

9.99% purchase interest rate for 6 months

Generous referral program

Spending limits on the 4% and 1.5% cash back categories

No insurance benefits

Cash back is only redeemed once per year

The Simplii Financial Cash Back Visa Card is a no-fee credit card that earns you up to 4% cash back on everyday purchases. It is great for those with a balance as it has a low 9.99% interest rate on purchases for the first 6 months.

Credit CardAnnual FeeAPR PurchasesAPR Cash AdvancesRewards
Scotia Momentum No-Fee Visa$019.99%22.99%1% cash back on eligible purchases
Scotia Momentum Visa Card$3919.99%22.99%2% cash back on eligible purchases
Tangerine Money-Back Credit Card$019.95%19.95%Get 2% cash back on purchases you make in two 2% cash-back categories of your choice; 0.5% cash back on all other purchases.
Simplii Financial Cash Back Visa Card$019.99%22.99%4% cash back on eligible restaurant and bar purchases; 1.5% on eligible gas, grocery, and drugstore purchases; 0.5% on everything else (spending caps apply to higher cashback rates)
Neo Secured Mastercard$0Purchase and cash advance APRs can range from 26.99% to 28.99%.Purchase and cash advance APRs can range from 26.99% to 28.99%.Get up to 5% cash back at retail partners, with a 0.5% cash back guarantee on all purchase

Is the Scotia Momentum No-Fee Visa Card Worth It?

Now that we’ve covered the benefits, downsides, and alternatives of the Scotia Momentum No-Fee Visa Card, the question remains: is it worth it?

The Scotia Momentum No-Fee Visa Card is a worthwhile option for those seeking a no-fee cash-back credit card. While the cash back rates may not be as high as some competitors, the lack of an annual fee makes it an appealing choice.

Additionally, the card provides excellent insurance coverage, adding value to many cardholders.

But the card’s value ultimately depends on individual spending habits and goals. For those who spend heavily on gas and groceries, the cash back rates may make it a smart choice, while others may benefit from a different cash-back card.

FAQs

What is the Scotia Momentum No-Fee Visa Card?

The Scotia Momentum No-Fee Visa Card is a no-fee cash-back credit card offered by Scotiabank in Canada.

What rewards does the Scotia Momentum No-Fee Visa Card offer?

The card offers cash back rewards on eligible purchases, including 1% cash back on eligible gas, groceries, drugstore purchases, and recurring payments, and 0.5% cash back on all other eligible purchases.

What insurance coverage does the Scotia Momentum No-Fee Visa Card offer?

This card does not offer any insurance coverage by default. However, you can pay for optional Scotia Credit Card Protection.

Related: Scotiabank SCENE+ Visa Card Review

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Enoch Omololu

Enoch Omololu is a personal finance expert. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School (Scotland) and has completed several courses and certificates in finance, including the Canadian Securities Course. Enoch is passionate about helping others win with their finances and has written about money matters for over a decade. He has been featured or quoted in The Globe and Mail, CBC News, Yahoo Finance, GO Banking Rates, Financial Post, Bankrate, Forbes, Toronto Star, CTV News, and other personal finance publications. He founded Savvy New Canadians, one of Canada’s top financial education platforms.

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