Scotia Momentum No-Fee Visa Card Review for 2024

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.

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.

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.

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.

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.

Credit Card	Annual Fee	APR Purchases	APR Cash Advances	Rewards
Scotia Momentum No-Fee Visa	$0	19.99%	22.99%	1% cash back on eligible purchases
Scotia Momentum Visa Card	$39	19.99%	22.99%	2% cash back on eligible purchases
Tangerine Money-Back Credit Card	$0	19.95%	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	$0	19.99%	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	$0	Purchase 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.

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Related: Scotiabank SCENE+ Visa Card Review