Scotia Momentum Visa Card Review 2024

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Written by Enoch Omololu

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The Scotia Momentum Visa card is one of the best cash back credit cards for Canadian residents. 

It offers up to 2% cash back on eligible purchases and recurring payments for a low annual fee of $39.

This review article covers the Scotia Momentum Visa card’s benefits, downsides and application process to help you decide whether it’s the best credit card for your needs.

Scotia Momentum Visa Card – Summary

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.

Benefits of the Scotia Momentum Visa Card

This credit card offers many benefits for its users. The most significant ones are listed down below.

Up To 2% Cash Back

Earn 2% cash back on every dollar you spend on your eligible recurring bill payments and grocery store, gas station and pharmacy purchases. You’ll enjoy this cash back rate for the first $25,000 you receive cash back for. After exceeding that threshold, you’ll earn 1% cash back on your next eligible purchases.

Note: Transactions such as balance transfers, cash advances, and refunds don’t qualify for cash back.

Save On Car Rentals

Save up to 25% of the car rental base rates of participating AVIS and Budget locations in Canada and the U.S. when you pay for reservations using your Scotiabank Momentum Visa card.

Purchase Security & Extended Warranty For Your Purchases

For most items you fully pay for using this Scotiabank Visa card, you’ll double the original manufacturer’s warranty coverage of your product for up to one year.

Plus, for the first 90 days from their purchase date, your products will be insured against loss, damages, and theft.

For items with a manufacturer’s warranty of five years or longer, you must register for this service within the first year of your product purchase.

Note: The maximum per-claim occurrence is $10,000; you may only claim $60,000 throughout the credit card’s lifetime.

Other Benefits

Other Scotiabank Momentum Visa benefits include:

  • Faster checkouts thanks to Scotiabank’s partnership with software like Google Pay and Apple Pay that allows you to pay using your smartphone.
  • Optional insurance coverage that provides you and your family members financial protection during unexpected life events.
  • Low-income requirements make it easy for anyone, including part-timers, and newcomers, to apply for this credit card.

Downsides of the Scotia Momentum Visa Card

While the Scotia Momentum Visa Card is one of my top-recommended low-fee credit cards, it still has some downsides you must know.

Limited Cash Back-Eligible Purchase Categories

The Scotia Momentum Visa Card only offers cash back for purchases at eligible gas stations, grocery stores, drug stores, and recurring bill payments.

Other common spending categories, such as entertainment, dining, and streaming services, aren’t eligible for cash back.

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Spending Cap On The 2% Cash Back Rate

Only the first $25,000 you spend on eligible purchases will get a 2% cash back rate. The ones that follow will only give you a 1% cash back.

Annual Fee of $39

Although this Scotiabank credit card has a fairly affordable annual fee, paying $39 yearly is still a drawback compared to getting no-fee cash back credit cards.

How to Apply for the Scotia Momentum Visa Card

There are several ways to apply for the Scotia Momentum Visa Card. You may do this process through online banking, by calling Scotiabank’s customer support or by visiting one of the bank’s local branches.

Any Canadian resident that’s at least the age of provincial majority and has not declared bankruptcy for the past 7 years is eligible to apply for this credit card, as long as they have a minimum annual income of $12,000.

Note: Granting Scotiabank access to your credit bureau report is mandatory when you apply for the Scotia Momentum Visa card. 

Scotia Momentum Visa Card Alternatives

If you’re interested in knowing other credit cards that can match or exceed the benefits of a Scotia Momentum Visa Card, check the cards listed below.

Scotia Momentum Mastercard Credit Card

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

Tangerine Money-Back Credit Card

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.

BMO Cash Back Mastercard

BMO CashBack Mastercard

Rewards: Earn up to 3% cash back on groceries and 1% in other categories.

Welcome offer: Get up to 5% cash back in the first 3 months and a 0.99% introductory balance transfer rate for 9 months.

Interest rates: 20.99% for purchases, 22.99% for cash advances.

Annual fee: $0

Recommended credit score:
660
900

Good to Excellent

BMO CashBack Mastercard

On BMO’s website

  • 3% cash back on grocery purchases (up to $500 per statement cycle).
  • 1% cash back on recurring bill payments, like subscriptions and streaming services (up to $500 per statement cycle).
  • 0.5% cash back on all other purchases with no limits.
  • Cash back rewards never expire and can be redeemed for as little as $1.
  • Automatic cash back deposits can be set up when you reach $25.
  • Cash back can be deposited as a statement credit, into a BMO chequing or savings account, or a BMO InvestorLine account.
  • Get savings of up to 25% at participating Alamo and National car rental locations.
  • Get 15% to 20% off admission to Cirque du Soleil shows in Canada and Las Vegas.
  • $15,000 minimum personal annual income requirement.

Earn up to 3% cash back on groceries

Cash back rewards never expire

No annual fee

No insurance coverage

Personal annual income requirement of $15,000

3% and 1% cash back categories are capped at $500 monthly

The BMO CashBack Mastercard doesn’t have too many perks besides earning up to 3% cash back, but it has no annual fee, and you can redeem your cash back at any time for as little as $1. You also get a discount on car rentals and Cirque du Soleil shows.

Scotia Momentum Visa Card vs Alternatives Summary

Credit CardsAnnual FeeAPR PurchasesAPR Cash AdvancesCash Back For Every $1
Scotia Momentum Visa Card$3919.99%22.99%Up to 2%
Scotia Momentum Mastercard Credit Card$12020.99%22.99%Up to 1%
BMO Cash Back Mastercard$020.99%22.99% (21.99% for Quebec residents)Up to 3%
Scotia Momentum No-Fee Visa Card$019.99%22.99%Up to 1%
Tangerine Money-Back Credit Card$019.95%19.95%Up to 2%

Scotia Momentum Visa Card: Conclusion

The Scotia Momentum Visa Card is a great credit card option if you don’t want to spend over $100 on your card’s annual fee. It has a decent cash back rate of up to 2% and several exclusive benefits that make day-to-day purchases cheaper and more secure.

Related:

Bonuses & Deals for February

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Earn average of 5% unlimited cashback. No annual fees and $25 bonus.

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No current offers for this category.

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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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  • Earn 6.00% interest rate* on every dollar.
  • One of the best savings rates in Canada.
  • Access to free unlimited chequing account with $400 bonus.
*Terms and conditions apply. Limited time offer.