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Scotia Momentum® Visa* Card Review

Scotia Momentum® Visa* Card review

3.8

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2% cash back for every $1 you spend on all eligible gas stations, grocery store, drug store purchases and recurring bill payments.

1% cash back on all other eligible purchases.

25% savings off base rates at participating AVIS locations and at participating Budget locations in North America.

90 days of purchase security on most items purchased with your card.

1 extra year on top of manufacturer's warranty.

19.99% Purchase APR

22.99% Balance Transfer Rate

22.99% Cash Advance APR

$39 Annual Fee $15 for each supplementary card

2.5% Foreign Transaction Fee

Fair Recommended Credit Score

3.8

Scotia Momentum® Visa* Card review

Quick overview

The “looking for my daily spender credit card” category is a busy one, and the Scotia Momentum® Visa* Card doesn’t exactly stand out from the crowd. You’ve got a pretty basic cash back on daily spending categories like gas, groceries, drug stores and recurring bill payments. But offsetting this relatively meager cash back offering is the $39 annual fee – not a high one by any means, but for an entry level cash back card?

There are some other bonuses that may tempt you, notably saving up to 25% on AVIS and Budget car rentals in the United States (though this is the case for all permutations of the Momentum cards). The Scotia Momentum Visa also comes with additional perks like purchase security and extended warranty insurance, providing a bit extra value.

But the shine is diminished on the insurance because it's comparatively limited – there’s a $10k limit per claim and a $60k lifetime total. So there’s quite a bit of bandwidth there, but still less than other cards in its categories. Plus, the cash back rewards on the Scotia Momentum Visa are only paid out annually as a statement credit, limiting flexibility. If you’re not exactly overwhelmed by this card, I don’t blame you.

Who is this card for?

This card is for someone who is already a Scotiabank customer, doesn’t mind an annual fee, wants to have one daily-spender type card and not think about it at all. This ignorance will be rewarded by a surprise at the end of the year with a statement credit that reflects your spending in every day categories.

Pros and cons

Pros

Pros

  • Cash back rewards: Earn 2% cash back on gas, groceries, drug stores, and recurring bill payments, and 1% on all other eligible purchases.

  • Annual cap benefits: The 2% cash back applies up to $25,000 spent annually in key categories, allowing for substantial rewards accumulation.

  • Purchase security and extended warranty: Offers protection for new purchases against theft, loss, or damage and extends the manufacturer's warranty.

  • Supplementary cards available: Although there's a fee, additional cards can be useful for shared expenses.

Cons

Cons

  • Annual fee: The card has an annual fee of $39.

  • High interest rate: The card has a high interest rate of 19.99% on purchases and 22.99% on cash advances.

  • Limited rewards categories: The card’s rewards categories are limited to groceries, gas, and recurring bill payments.

  • Rewards paid out annually: Cash back rewards are paid out annually as a statement credit.

  • $25,000 annual cap for 2% cash back: The 2% cash back rate applies up to the first $25,000 spent annually on gas station, grocery store and drugstore purchases, and on recurring payments.

Welcome bonus

  • There are currently no welcome offers.

How to earn cash back

  • 2% cash back for every $1 you spend on all eligible gas stations, grocery store, drug store purchases and recurring bill payments.
  • 1% cash back on all other eligible purchases.

How to redeem cash back

Luckily, there’s no action Scotia Momentum® Visa* cardholders have to take to redeem their cash back. Unluckily (as I mentioned above), the rewards are redeemed as a statement credit, not as cash, limiting their flexibility. Further limiting their use is the fact the cash back rewards are only paid out once a year.

Key benefits

  • Higher cash back rate: The 2% cash back on key categories and recurring payments is a notable benefit, especially for students who frequently spend in these areas.
  • Introductory balance transfer offer: At 2.99% on a balance transfer, it helps you pay off credit card debt faster
  • Cash back accumulation: Cash back accumulates each month and is awarded at the end of each 12-month period, either into an eligible Scotiabank account or as a credit on the card statement.

Insurance coverage

Purchase security and extended warranty insurance: Offers protection against loss, theft, or damage for new purchases for 90 days and extends the manufacturer's warranty by up to one year. Limited to $10,000 per purchase and $60,000 lifetime total.

Extras

  • Discounts on car rentals: 25% savings off base rates at participating AVIS locations and at participating Budget locations in North America.
  • Scotia credit card protection (optional): While this is an optional service with an additional cost, it offers protection against the financial impact of certain life events like disability, job loss, critical illness, or loss of life.
  • Flexible credit limits: The card offers flexible credit limits suitable for students, helping them manage their finances more effectively and avoid overspending.

How this card compares

Scotia Momentum® Visa* Card  vs. Scotia Momentum No-Fee Visa Card

These are both pretty “meh” cards, but I think the No-Fee might be the worse of the two. While you’ll save on annual, its cash back rewards are literally halved. So consider this – if you’re using this as your daily spender and planning on putting at least $2,000 on it a month, you’re likely to be earning well over $300 with the regular Momentum Visa.

Now half that for the No-Fee Visa. Even though you’ve saved the $39, at the end of the year, you’re coming up way short. I suppose if you have few expenses but need a credit card from time to time, the No-Fee may make more sense. But, given that all other perks are pretty much the same for these cards, in almost every other case I’d recommend the standard Momentum Visa in this head to head.

Scotia Momentum® Visa* Card  vs. Student BMO CashBack Mastercard

BMO CashBack® Mastercard®* for students

Apply now

3.0

5% cash back

Welcome offer

Good

Suggested credit score

Get 5% cash back in your first 3 months.*

Apply now

Pros

  • No annual fee: this makes it cost-effective for students looking to build credit without incurring additional expenses.

  • Earn cash back on everyday purchases, including up to 5% cash back on every purchase in your first three months.

  • Credit building: If you’re responsible, you can build a positive credit history, which helps you get better credit cards and more

Cons

  • Higher interest rates: If you can’t pay off your balance in full, opt for a low interest credit card

  • Limited additional benefits: While there are some benefits, it’s not the full suite of perks, but then again, there’s no annual fee.

Eligibility

Recommended Credit Score

Good

Required Annual Personal Income

$0

Required Annual Household Income

$0

Pros

  • No annual fee: this makes it cost-effective for students looking to build credit without incurring additional expenses.

  • Earn cash back on everyday purchases, including up to 5% cash back on every purchase in your first three months.

  • Credit building: If you’re responsible, you can build a positive credit history, which helps you get better credit cards and more

Cons

  • Higher interest rates: If you can’t pay off your balance in full, opt for a low interest credit card

  • Limited additional benefits: While there are some benefits, it’s not the full suite of perks, but then again, there’s no annual fee.

Eligibility

Recommended Credit Score

Good

Required Annual Personal Income

$0

Required Annual Household Income

$0

Earn 3% cash back on groceries

3%

Earn 1% cash back on recurring bill payments like your mobile phone, streaming and subscription services

1%

Earn 0.5% cash back on all other purchases

0.5%

Purchase APR

20.99%

Cash Advance APR

22.99%

Annual Fee

$0

If you’re a student, this is a no-brainer. The Student BMO CashBack Mastercard is actually pretty decent for a student card, although it may require a little more thought and planning to maximize the rewards on categories.

The big difference (other than having no fee) is that the BMO card gives great cash back on groceries and recurring bill payments.

One downside of the BMO CashBack card students need to think about is its high interest rate.

Scotia Momentum® Visa* Card  vs. RBC Cash Back Mastercard

RBC Cash Back Mastercard

Apply now

3.0

Good

Suggested credit score

to receive the latest news, tips and offers by email

Apply now

Pros

  • No annual fee, no fee for additional cardholders

  • Up to 2% cash back on groceries², up to 1% cash back on everything else²

  • No limit on cash back earned¹

  • Save money on gas at Petro-Canada⁵

  • Easy approval requirements

Cons

  • Cash back rewards on groceries drop to 1% after you accumulate $6,000 in grocery charges

  • No travel insurance or other perks

  • No welcome bonus

  • 0.5% applies to the cash back on everything else up to $6,000 but what is impressive is that for all non-grocery spend the cash back rate actually goes up from the 0.5% to 1% on spend over $6,000, rewarding as your spend more instead of diminishing

  • No travel insurance or other perks

  • No welcome bonus

Eligibility

Recommended Credit Score

Good

Pros

  • No annual fee, no fee for additional cardholders

  • Up to 2% cash back on groceries², up to 1% cash back on everything else²

  • No limit on cash back earned¹

  • Save money on gas at Petro-Canada⁵

  • Easy approval requirements

Cons

  • Cash back rewards on groceries drop to 1% after you accumulate $6,000 in grocery charges

  • No travel insurance or other perks

  • No welcome bonus

  • 0.5% applies to the cash back on everything else up to $6,000 but what is impressive is that for all non-grocery spend the cash back rate actually goes up from the 0.5% to 1% on spend over $6,000, rewarding as your spend more instead of diminishing

  • No travel insurance or other perks

  • No welcome bonus

Eligibility

Recommended Credit Score

Good

Up to 2% unlimited cash back on groceries

2%

Up to 1% unlimited cash back on everything else

1%

Link your card and instantly save 3¢/L on fuel and 20% more Petro-Points at Petro Canada

$0.03

Get 50 Be Well points for every $1 spent on eligible products at Rexall

50

Get $0 delivery fees for 3 months from DoorDash when you add your eligible RBC credit card to your DoorDash account

$0 Delivery Fees

Purchase APR

20.99%

Balance Transfer Rate

22.99%

Cash Advance APR

22.99%

Annual Fee

$0

Foreign Transaction Fee

2.5%

The RBC Cash Back Mastercard is comparable in quality to the Momentum, though might offer fewer opportunities to earn cash back. 

One thing to note is there is some shockingly shady and misleading Marketing copy for the RBC Cash Back card. It literally says “get unlimited cashback” in its header, but if you click through to the terms and conditions, you only get the earn rate for up to $6,000 worth of purchases. The same goes for other purchases in the 1% category. Seems pretty limited to me, no?

Is the Scotia Momentum® Visa* Card worth it?

Not really, no. It has a small annual fee, but it has an annual fee. It offers relatively flexible cash back on daily purchases, but they’re not awe inspiring, especially when you take into account the fee eating into them.

You need at least a “good” credit score of 660 to qualify for the Momentum® Visa*, meaning there are way more competitive cash back cards you could likely access, with no fee (the Tangerine World Mastercard comes to mind). 

Taking into account the limited insurance coverage and the fact that the cash back rewards are paid out as a statement credit at the end of the year, my recommendation is shopping around for a better card.

FAQs

  • Can I change the pin on my Scotia Momentum® Visa*?

    +

    You can easily change the PIN on your Scotia Momentum® Visa* card through several convenient methods. One option is to use a Scotiabank ATM, where you can enter your current PIN and follow the prompts to set a new one.

    Does Scotia Momentum® Visa* have travel insurance?

    The Scotia Momentum® Visa* Card, including the version for students, doesn’t offer travel insurance as one of its benefits. This card focuses more on cash back rewards and other benefits like purchase security and extended warranty insurance, but it lacks the travel-related insurance benefits that are often found in other credit cards, such as travel medical insurance, trip cancellation/interruption insurance, or lost baggage insurance.

  • Does the Scotia Momentum® Visa* have a currency exchange fee?

    +

    Yes, it includes a foreign currency exchange fee. This fee is usually around 2.5% of the transaction amount when you make purchases in a currency other than Canadian dollars. It’s applied to both the standard version of the card and the student version.

  • How is cash back from Scotia Momentum® Visa* applied?

    +

    The cash back earned with the Scotia Momentum® Visa* Card is typically applied directly to your credit card balance, reducing the amount you owe. This occurs on an annual basis.

  • How do I get the Scotia Momentum® Visa* for free?

    +

    To potentially get the Scotia Momentum® Visa* Card fee waived, look out for promotional offers from Scotiabank, which might include waiving the annual fee for the first year as a sign-up incentive.

  • How do I cancel a Scotia Momentum® Visa* Card?

    +

    To cancel your Scotia Momentum® Visa* Card, start by ensuring your card balance is fully paid and any accumulated rewards are redeemed, as these are typically forfeited upon account closure. Contact Scotiabank's customer service, which can be reached via the number on the back of your card or through its website, and inform them of your decision to cancel.

Cameron Smonk Freelance Writer

Cam is a content marketer with a passion for saving, financial independence, and pulling off elaborate credit card point schemes. He has worked in Fintech and Finserve (specifically Group Retirement) and loves researching and writing about finance.

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