Scotia Momentum No-Fee Visa Card
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The Scotia Momentum® No-Fee Visa* Card is a cashback credit card that combines no annual fee with competitive rewards on everyday purchases. It’s an excellent choice for individuals looking for a straightforward and cost-effective way to earn cashback on their daily spending.
Welcome Offer
Earn 5% cashback on your first $2,000 in purchases for the first 3 months, and enjoy a 0% introductory interest rate on balance transfers for the first 6 months.
Summary
This credit card has no annual fee, making it a cost-effective choice for managing your finances. Purchases come with an APR of 19.99%, while cash advances have a slightly higher APR of 22.99%. With a minimum credit limit of $500, it’s a great option for building credit or managing everyday expenses.
Rewards
Earn cashback on everyday expenses with this credit card! You’ll get 1% cashback on purchases at gas stations, grocery stores, drug stores, and on recurring payments. For all other purchases, you’ll still earn 0.5% cashback, making every transaction a rewarding experience.
Benefits
This credit card offers great savings and convenience. Enjoy up to 25% off car rentals at participating AVIS and Budget locations, perfect for your travel needs. Plus, with tap-to-pay options using Visa payWave and mobile wallets, you can make secure, contactless payments quickly and easily.
Insurance
- Optional Scotia Credit Card Protection covering life, critical illness, hospitalization, disability, job loss, and strike/lockout benefits.
Editor’s Review
Scotia Momentum® No-Fee Visa* Card Review
The Scotia Momentum® No-Fee Visa* Card is a solid cashback credit card option for those seeking to earn rewards on their everyday purchases without paying an annual fee. Its straightforward rewards structure and added benefits make it a convenient choice for cost-conscious consumers.
Welcome Offer
New Cardmember Bonus:
- Earn 5% cashback on your first $2,000 in purchases for the first 3 months.
- Enjoy a 0% introductory interest rate on balance transfers for the first 6 months.
Summary
- Annual Fee: $0
- Purchase APR: 19.99%
- Cash Advance APR: 22.99%
- Minimum Credit Limit: $500
Rewards Program
- 1% Cashback: Gas stations, grocery stores, drug stores, and recurring payments
- 0.5% Cashback: All other purchases
Benefits
- Car Rental Discounts: Up to 25% off at participating AVIS and Budget locations.
- Contactless Payments: Secure, quick, and easy payments with Visa payWave and mobile wallets.
Insurance Coverage
- Optional Scotia Credit Card Protection: Covers life, critical illness, hospitalization, disability, job loss, and strike/lockout benefits.
Pros and Cons
Pros:
- No annual fee
- Generous welcome offer
- Competitive cashback rates on everyday purchases
- Discounts on car rentals
- Convenient contactless payment options
Cons:
- Higher APR on cash advances
- Lower cashback rate (0.5%) on non-essential purchases
Who is this card for?
- Everyday Spenders: Ideal for individuals who want to earn cashback on regular expenses like gas, groceries, and recurring payments.
- Budget-Conscious Consumers: Perfect for those looking for a no-annual-fee credit card to maximize savings.
- Credit Builders: Suitable for people seeking to build or manage their credit with a low minimum credit limit.
Comparison with Similar Cards
| Feature | Scotia Momentum® No-Fee Visa* Card | Tangerine Money-Back Credit Card | BMO CashBack® Mastercard® |
|---|---|---|---|
| Annual Fee | $0 | $0 | $0 |
| Welcome Bonus | 5% cashback on first $2,000 in 3 months | 15% cashback (limited time offer) | 5% cashback for first 3 months |
| Cashback on Gas/Groceries | 1% | 2% | 3% (grocery), 1% (recurring bills) |
| Cashback on Other Purchases | 0.5% | 0.5% | 0.5% |
| Car Rental Discounts | Up to 25% at AVIS and Budget | No | No |
| Purchase APR | 19.99% | 19.95% | 19.99% |
Final Verdict
The Scotia Momentum® No-Fee Visa* Card offers a great combination of no annual fee, competitive cashback rewards on everyday purchases, and useful benefits like car rental discounts and contactless payment options. It’s a particularly good choice for those looking to save on everyday expenses and manage their finances effectively without incurring additional costs. The welcome offer adds extra value, making this card a strong contender in the no-annual-fee cashback card category.
Disclaimer: Refer to the official credit card web page for the latest rates, terms, and conditions. Nothing in the Site constitutes professional and/or financial advice, nor does any information on the Site constitute professional and/or financial advice.
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