Scotiabank Momentum Mastercard Credit Card
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The Scotiabank Momentum Mastercard offers a simple cash-back program with no annual fee. Earn 1% cash back on eligible gas, grocery, drug store purchases, and recurring payments, and 0.5% on all other purchases. There’s a special introductory offer of a 7.99% interest rate on purchases for the first 6 months. Additional benefits include car rental discounts and contactless payment convenience.
Welcome Offer
7.99% introductory interest rate on purchases for the first 6 months.
Summary
This credit card has no annual fee, allowing you to enjoy its benefits at no extra cost. It has a purchase interest rate of 20.99% and a cash advance rate of 22.99%. These rates apply to any outstanding balances, so it’s important to manage your spending and payments to avoid incurring extra charges.
Rewards
This credit card offers 1% cash back on purchases made at gas stations, grocery stores, drug stores, and on recurring payments. For all other purchases, you’ll earn 0.5% cash back. This way, you can enjoy rewards on both your everyday essentials and other spending.
Benefits
With this credit card, you can save on car rentals at participating locations, making it a cost-effective choice for travelers. Additionally, the contactless payment feature allows for quick and secure transactions by simply tapping your card, adding convenience to your everyday purchases.
Insurance
- Purchase Assurance
- Extended Warranty
Editor’s Review
Scotiabank Momentum Mastercard Review
The Scotiabank Momentum Mastercard offers a straightforward cashback program with no annual fee, making it an attractive option for budget-conscious consumers. It provides solid cashback rates on everyday purchases such as gas, groceries, and recurring payments.
Key Features
- Annual Fee: $0
- Interest Rates:
- Purchases: 20.99%
- Cash Advances: 22.99%
- Rewards:
- 1% cashback on gas, groceries, drug stores, and recurring payments
- 0.5% cashback on all other purchases
Benefits
- Introductory Offer: 7.99% interest rate on purchases for the first 6 months
- Purchase Protection: Coverage for 90 days
- Extended Warranty: Up to an additional year
- Savings on Car Rentals: Up to 25% off at Avis and Budget locations
Security Features
- Zero Liability for unauthorized transactions
- Chip & PIN technology
- Mastercard contactless payments
Pros and Cons
Pros
- No annual fee
- Competitive cashback rates on everyday purchases
- Introductory low-interest rate
Cons
- Standard interest rates after the introductory period
- Limited travel benefits
Who Is This Card For?
This card is ideal for individuals looking for a no-fee cashback card with solid rewards on everyday purchases like gas, groceries, and recurring payments. It’s particularly suited for those who want to avoid annual fees and benefit from a simple, straightforward cashback program.
Comparison Table
| Feature | Scotiabank Momentum Mastercard | BMO CashBack Mastercard | CIBC Dividend Visa |
|---|---|---|---|
| Annual Fee | $0 | $0 | $0 |
| Purchase APR | 20.99% | 19.99% | 20.99% |
| Welcome Offer | 7.99% interest for 6 months | 5% cashback for 3 months | 5% cashback for 4 months |
| Rewards | 1% on gas, groceries, etc. | 3% on groceries, 1% others | 2% on groceries, 1% others |
| Purchase Protection | 90 days | 90 days | 90 days |
Final Verdict
The Scotiabank Momentum Mastercard is a solid no-fee option for earning cashback on everyday purchases. Its straightforward rewards structure and the introductory low-interest rate make it particularly appealing to those seeking simplicity and value. The lack of an annual fee combined with competitive cashback rates positions it well among other no-fee cashback cards.
Score: 7.5/10
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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