Scotiabank Momentum Visa Card
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The Scotia Momentum® Visa* Card is an excellent cash-back credit card that rewards you with 2% cash back on eligible purchases at gas stations, grocery stores, drug stores, and for recurring payments. With a manageable annual fee of $39, it provides great value for everyday spending. The card features standard interest rates of 19.99% for purchases and 22.99% for cash advances, making it a reliable choice for those who regularly use their credit card and want to maximize their rewards.
Welcome Offer
Summary
This credit card has an annual fee of $39, making it a budget-friendly option for those who want to keep costs low. It charges an interest rate of 19.99% on purchases and 22.99% on cash advances, so it’s important to pay off your balance each month to avoid extra costs. With a minimum credit limit of $500, it’s accessible for those starting to build credit. You can also get a supplementary card for an additional $15 per year, which is great for sharing the account with a family member or partner.
Rewards
This credit card offers a rewarding cash-back program to help you save on everyday expenses. You earn 2% cash back on gas, groceries, drug store purchases, and recurring payments, which can add up quickly on essential spending. For all other purchases, you earn 1% cash back, allowing you to get rewarded no matter what you buy. This makes it an excellent choice for maximizing your savings on both regular and miscellaneous expenses.
Benefits
With this credit card, you can save up to 25% on car rentals at AVIS and Budget locations, making your travel plans more affordable. Additionally, the card offers convenient payment methods such as Visa payWave and mobile wallets, allowing for quick and easy transactions without the need to swipe or insert your card. These features make it a practical choice for both everyday use and travel.
Insurance
- Purchase Security & Extended Warranty: Covers most items against theft, loss, or damage for 90 days and doubles the manufacturer’s warranty up to one year.
Editor’s Review
Scotia Momentum® Visa* Card Review
The Scotia Momentum® Visa* Card stands out as an excellent cash-back credit card, designed to reward users with significant savings on everyday purchases. Let’s dive into the specifics of this card to see how it can benefit you.
Overview
- Annual Fee: $39
- Interest Rate: 19.99% on purchases, 22.99% on cash advances
- Credit Limit: Starting at $500
- Supplementary Card: $15 per year
Welcome Offer
New cardholders can enjoy a 2.99% introductory interest rate on balance transfers for the first six months. This offer is ideal for those looking to consolidate debt and save on interest, providing a great opportunity to pay down existing balances more quickly.
Rewards Program
- 2% Cash Back: On eligible purchases at gas stations, grocery stores, drug stores, and for recurring payments.
- 1% Cash Back: On all other purchases.
This rewards structure makes it easy to save on essential and everyday spending, maximizing the value you get from your card.
Benefits
- Car Rental Savings: Save up to 25% at AVIS and Budget locations.
- Convenient Payments: Features like Visa payWave and compatibility with mobile wallets allow for quick, easy transactions.
Insurance Coverage
- Purchase Security & Extended Warranty: Protects most items against theft, loss, or damage for 90 days and extends the manufacturer’s warranty up to one year.
Fees
- Annual Fee: $39
- Supplementary Card Fee: $15 per year
- Standard Interest Rates: 19.99% on purchases, 22.99% on cash advances
Security Features
- Fraud Protection: Offers standard Visa security features to protect against unauthorized transactions.
Pros and Cons
Pros:
- High cash back on essential categories
- Low annual fee
- Attractive balance transfer offer
- Valuable travel benefits and insurance coverage
Cons:
- Standard interest rates are relatively high
- Supplementary card fee
Who is this card for?
The Scotia Momentum® Visa* Card is ideal for:
- Individuals who spend significantly on gas, groceries, and drug stores
- Those looking to consolidate debt with a low introductory balance transfer rate
- Budget-conscious consumers seeking a low annual fee card
- Travelers who can benefit from car rental discounts
Comparison with Similar Cards
| Feature | Scotia Momentum® Visa* Card | Tangerine Money-Back Credit Card | CIBC Dividend® Visa* Card |
|---|---|---|---|
| Annual Fee | $39 | $0 | $0 |
| Cash Back Rate | 2% on gas, groceries, drug stores, and recurring payments; 1% on all other purchases | 2% on two categories of your choice; 0.5% on all other purchases | 2% on groceries; 1% on all other purchases |
| Interest Rate | 19.99% on purchases, 22.99% on cash advances | 19.95% on purchases, 19.95% on cash advances | 20.99% on purchases, 22.99% on cash advances |
| Balance Transfer Offer | 2.99% for 6 months | None | None |
| Supplementary Card Fee | $15 per year | $0 | $0 |
| Car Rental Savings | Up to 25% at AVIS and Budget locations | None | None |
| Purchase Protection & Extended Warranty | Yes | Yes | Yes |
Final Verdict
The Scotia Momentum® Visa* Card is a robust option for those looking to maximize cash back on everyday purchases while enjoying a range of additional benefits. Its manageable annual fee and high rewards rate on essential spending categories make it a standout choice for budget-conscious individuals and families. If you frequently spend on gas, groceries, and recurring payments, this card can provide substantial savings, making it a valuable addition to your wallet.
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