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the Scotia Momentum Visa
11 May 2019

Bump Up Your Cash Back Rates With the Scotia Momentum Visa

A cash back card is always the most useful to you when it fits into your life, not when you have to force it into place. The Scotia Momentum Visa is a great option for those who want to recoup some of what they spend each month without having to drastically change their conservative spending patterns.

Some Basic Facts About This Card

The Scotia Momentum Visa isn’t a difficult card to understand – it’s essentially just a basic cash back card that has been given a considerable boost to its reward rates. Commensurately with that, it’s very easy to get. Scotiabank advertises that no credit history is needed for this card, but since it’s a slightly higher quality card than the basic ones that are most often the easiest to get, you should probably have a higher-than-average income to balance that out if you want to be approved. If you have a little credit established already, you can have a low income and be able to count on getting this card.

The interest rates are pretty standard too. The usual purchase rate is 19.99%, just like most cards like this on the market. For balance transfers or cash advances, you’ll usually be paying 22.99% in interest instead. This can be changed, though, if you take advantage of the introductory offer that Scotiabank has going right now. For a limited time, new customers will be able to pay just 2.99% on balance transfers for their first 6 months. This can provide you with a sizeable discount on your interest fees for a while that can help you to get on top of your debts, if you have them.

As we’ve stated, the reward rates on this card are a notch above what you’ll get on a basic card. Cash back here starts at 2% on anything you buy at gas stations, drug stores or grocery stores, plus on whatever you pay on any recurring bills you have (you have to set this arrangement up to auto-pay those bills first, though). For everything else, you’ll get 1% cash back instead, which is still rather nice; most entry-level cash back cards only offer that lower rate on even their bonus categories. That increased earning rate can easily add up over time and give you plenty more cash to spend over time.

In terms of benefits, there’s not much to say with this card. It will get you the usual purchase protection and extended warranty coverage that most cards have, plus up to 25% off at Avis and Budget car rental locations if you rent cars at any point while you’re holding it. You don’t have any rental car insurance coverage behind you, though, so watch out if you choose to do this. Aside from that, there are no other benefits to be had here. You can purchase additional protection for your card that insures you against loss of income from things like sudden illness, disability or job loss, but that will cost you extra.

This card might be a little better than the entry-level ones around, but that doesn’t mean that this boost will come free. You’ll have to pay a $39 annual fee to get it and $15 for each supplementary card you request as well. Even though most users should have no problem making this charge up in rewards, it’s something to be aware of while you’re shopping around.

Extra Rewards For Your Basic Household Spending

Some cash back credit cards offer impressive bonus rates, but restrict them to categories where most people will not do a lot of spending. This particular card is excellent for people who have decently high spending levels but tend to spend mostly on the basic necessities of life. Those are the types of purchases that are most rewarded by the cash back rate breakdown you see here.

Groceries alone make up a large part of virtually everyone’s budget. This goes double if you have a spouse, some children, or other dependents, since you’ll inevitably be buying more food for all those people. Recurring bills (such as utilities, cellphone plan charges and fees for those subscription services that are becoming so popular) are another big and largely unavoidable charge. Then you have the bonus on gas, which is another huge chunk of spending in car-dependent households. Even prescription drugs and things like cough medicine and birth control devices are included under the drug store portion of the breakdown. There is no significant aspect of Canadian household expenses that is not represented in the 2% reward tier here, and that goes a long way toward maximizing the earnings of the average Canadian. At a time when many people find themselves running short of funds occasionally, this is more welcome than ever.

What Users Have To Say

It’s always a good idea to look up some thoughts of real users before you apply for any financial product like this. Thankfully, it’s good news this time. Most people are very happy with the Scotia Momentum Visa and have no complaints about the fees or the lack of many benefits. This is likely because the rewards are substantial enough to outweigh any of the drawbacks that might also apply. Be aware of the costs and the lack of benefits, but also consider that you probably won’t be very bothered by these things. Most of the people who have held this card for a while don’t find them to be that much of a problem, so there’s no reason to believe that you’ll have a significantly worse experience than they did.

Settling on the Scotia Momentum Visa

The Scotia Momentum Visa is a good, reliable cash back card from an established lender that people trust. It’s simple but effective, has a good reputation among its holders, isn’t too expensive to get, and is just a bit fancier than the standard entry-level card without going overboard on extras and costs. If you’re trying to get a new cash back card in Canada, you could do much worse than choosing this one. The only potential customers who should pass it over immediately are those who have their hearts set on a free card already; you’ll find plenty that come close to matching this card in value even if they don’t quite measure up, and those will probably satisfy you more because they meet your initial requirement.