Cash back cards are extremely popular credit card options that put you in ultimate control of your rewards. However, sometimes the free versions available are just too stingy, and the highest-tier options are either hard to get or too expensive in terms of fees. Our Scotia Momentum Visa review is here to help you examine this particular card in greater detail and decide if it strikes the balance you want.
Imagine getting 2% cash back every time you go to the drug store, grocery store or gas station – now you can.
|You Are Interested If||You want a cash back card with more than just the minimum in rewards, but don’t want to pay any high fees just for that.|
|Brief Description||The Scotia Momentum Visa is a mid-tier cash back credit card with decent bonus categories and rates and a middling annual fee, making it a perfect compromise option for many customers.|
|Main Requirements||You need to be willing to pay the small annual fee, but other than that, fairly good credit and an income of at least $12,000 a year make you eligible to apply.|
|Card Type||This is a cash back card, but one meant for lower- and middle-grade consumers instead of elites.|
Fees and Interest
|Purchase Interest Rate||Normal card charges will accrue 19.99% in interest charges each year.|
|Cash Advance||If you use this card to take out a cash advance, expect to pay 21,99% in yearly interest on the final charge.|
|Balance Transfer||Balance transfers will normally also be charged 21.99% yearly interest, but with the help of the current welcome bonus that we will cover later in this Scotia Momentum Visa review, you could be paying much less for the first little while.|
|Income Requirements||You might be able to get the Scotia Momentum Visa with just $12,000 in annual income.|
|Household Income Requirements||Household income is not factored into applications for this particular card.|
|Annual Fee||It costs $39 a year to have this card.|
|Welcome Bonus||w cardholders currently won’t receive any extra cash back rewards, but will instead get the chance to pay only 2.99% interest on balance transfers for the next 6 months.|
|How To Earn Points||Using your card to make a purchase will get you 2% cash back on groceries, gas, recurring bill payments and anything you bought at a drug store. Everything else you buy on your card will earn you 1% instead.|
|Benefits||This card will get you extended warranties and purchase protection as you’d expect from any credit card, and will also allow you to save up to 25% at participating Avis or Budget car rental locations.|
About Scotia Momentum Visa Card
The first thing we need to go over Scotia Momentum Visa review is the interest rates you may find yourself paying if you carry a balance on this card. While not exceptionally high, they are significant enough to make it important for you to remember to never carry a balance on it when you can help it. Most of the time this will leave you paying 19.99% interest on that amount, but if you ran up your bill by making large cash advance transactions or have done a balance transfer, you could be paying an even higher 21.99%. The simplest way to avoid the impact of these rates is to just pay off your credit card balance in full every month.
Now that we’ve gotten that out of the way, we can talk a little about the rewards you could be getting with this card. At a 2% bonus reward rate on 4 commonly-purchased categories (bill payments, drug store items, gas and groceries), you’ll have plenty of chances to use this card’s bonuses to your advantage. Everyone’s spending is different, but for the sake of illustration, let’s assume you spend $500 in groceries, $200 in gas, $200 in bill payments, and another $50 at the drug store every single month. That comes to $950 all together, and at 2% cash back, you can expect to earn $19 a month from bonus category spending alone. While that may not seem like very much in isolation, it becomes a much more impressive $228 over the course of a year, and that’s without factoring in any of the spending that would be earning you additional 1% rewards over time. This will obviously pay for the $39 annual fee and then some, making the up-front cost more than worth paying even if it rankles a bit in the beginning.
The welcome bonus is another thing we want to highlight in this Scotia Momentum Visa review. The card’s current 2.99% introductory balance transfer interest offer is unusual for a rewards card and opens up some enticing possibilities for people with pre-existing credit card debt. If you were carrying, for example, a small $250 balance, paying the usual ~20% interest fees on that amount would leave you $50 poorer each month without even touching the principle. If you were to transfer that amount to this card instead, you would be paying just under $7.50 a month under the introductory balance transfer offer. This represents a significant level of savings that may not last forever but can help you really make a dent in your debts while you do have it active.
This bonus gives the card some cross-category appeal that not even the upgraded version can match. With it, you can switch your debts over to this new card, use the financial leeway the promotion gives you to pay down your debt as much a possible, then start using your cash back card in earnest with a clean slate as far as debts go. Reinvesting the money you save into paying down your total balance could leave you with no debt left at all by the end of the 6 months. This would be ideal, since this card isn’t meant to make carrying monthly balances easy or affordable – you’ll be back to that crippling high rate in no time if you aren’t careful. It’s an ambitious move, but if you feel up to the task, not many cards will be as helpful in accomplishing this goal as this one is.
We’ll round out our Scotia Momentum Visa review with a quick look at some of the side bonuses and perks you can get with this card. It is somewhat spare in terms of the extra features it offers, but it does at least include the basic extended warranties and purchase protections that consumers expect from virtually all credit cards now. It can also be used to get minor to moderate discounts on car rentals as long as you stick to Avis or Budget branch locations. Additional protections like insurance for disability, strikes, job loss or death can also be added onto your card, but you must pay an additional fee for the coverage. While ideally you’d get more of these free perks from any credit card you signed up for, this is a lower-tier option meant for people on a tight budget, so it isn’t such a big deal to sacrifice some perks.
In summation of our Scotia Momentum Visa review, this is a perfectly adequate cash back card that is unlikely to disappoint most consumers. As long as you use your card relatively frequently, you can count on building up a nice little sum of cash in just a few months’ time. There are better options out there (particularly in terms of benefits and such), but that goes for any card with a discounted annual fee. If you’re looking for an easy, low-commitment cash back card, and especially if you’re trying to transition out of credit card debt, this is a great credit card to start out with.
Scotiabank takes their name from the place where they first opened, but it’s been a long time since they operated only in Nova Scotia. Over the years between 1832 and now, they have grown tremendously, spawning dozens of branches and taking over many other financial institutions (both in Canada and around the world) through a series of acquisitions. As it stands, they are one of the major pillars in the Canadian banking sector.
What We Think
To finish off our Scotia Momentum Visa Review, we’d like to give this card a mild recommendation. It’s hard to justify recommending this card over the Infinite version, but the discrepancy is not as large as the one between some of Scotiabank’s other sets of free and upgraded cards. The Scotia Momentum Visa is nothing outstanding, but it comfortably fills its role as the mid-grade option in this lineup; that’s all it really needs to do.
This card will be perfectly fine for you if you’re dead set on minimizing the fees you pay without dropping down to the lowest rung available, and you won’t lose out on all that much. It’s also even better than the Infinite card for those who are currently carrying a balance on another card thanks to that unique introductory balance transfer offer. Overall, if you think you might like to have this card, we feel confident saying you will be happy with it.