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About Scotia Momentum Visa Infinite
23 Jul 2019

Why Is Scotia Momentum Visa Infinite The Best Cashback Reward Card?

Over the last few years, cashback credit cards have gained popularity in Canada. Scotia momentum visa infinite is one of them. The card is, however, the richest in Canada due to its unique benefits as compared to other credit cards. This card however is best suited for individuals who spend a lot and put their every spending on a credit card. Below are the features and benefits this card offers to its users.

Features and benefits of scotia momentum visa infinite cards

  1. Cashback reward

Among the cashback rewards credit cards in Canada, this is probably the best available. The card offers its clients 4% reward on gas purchase, 4% on grocery, 2% on drug store bill, 2% on recurring bills and 1% on any other purchases. Recurring bills may include; cellphone bills, cable, internet, landline, gym membership, and any other bills that automatically charge to your credit card. The credit card is unlike the other cashback reward cards out there which offer 1% on all purchases. The 4% cashback reward on gas and groceries is however offered for spending an amount that is not beyond $25,000 in a year. Anything beyond the amount gets you a reward of 1%. Considering that most people spend $2,500 on gas and $6,000 on groceries, it is safe to say that your 4% reward is intact. In addition, you get to use the card for free for the first year .

  1. Travel insurance

Qualifying for travel insurance benefits covered by the scotia card requires you to charge 75% of your purchases on the card. These travel insurance benefits are

  • Flight delay- this is the cover of $500 for a trip delayed for more than 4 hours.
  • Trip interruption- sometimes your trip may be interrupted and this may cause losses especially financial ones. To cover this, the card gives you $2,000 and can only refund $10,000 per trip.
  • Lost or delayed luggage cover- with the card, you get $500 compensation on lost or delayed baggage. The delay should be 4 hours or more.
  • Travel accident- the card offers $500,000 covering for travel by common carriers including cruise ship, trains, buses and airplanes.
  • Rental car collision/damage cover- to get this cover, you are required to charge the entire amount of renting the vehicle on this card.
  • Concierge service- the cover is available 24/7.
  • Warranty extension and purchase security insurance. Whenever you purchase a product that offers a warranty, you get an additional one-year extension and 90 days’ security against theft or damage.

Other than the above covers, you can also get a Travel medical cover of $1,000,000 a coverage of up to 15days. However, for this coverage, you do not have to have charged 75% of your purchase on the card to qualify for the cover.

Redeeming of the rewards

The cashback reward for the card does not come immediately and neither does it come in actual cash. The reward may be earned immediately on purchase but is earned monthly. However, you receive the award at the end of the year (12months). You will be able to see the award on every statement you get until you decide to redeem it. You can redeem your rewards in two different ways; this is the statement credit and deposit into your chequing account.  Statement credit is where your card is credited with the amount instead of borrowing to pay for purchase as usual. Depositing into your chequing account, on the other hand, is where the reward is deposited to your transactional account.

To get the most out of this credit card, you can decide to save up the reward amount after paying for the annual fee of $99. As this amount accumulates you may be able to fund a bigger project without having to touch even a dime of your hard-earned money. This may include taking your family to a vacation, purchasing gifts for your loved ones, or investing in a business or stocks.

Even with all the positive aspects of having the card, there are also cons to consider when deciding to use the card. This is the annual fee of $99. Most of the cashback reward cards available will offer zero annual fees for the card but the reward is 1% in all purchases. When you compare these two, you realize that the scotia momentum visa infinite card earnings are higher.

In conclusion, the scotia momentum visa infinite card is excellent for individuals looking to make all their purchases using the card. This is the best way to guarantee that you get maximum benefits.