The Scotia Momentum® Visa* Card is a well-known cash-back credit card that offers a great balance of affordability and reward potential. With its competitive cash-back rates on everyday purchases like groceries, gas, and recurring bills, it’s a solid choice for those seeking to maximize their spending power.

This card provides a range of benefits for both small spenders and those looking to maintain a healthy credit history. But is it the right card for you? Let’s break it down in detail, from the card’s main features to how to apply, and whether it’s ultimately worth it.

Main information about the card

The Scotia Momentum® Visa* Card offers an enticing opportunity to earn cash back on a variety of purchases, making it a smart option for everyday spending. Here’s a quick overview of the key features:

• Cash-back rewards:Earn 2% on eligible purchases at gas stations, grocery stores, drugstores, and recurring payments. For all other purchases, you earn 1% cash back.
• Annual fee: The card has an affordable $39 annual fee, making it accessible to a wide range of users.
• Interest rates: 19.99% on purchases and 22.99% on cash advances and balance transfers.
• Introductory offer: New cardholders can benefit from a 2.99% interest rate on balance transfers for the first six months, providing a cost-effective way to manage existing debts.
• Supplementary cards: Add supplementary cards for just $15 per year, allowing family members to share in the cash-back benefits.

Whether you’re focused on routine spending or using it for special categories like recurring bills, the Scotia Momentum® Visa* Card provides an easy way to rack up rewards quickly.

Qualification requirements

To qualify for the Scotia Momentum® Visa* Card, you must meet several criteria. First, you should have a good to excellent credit score, typically 650 or higher, to increase your chances of approval. Scotiabank also requires applicants to be the age of majority in their province or territory of residence and be a Canadian resident.

Income requirements may vary, but having a steady income and responsible credit history will be essential in securing approval. A minimum income threshold isn’t specified for this card, which may make it more accessible compared to higher-tier credit cards. However, it’s always best to review your financial situation and ensure you meet the requirements before applying.

Benefits

The Scotia Momentum® Visa* Card provides a host of benefits beyond just cash-back rewards, making it a valuable financial tool for consumers. One of its standout features is Scotia SelectPay™, a unique option that allows you to pay off large purchases of $100 or more through low-interest installment plans, providing flexibility in managing your finances without additional fees. 

Additionally, cardholders benefit from comprehensive insurance coverage, which includes purchase protection, extended warranty, and travel-related coverage. These features add an extra layer of security for both your purchases and peace of mind while traveling. 

The card also allows easy management through Scotiabank’s digital services. Users can monitor spending, track rewards, and manage payments through the mobile app or online banking. Whether you’re using the card at home or while traveling, its security features, such as Visa’s Zero Liability Policy, ensure that you’re always protected from unauthorized transactions.

Pros

Here’s a summary of why the Scotia Momentum® Visa* Card is an excellent option for many consumers:

• Competitive cash-back rates: 2% cash back on common everyday categories like groceries, gas, and recurring payments.
• Affordable annual fee: At just $39 per year, this card provides significant value without breaking the bank.
• Scotia SelectPay™: Flexible payment plans make it easier to manage larger purchases.
• Comprehensive insurance coverage: Travel insurance, purchase protection, and extended warranty give you peace of mind.
• User-friendly management: Scotiabank’s app and online banking make it simple to track rewards and spending.

Cons

While the Scotia Momentum® Visa* Card offers many benefits, there are a few downsides to consider:

• Low base cash-back rate: Only 1% cash back on all other purchases outside of the bonus categories.
• Annual fee: While affordable, some consumers may prefer a no-fee card.
• High-interest rates: At 19.99% on purchases, carrying a balance can get expensive if not managed properly.
• Supplementary card fees: $15 per year per supplementary card can add up if you want to share the benefits with family members.

How to apply

Applying for the Scotia Momentum® Visa* Card is simple and can be done through multiple channels. Here’s how you can get started:

• Online: You can visit Scotiabank’s website and apply directly online by filling out a straightforward application form. The process typically takes just a few minutes.
• By Phone: If you prefer to apply by phone, Scotiabank has a dedicated hotline (1-800-747-3208) where you can complete the process with the assistance of a customer service representative.
• In Person: If you’d like a more personalized experience, visit your nearest Scotiabank branch to apply in person. This option is ideal for those who prefer to discuss their options face-to-face with a financial advisor.

Is the card worth it after all?

The Scotia Momentum® Visa* Card is a valuable option for individuals who spend heavily in the designated bonus categories like groceries and gas. If you’re looking for a way to make your everyday purchases work for you through cash-back rewards, this card offers consistent returns. Additionally, the flexibility of Scotia SelectPay™ makes it a solid choice for managing larger purchases without incurring heavy fees or interest. 

However, for those who primarily make purchases outside the card’s higher-reward categories, or for individuals who carry a balance from month to month, the card’s high-interest rate and relatively modest 1% cash back on other purchases might make it less appealing. In these cases, it could be worth exploring no-fee cards or other cash-back cards with broader reward structures.

Conclusion

Ultimately, the Scotia Momentum® Visa* Card shines as a well-rounded cash-back card that balances affordability with valuable rewards. The combination of its 2% cash-back rate on everyday spending categories and its relatively low annual fee makes it a solid contender for those seeking to make the most out of their credit card.

While there are a few potential drawbacks, such as a 1% cash-back rate on other purchases and the supplementary card fees, the overall value it offers—especially with features like Scotia SelectPay™—makes it an excellent choice for most Canadians. Whether or not it’s the right fit for you depends on your spending habits and how you intend to manage your credit card usage.