This Scotia Momentum No-fee Visa Card is one of the many credit card offerings from Scotiabank. Like other big banks, Scotiabank offers its millions of customers different credit cards that meet their different needs.
From no-fee credit cards to travel and cash-back cards, there’s a card for everyone. No-fee credit cards provide many of the benefits of credit cards with annual fees, and the good news is that Canadians have different options to choose from.
The Scotia Momentum No-fee Visa Card is one of the best no-fee credit cards in Canada that combines no annual fees with competitive features.
In this Scotia Momentum No-fee Visa Card review, I provide a detailed view of the card from its key features, pros and cons to alternatives.
Overview of Scotia Momentum No-fee Visa Card
Let’s start with an overview of the key features of the Scotia Momentum No-fee Visa Card:
|Interest rates||19.99% on purchases, 22.99% on cash advances/balance transfers|
|Rewards||Up to 1% cash back|
|Promotions||5% promotional cash back 0.99% introductory interest rate on balance transfers|
|Foreign currency conversion fee||2.50%|
|Minimum credit limit||$500|
|Supplementary card fee||None|
|Comprehensive insurance coverage||Yes|
What is the Scotia Momentum No-fee Visa Card?
Scotia Momentum No-fee Visa Card is one of Scotiabank’s credit cards with no annual fee. It’s one of the top no-fee credit cards in Canada that stands out because of its competitive introductory balance transfer interest.
Currently, new users of this card get a competitive introductory balance transfer interest of 0.99% for their initial 6 months of membership. More on this later.
Besides the introductory balance transfer interest, the card also offers new members 5% promotional cash back on up to $2,000 purchases within their first three months of cardholding.
With comprehensive insurance coverage, access to car rental discounts, and other unique features, there are many reasons to check out the Scotia Momentum No-fee Visa Card.
Key Features of Scotia Momentum No-fee Visa Card
Let’s go over the key features of the Scotia Momentum No-fee Visa Card to understand why it’s considered one of the best Canadian no-fee credit cards.
1. Cash Back Rewards
The Scotia Momentum No-fee Visa Card offers 1% cash back for eligible grocery, gas and drug store purchases. It also offers 1% cash back on recurring bill payments such as:
- Home or car insurance payments
- Phone bills
- Utility bills
- Cable bills
- Subscription bills
Every other eligible purchase with the Scotia Momentum No-fee Visa Card will earn you a 0.5% cash back.
As discussed above, the Scotia Momentum No-fee Visa Card offers new users a competitive introductory balance transfer interest of 0.99% during their initial 6 months of membership.
This saves you over 95% from the standard balance transfer interest (22.99%) of the Scotia Momentum No-fee Visa Card.
In addition, your purchases with the card up to $2,000 within your first 3 months of membership will earn you competitive promotional cash back of 5%.
3. Car Rental Discounts
The Scotia Momentum No-fee Visa Card offers access to up to 25% discounts at Canadian or US participating AVIS and Budget locations.
With these competitive discounts, you can save a lot on your next car rental in Canada or the US.
4. Quick Payments
The Scotiabank Mobile Banking app has a Visa payWave feature that saves you time at checkouts.
With the Visa payWave feature, you can make quick payments by waving your card or tapping your smartphone on any eligible checkout.
5. Comprehensive Insurance Coverage
The Scotia Momentum No-fee Visa Card offers optional comprehensive insurance to its cardholders.
The card features a Scotia Credit Card Protection that helps meet your monthly credit card payments or pay off your outstanding credit card debt when you’re no more or incapacitated.
The Scotia Credit Card Protection offers two types of coverage ranging from basic to comprehensive protection. Below is a highlight of their varying benefits:
|Basic Protection||Comprehensive Protection|
Critical Illness Benefit
|Job Loss Benefit|
Strike or Lockout Benefit
Critical Illness Benefit
This service is not free. It is an extra paid add-on. But if you don’t have a protection from other source, then the comprehensive protection offered by the Scotia No-fee Visa Card is a great choice.
Pros and Cons of Scotia Momentum No-fee Visa Card
Next in this Scotia Momentum No-fee Visa Card review, let’s take a look at the pros and cons of the credit card:
- 0.99% introductory interest rate on balance transfers
- 5% promotional cash back
- Optional comprehensive insurance
- Quick payments (through Visa payWave)
- Up to 25% discounts on car rentals
- Low standard cash back rate (0.5% – 1%)
Is the Scotia Momentum No-fee Visa Card For You?
So who is the Scotia Momentum No-fee Visa Card for?
If you want a no-fee credit card with a 0% 6-month introductory balance transfer rate, there are few credit cards than come close to the Scotia Momentum No-fee Visa Card.
In addition, the promotional cash back rate, car rental discounts, Visa payWave feature and comprehensive insurance also make the Scotia Momentum No-fee Visa Card unique.
If these features suit your needs, then you can’t make the wrong choice with the Scotia Momentum No-fee Visa Card.
But if you’re concerned about the card’s low standard cash back rate and income requirement, consider its alternatives which I discussed at the end of this review.
How to Apply for the Scotia Momentum No-fee Visa Card
You can apply for the Scotia Momentum No-fee Visa Card online, by phone or in-person. However, you must meet the following requirements to qualify:
- Be a Canadian citizen or permanent resident
- Have a Social Insurance Number (SIN)
- Reach the age of majority in the province or territory
- Have no history of bankruptcy in the past 7 years
If you meet all the above requirements, you can go ahead to apply for the card through any of the following options:
- Online: Visit the application page through this link
- By phone: Call Scotiabank’s representative at +1 (800) 747-3208.
- In-person: If you’re a new Canadian that’s less than 3-year old, you need to visit the nearest Scotiabank branch to apply for the card. You can find the nearest branch through this link.
Scotia Momentum No-fee Visa Card vs Simplii Financial Cashback Visa Card
The Simplii Financial Cashback Visa Card is also one of the best no-fee credit cards in Canada that could suit your needs.
While this card requires a minimum of $15,000 in gross household income, it gives you access to competitive cash back promo and introductory APR on purchases.
The card offers 10% promotional cashback on eligible purchases during your initial four months of card membership.
Unlike the Scotia Momentum no-fee card, the Simplii card offers a relatively high standard cashback rate of 4% on eligible restaurant, bar and coffee shop purchases, 1.5% on gas, groceries, drugstore purchases and pre-authorized payments and 0.5% for all other purchases.
And for your first six months of holding the Simplii credit card, you will enjoy a 9.99% introductory APR on purchase instead of the standard rate of 19.99%.
To learn more, check out this Simplii Financial Cashback Visa Card Review.
Scotia Momentum No-fee Visa Card vs Neo Financial Credit Card
The Neo Financial Standard Credit Card is another competitive credit card with no-fee credit card with some of the highest cash back rates in Canada.
Operating on the Mastercard network, the Neo Financial Credit Card outshines other no-fee credit cards in Canada with its competitive cash back.
With this card, you will earn up to a 15% promotional cash back for your first eligible purchase at partner stores and an average of 5% cash back afterwards.
The interesting part is that, unlike the Scotia no-fee card, the Neo no-fee card has no income requirement, making it more accessible to many Canadians.
For more information, check out this Neo Financial Credit Card Review.
Hopefully, this Scotia Momentum No-fee Visa Card review has provided you with all the information you need to make a decision. But if you need more clarification, kindly let me know in the comment section below.
Overall, you can’t make this wrong choice with this card if you’re looking for a no-fee credit card with:
- Competitive introductory balance transfer interest
- Car rental discounts
- Optional comprehensive insurance
If you like this review, please share it to help others make informed decisions too. You can also check out our related posts to learn more about the current best financial offers in Canada.
Scotia Momentum No-fee Visa Card Review
Scotia Momentum No-fee Visa Card is one of the top credit cards in Canada with no annual fees.