This Scotia Momentum Visa Infinite Card review provides a detailed overview of the credit card and how it compares with other top credit cards in Canada.
By using a credit card that matches your spending habits, you can easily save costs on your everyday purchases while improving your credit score.
But with so many credit cards out there, finding the best one could be challenging.
To help you make an informed decision, this review discusses everything you need to know to determine if the Scotia Momentum Visa Infinite Card is perfect for you.
Overview of Scotia Momentum Visa Infinite Card
Let’s start with an overview of the Scotia Momentum Visa Infinite Card.
| Annual fee | $120 (no fee for the first year) |
| APR | 20.99% on purchases and 22.99% on cash advances |
| Reward for purchases | 4% cash back for every eligible $1 purchase |
| Promotions | 10% cash back on all purchases within the first three months of card membership |
| Minimum credit limit | $5,000 |
| Annual supplementary card fee | $50 (no fee for the first year) |
With this in mind, we can now take a detailed view of the card starting with its definition.
What is the Scotia Momentum Visa Infinite Card?
The Scotia Momentum Visa Infinite Card is an award-winning cashback credit card offered by Scotiabank.
Currently, this card offers one of the most competitive promotional credit card cash back in Canada of 10%. This promotional cashback lasts throughout your initial three months of membership on up to $2,000 purchases.
Besides that, the card also offers up to 4% cash back for every eligible groceries and recurring payments, and 2% cash back on daily transit and gas purchases.
While it has a relatively high annual fee of $120, the fee is waived for the first year. This gives you free access to the card’s competitive rewards, exclusive benefits, and comprehensive insurance coverage.
However, you must have an average annual personal income of $60,000, an annual household income of $100,000 or $250,000 assets under management to be eligible for the card. More on other requirements later.
Key Features of Scotia Momentum Visa Infinite Card
The following are the key features of the Scotia Momentum Visa Infinite Card that make it one of the best cash-back credit cards in Canada.
1. Cashback
The Scotia Momentum Visa Infinite Card offers some of the competitive cash backs out there both on promotional and standard rewards.
On promotional rewards, the card offers new members 10% cash back within their first three months of card membership. This competitive promo applies on up to $2,000 in purchases.
And for the regular or standard rewards, the card offers 4% cash back on groceries, recurring bills and subscription bills.
Besides that, you will earn 2% cash back on every $1 you spent on daily transit and gas. And 1% cashback will be awarded to you when you make every other purchase.
2. Special Discounts and Benefits
With the Scotia Momentum Visa Infinite Card, you get access to special discounts and benefits that you couldn’t access elsewhere.
Below are the current special discounts and benefits available on the card:
- 25% discounts on car rentals at eligible AVIS and Budget locations
- Room upgrade and free Wi-Fi access with Visa Infinite Hotel Collection
- 24/7 Visa Infinite Concierge Service (including trip planning, booking and tickets scoring)
- Visa Infinite Dining and Wine Country program
With these exclusive benefits, you can expect a great deal of luxury with the Scotia Momentum Visa Infinite Card.
3. Multiple Payment Options
If you’re looking for a credit card that supports multiple payment options, the Scotia Momentum Visa Infinite Card got you covered.
With this card, you can make easy and fast payments through any of the following options.
- Visa payWave
- My Mobile Wallet
- Apple Pay
- Click to Pay
4. Insurance Coverage
The Scotia Momentum Visa Infinite Card also stands out from the competition with its comprehensive collection of insurance coverage, ranging from:
- New Mobile Device Insurance
- Travel Emergency Medical Insurance
- Flight Delay Insurance
- Travel Accident Insurance
- Delayed and Lost Baggage Insurance
- Trip Cancellation and Trip Interruption Insurance
- Rental Car Collision Loss/Damage Insurance
- Purchase Security & Extended Warranty Protection
- Scotia Credit Card Protection (optional basic/compressive protection)
With this comprehensive coverage, you can count on the card for optimal protection.
Scotia Momentum Visa Infinite Card Fees
As of the time of writing this review, the Scotia Momentum Visa Infinite Card has the following fee structure.
| Service | Fee |
|---|---|
| Annual fee | $120 (waived in the first year) |
| Annual supplementary card | $50 (no fee for the first year) |
| Foreign transaction | 2.5% |
| Cash advance counter in Canada | $5 |
| Cash advance counter outside Canada | $7.50 |
| ABM cash advance in Canada | $5 |
| ABM cash advance outside Canada | $7.50 |
| Balance transfer | $5 |
| Fast card | $20 |
| Scotia credit card cheque | $5 |
| Overlimit | $29 |
| Dishonoured payment | $48 |
| Non-sufficient funds | $48 |
While the Scotia Momentum Visa Infinite Card has a relatively high fee structure, its competitive features make it worthwhile.
Pros and Cons of Scotia Momentum Visa Infinite Card
The following is a highlight of the pros and cons of the Scotia Momentum Visa Infinite Card based on the above review.
Pros
- Competitive rewards
- High promotional cashback
- Exclusive benefits
- Comprehensive insurance coverage
Cons
- Above-average interest rates
- High-income requirement
- Relatively high fees
Is Scotia Momentum VISA Infinite Worth It?
The answer could be yes or no depending on your specific needs! Obviously, you can’t make the wrong choice with the card if you’re looking for a Visa card with exclusive benefits.
Besides exclusive benefits, the Scotia Momentum Visa Infinite Card is also one of the best cashback credit cards out there.
And the fact that the card offers comprehensive insurance coverage means it’s definitely worth it if you want a card that offers a wide range of protection.
However, it’s essential to consider the card’s above-average APRs, high-income requirements and high fees before deciding if it’s the best card for you.
How to Apply for the Scotia Momentum Visa Infinite Card
Application for the Scotia Momentum Visa Infinite Card can be completed within a few minutes as everything is done online.
But before you qualify for this card, you must meet the requirements below:
- Be a citizen or permanent resident of Canada
- Have a Social Insurance Number
- Have an average annual personal income of $60,000, annual household income of $100,000 or $250,000 assets under management
- Reach the age of majority in your province or territory
- Have no bankruptcy in the previous seven years
If you meet these requirements, follow the steps below to apply for the card
- Go to the application page here
- Click the “Apply now” button
- Confirm whether you’re an existing Scotiabank client with online banking
- Sign in to your Scotiabank account or start an application if you’re a new client
- Follow the prompts to complete the application
Scotia Momentum Visa Infinite Card vs Scotia Momentum No-Fee Visa Card
| Key Feature | Scotia Momentum Visa Infinite Card | Scotia Momentum No-Fee Visa Card |
|---|---|---|
| Annual fee | $120 (no fee for the first year) | None |
| APR | 20.99% on purchases and 22.99% on cash advances | 19.99% on purchases and, 22.99% on cash advances |
| Reward for purchases | Up to 4% cash back for every eligible $1 purchase | Up to 1% cash back for eligible purchases |
| Promotions | 10% cash back on all purchases within the first three months of card membership | 5% promotional cash back and 0.99% balance transfer introductory interest |
| Minimum income requirement | Personal income of $60,000, annual household income of $100,000 or $250,000 assets under management | $12,000 annual personal income |
| Annual supplementary card fee | $50 (no fee for the first year) | None |
If the Scotia Momentum Visa Infinite Card seems costly for you, the Scotia Momentum No-Fee Visa Card is a no-fee option.
Besides having no annual fee, the Scotia Momentum No-Fee Visa Card also rewards you with competitive cash back on your purchases.
Your first three months’ purchases with the card for up to $2,000 will earn you 5% cash back. After that, you will earn 1% cash back on eligible gas, grocery, recurring bills and drugstore purchases.
Unlike the Scotia Momentum Visa Infinite Card which offers 1% cash back on every other purchase, the Scotia Momentum No-Fee Visa Card offers 0.5%.
However, Scotiabank Momentum No-Fee Visa Card also offers a competitive introductory balance transfer interest of 0.99% for up to 6 months.
This means you will not be charged the standard 22.99% balance transfer interest rate throughout your first 6 months of card membership.
Finally, the Scotiabank Momentum No-Fee Visa Card requires a relatively low personal annual income of $12,000 compared to the requirements of the Scotia Momentum Visa Infinite Card.
Learn more: Scotia Momentum No-Fee Visa Card Review
Scotia Momentum Visa Infinite Card vs Neo Financial Credit Card
| Key Feature | Scotia Momentum Visa Infinite Card | Neo Financial Credit Card |
|---|---|---|
| Annual fee | $120 (no fee for the first year) | $0 |
| APR | 20.99% on purchases and 22.99% on cash advances | 19.99% on purchases and 26.99% on cash advances |
| Reward for purchases | Up to 4% cash back on eligible purchases | Up to 5% cash back on purchases at partner stores |
| Promotions | 10% cash back on all purchases within the first three months of card membership | 15% cash back on your first purchase at partner stores |
| Minimum income requirement | Personal income of $60,000, annual household income of $100,000 or $250,000 assets under management | None |
| Annual supplementary card fee | $50 (no fee for the first year) | N/A |
The Neo Financial Credit Card is another top credit card with competitive rewards and offers in Canada.
As shown in the table above, the Neo Financial Credit Card outshines the Scotia Momentum Visa Infinite Card in terms of competitive cash back, low fees, and lower interest on purchases.
Even more interesting is the fact that you can access all these features on Neo Financial Credit Card without worrying about your personal or household annual income.
With no monthly fees, Neo Financial Credit Card offers you an average of 5% cashback at partner stores and 0.5% guaranteed cashback for every other purchase.
Learn more: Neo Financial Credit Card review
Over to You
The Scotia Momentum Visa Infinite Card has positioned itself as one of the best credit cards in Canada with competitive cashback, comprehensive insurance, and exclusive benefits.
If these are some of the features you need in a credit card, then you can’t make the wrong choice with this card. But if you’re still unsure whether the Scotia Momentum Visa Infinite Card is perfect for you, let me know in the comment section or consider any of the above alternatives.
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Scotia Momentum Visa Infinite Card Review
Summary
The Scotia Momentum Visa Infinite Card by Scotiabank is an award-winning cashback credit card offering competitive promotional cash backs in Canada
