The Scotiabank Momentum Visa Infinite is a cash back credit card that has an accelerated earning rate at grocery stores up to a generous annual limit and an annual cashout schedule that is conveniently placed right before the holidays. Coupled with a number of insurance coverages and a reasonable annual fee, this is an interesting card to consider if you are looking to simplify your personal finance goals with a cash back credit card.
Let’s take a look at everything you need to know about the Scotiabank Momentum Visa Infinite card to see if this card is worth adding to your wallet.
Overview
Welcome Bonus
The Scotiabank Momentum Visa Infinite card currently has a welcome bonus in which new cardholders can earn up to $200 cashback:
- Earn 10% cash back on purchases for the first 3 months (up to $200 in cash back)
- Plus: You can earn an additional $100 FlyerFunds Rebate on the Scotiabank Momentum Visa Infinite card when you apply through Frugal Flyer Rebates!
This offer has an expiry date of October 31, 2024.
The Scotiabank Momentum Visa Infinite card earns cash back and gives cardholders the opportunity to earn 4% cash back on grocery purchases, eligible recurring bill payments, and subscription purchases.
Check out our Scotiabank Momentum Visa Infinite card review for more details.
$200 cash back
$2,000
$200+
$120 (FYF)
Yes
Oct 31, 2024
The Scotiabank Momentum Visa Infinite card has an annual personal income requirement of $60,000 or an annual household income requirement of $100,000.
Earning Rates
The Scotiabank Momentum Visa Infinite card earns cash back for all eligible purchases made on the card at the following rates:
- Earn 4% cash back on grocery store purchases, recurring bill payments, and subscription purchases.
- Earn 2% cash back on eligible gas purchases and daily transit purchases.
- Earn 1% cash back on all other eligible everyday purchases.
Cardholders will receive 4% cash back for up to $25,000 in eligible grocery purchases, eligible recurring bill payments, and subscription purchases in a calendar year. They will also receive 2% cash back for up to $25,000 in eligible gas and daily transit purchases in a calendar year.
Once these cash back bonus rate thresholds are met, all future purchases will award 1% cash back for the remainder of the calendar year.
Annual Fee
The Scotiabank Momentum Visa Infinite card has an annual fee of $120. This is comparable to the annual fee on other Visa Infinite credit card products in Canada. However, there are often welcome offers on the card that include an annual fee waiver, so check the terms of the offer before you apply.
Customers who have a Scotiabank Preferred Package account or a Scotiabank Ultimate Package account can also receive a rebate on the annual fee; double-check the benefits of your account to understand how this benefit works.
Benefits
The Scotiabank Momentum Visa Infinite credit card doesn’t offer many benefits but does provide a number of insurance coverages.
Insurance Coverage
The Scotiabank Momentum Visa Infinite credit card offers the following insurance coverages:
- Trip cancellation coverage
- Trip interruption
- Travel emergency medical insurance
- Flight delay insurance
- Delayed and lost baggage insurance
- Travel accident benefits
- Rental car collision loss and damage coverage
- Mobile device insurance
- Purchase security
- Extended warranty protection
Ensure you read the insurance certificate to understand eligibility and how the insurance coverage is applied.
Redeeming Cash Back
Any cash back that is earned on the Scotiabank Momentum Visa Infinite credit card will be annually issued as a statement credit in November. Cardholders do not need to submit a request to receive their cash back as the process is automatic.
This means that if you sign up for this card in December, you will have to wait almost a whole year to receive your earned cash back. While some individuals may like that the cash back is automatically redeemed close to the holiday period, others may find that it is inconvenient compared to other credit cards where you can redeem the cash back balance at any time.
Comparable Credit Cards
If you are looking for a comparable cash back credit card that offers similar earning rates, there are a few other cards that you should consider.
Tangerine World Mastercard
The Tangerine World Mastercard is a great option if you would prefer a credit card with no annual fee that still earns cash back on all purchases.
The Tangerine World Mastercard earns cash back and allows cardholders to choose three accelerated spending categories to increase their cash back earnings. In 2024, we awarded this card as the Best No Annual Fee Cash Back Credit Card.
Check out our Tangerine World Mastercard review for more details.
$100 cash back
$1,000
$100+
$0
Yes
Apr 30, 2024
The Tangerine World Mastercard earns 2% cash back on all purchases in up to three categories of your choice and 0.5% cash back on all other purchases. These categories include grocery, furniture, restaurants, hotel/motel, gas, recurring bill payments, drug store, home improvement, entertainment, and public transport/parking.
The cash back on the Tangerine World Mastercard is paid monthly, as opposed to the once-a-year schedule on the Scotiabank Momentum Visa Infinite card. This may be preferable for those individuals who want to access their cash back sooner.
TD Cash Back Visa Infinite Card
The TD Cash Back Visa Infinite card has a slightly higher annual fee than the Scotiabank Momentum Visa Infinite card but does not have any caps on earning cash back on any of the accelerated earning categories.
The TD Cash Back Visa Infinite* card earns cash back and gives cardholders the opportunity to earn 3% cash back on all eligible grocery purchases, gas purchases, and regularly recurring bill payments.
$350 cash back
$3,500
$350+
$139 (FYF)
Yes
Jun 3, 2024
Cardholders will earn 3% cash back on all grocery, gas, and regularly recurring bill payment purchases. They will also earn 1% cash back on all other purchases.
TD Cash Back Visa Infinite cardholders can redeem cash back at any point provided the earned cash back balance is greater than $25. This is more flexible than the Scotiabank Momentum Visa Infinite card which only withdraws the cash back automatically once per calendar year.
TD Cash Back Visa Infinite cardholders are eligible to obtain complimentary Deluxe TD Auto Club membership which provides 24/7 road services in case of an emergency.
BMO CashBack World Elite Mastercard
The BMO CashBack World Elite Mastercard has the same annual fee as the Scotiabank Momentum Visa Infinite card but offers increased earning rates on all purchases, including 5% cash back on groceries.
The BMO CashBack World Elite Mastercard earns cash back and offers cardholders the opportunity to earn up to 5% cash back on all grocery purchases. As a result, for 2024 we selected this card for the award for Best Cashback Credit Card for Grocery Purchases.
Check out our BMO Cashback World Elite Mastercard review for more details.
$250 cash back
$2,500
$250+
$120 (FYF)
Yes
May 31, 2024
While there is an increased earning rate on groceries, this increased earning rate is only available for the first $500 spent on groceries in a statement period. This is the same limitation for the other earning categories but at different earning rates and statement period limits.
Once the cardholder reaches the noted total spend amount in the accelerated cashback category during a statement period, all remaining eligible purchases in that category will earn 1% cash back until the next statement.
Cash back earned on the BMO CashBack World Elite Mastercard can be redeemed at any point provided the earned balance is over $1. This added flexibility in redemption may make this card preferable over the Scotiabank Momentum Visa Infinite card for some.
Who is the Scotiabank Momentum Visa Infinite Card Best For?
The Scotiabank Momentum Visa Infinite credit card is best for those individuals who are looking for a good credit card to get more out of their routine purchasing habits. The earning rates are strong, and the earning caps shouldn’t be a concern for the average Canadian and their family. Needless to say, adding a card to your wallet that can earn you a sizable amount of cash back on your grocery purchases will go a long way in the current economy.
If you aren’t interested in getting started with miles and points, adding a cash back credit card to your wallet is a great place to start getting rewarded for your purchases with a simple-to-understand cash back earning and redemption structure.
Conclusion
The Scotiabank Momentum Visa Infinite card is one of a few good options for Canadians who are interested in adding a cash back earning credit card to their wallet. If you aren’t sure if this is the right card for you, consider looking into our credit card comparison tool to see all the options that are available to you.
Josh Bandura
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