If you’re looking for a credit card that puts money back in your pocket, the Scotia Momentum® Visa Card* is a solid choice. Designed for everyday spending, this card lets you earn up to 2% cashback on purchases like gas, groceries, drugstore items, and even recurring bill payments. Whether you’re fueling up for a road trip or stocking up on essentials, this card ensures that every swipe counts.
But it’s not just about cashback—this card also offers an introductory interest rate on balance transfers, providing financial flexibility when you need it most. With a reasonable annual fee and a variety of benefits, the Scotia Momentum Visa Card is tailored for those who want to maximize their spending power while maintaining financial security.
Main features of the Scotia Momentum Visa Card
The Scotia Momentum Visa Card is issued by Scotiabank, one of Canada’s leading financial institutions. This card is aimed at individuals who want to earn rewards effortlessly on their daily purchases while enjoying the convenience of a secure and reliable payment method. If you frequently shop for groceries, pay recurring bills, or spend on essentials, this card makes every dollar work harder for you.
Beyond cashback, this credit card provides additional perks like insurance coverage and a flexible SelectPay™ option, which allows you to break up large purchases into smaller, manageable payments. Whether you’re a seasoned credit card user or someone looking to build a solid financial foundation, the Scotia Momentum Visa Card offers a balanced mix of rewards and responsible credit usage.
Understanding the annual fee
Understanding the annual fee is crucial when selecting a credit card, and the Scotia Momentum Visa Card keeps things simple. For a $39 yearly fee, cardholders gain access to an array of benefits, including cashback on essential purchases, insurance coverage, and exclusive banking perks.
This annual fee is automatically charged to your account once per year, typically on your card’s anniversary date. If you’re a frequent spender, the cashback rewards alone can more than cover this cost over time. For those who use their credit card strategically, the combination of rewards and financial perks makes this fee a worthwhile investment rather than an expense.
If you’re wondering whether a card with an annual fee is worth it, consider your spending habits. If you tend to charge everyday expenses like groceries and gas to your card, the 2% cashback alone can help offset the annual fee within a few months.
Deciphering credit limits
Scotiabank determines your credit limit based on various financial factors assessed during the application process. While the minimum limit starts at $500, the bank evaluates your creditworthiness, income, and overall financial stability before assigning a specific amount. A strong credit history, marked by consistent on-time payments and responsible credit usage, can result in a higher credit limit.
Additionally, your income level plays a crucial role—the more stable and sufficient your earnings, the greater your eligibility for a higher limit. Another key factor is your debt-to-income ratio, which measures how much debt you carry relative to your income, helping the bank assess your financial responsibility.
If you already have multiple credit accounts, Scotiabank will review how you manage them before setting your limit. If your initial credit limit is lower than expected, don’t worry—demonstrating responsible usage and timely payments can often lead to an increase over time.
Advantages of the Scotia Momentum Visa Card
- Up to 2% Cashback – Earn 2% back on gas, groceries, drugstore purchases, and recurring payments.
- 1% Cashback on Everything Else – No need to track specific categories—earn rewards on all purchases.
- Introductory Balance Transfer Rate – Enjoy a 2.99% rate for the first six months when transferring balances.
- Flexible Payment Options – Use Scotia SelectPay™ to break down larger purchases into manageable payments.
- Purchase Security & Extended Warranty – Get protection on eligible purchases.
- Zero Liability Protection – You won’t be held responsible for unauthorized transactions.
- Contactless Payments & Mobile Wallet Compatibility – Easily pay with your phone or tap your card.
Standout advantage
The biggest advantage of this card is its generous cashback on essential purchases. Unlike some reward cards that only offer high cashback rates on luxury spending, this card focuses on everyday necessities. Since gas, groceries, and recurring bills make up a large portion of the average household budget, the 2% cashback rate translates into real savings.
Addressing potential drawbacks
- Annual Fee – While relatively low, some users may prefer a no-fee option.
- Limited Cashback Categories – The highest cashback is limited to specific spending categories.
- High Interest Rates – Standard purchase and cash advance rates are on the higher side.
- Supplementary Card Fee – Adding an extra user comes with a $15 yearly charge.
Standout disadvantage
The main drawback of this card is its interest rate on purchases and cash advances. While the cashback rewards can add up quickly, the 19.99% purchase rate and 22.99% cash advance rate can become costly if you carry a balance. To maximize your benefits, it’s best to pay off your balance in full each month and avoid cash advances unless absolutely necessary.
Eligibility criteria
To apply for the Scotia Momentum Visa Card, applicants must meet specific eligibility criteria set by Scotiabank. You must be at least the age of majority in your province or territory, ensuring legal capacity to enter a credit agreement. A good credit score and a steady income are essential, as they demonstrate your ability to manage credit responsibly.
Additionally, you must be a Canadian resident with a valid Canadian address, ensuring accessibility to Scotiabank’s services. Lastly, you must successfully pass the bank’s credit approval process, which evaluates your financial history and overall creditworthiness.
How to apply for the Scotia Momentum Visa Card
Interested in the Scotia Momentum Visa Card? Applying is easy, and you can do it through multiple channels. Whether you prefer the convenience of online applications, the flexibility of a mobile app, or the personal touch of an in-branch visit, Scotiabank makes the process simple and hassle-free.
Via website
Applying online is quick and efficient. Simply visit the Scotiabank website, navigate to the credit card section, and follow the application prompts. You’ll need to provide personal and financial details, and in most cases, you’ll receive an instant decision.
Through the mobile application
Prefer to handle things from your phone? The Scotiabank mobile app allows you to apply for the Scotia Momentum Visa Card from anywhere. With a few taps, you can fill out the application, submit the required documents, and check your approval status—all from the comfort of your home.
Through the store/branch
If you prefer a face-to-face experience, visiting a Scotiabank branch is a great option. A bank representative can walk you through the application, answer any questions, and help you determine if this card is the right fit for your needs.
