The Scotiabank Momentum Visa Infinite Card is a cash back credit card with an annual fee of $120 – completely waived for the first year – and excellent cash back benefits. It comes with a promotional 10% cash back rate for the first three and a flat 4% cash back on groceries afterward, one of the highest in Canada.
While this card doesn't make the cut as one of the best cards in Canada, it is the best overall Scotiabank card available today. The Scotiabank Momentum Visa Infinite Card comes with exclusive Visa Infinite benefits like access to the Visa Infinite Hotel Collection, the Dining and Wine Country Program, plus comprehensive insurance coverage. If you're looking for an affordable way to access the highest tier of Visa Infinite benefits, this is the card for you.
However, if you're looking for a better return on your purchases and don't mind choosing a rewards card rather than a cash back card, the Amex Cobalt is a much better option and at pretty much the same annual fee. Besides a great welcome bonus, you can earn back as much as 10% or more on daily purchases like food and drink.
What Is The Scotiabank Momentum Visa Infinite Card?
The Scotiabank Momentum Visa Infinite Card is one of the best cash back credit cards in Canada. It has a cash back rate of 4% on grocery stores plus a promotional 10% cash back rate for the first three months after applying for the card. Additionally, it comes with Visa Infinite benefits like comprehensive travel and purchase insurance. The Scotiabank Momentum Visa Infinite Card has an annual fee of $120, completely waived for the first year.
The Scotiabank or Bank of Nova Scotia was founded in March 1832, and it is headquartered in Ontario. Scotiabank is one of Ontario's leading bank and financial services companies, and it partnered with Visa to offer the best of both worlds; access to a strong banking network and Visa Infinite exclusive benefits.
Scotiabank Momentum Visa Infinite Card Features
#1 10% Cashback Rate On The First 3 Months
New cardholders of the Scotiabank Momentum Visa Infinite Card are entitled to a 10% cashback rate. You must have a $2,000 total spent on the daily eligible purchases in the first three months of membership to qualify. Scotiabank will credit the cashback to your account via installments such as Bonus Cash Back and Regular Cash Back.
#2 No Annual Fee On The First Year Membership
The Scotiabank Momentum Visa Infinite Card offers a great introductory deal of no annual fee on the first year of new cardholders. The benefit covers both primary and supplementary cards. It’s excellent to help newbies manage their first annual expenses with the card.
#3 Up To 4% Cashback Rate On Eligible Purchases
Scotiabank Momentum Visa Infinite Card holders can earn up to 4% cash back on eligible purchases. Terms and conditions apply. Here are the following ways where you can earn cashback:
- 4% cash back for every $1 spent on recurring bill payments, subscription purchases, and grocery store purchases.
- 2% cash back for every $1 spent on eligible daily transit and gas purchases.
- 1% cash back for other purchases without cash back capping.
#4 Comprehensive Travel And Purchase Insurance Coverage
Scotiabank Momentum Visa Infinite Card holders are entitled to comprehensive travel and purchase insurance coverage. Terms and conditions apply. The following are the coverages you can get using this card:
- Trip Cancellation Insurance provides up to $1,500 coverage per individual for cancelled trips due to non-medical or medical causes.
- Trip Interruption Insurance offers up to $2,000 per individual with a maximum of $10,000 per trip.
- New Mobile Device Insurance offers up to $1,000 coverage if the eligible devices are stolen, lost, experienced mechanical failure, or accidentally damaged.
- Flight Delay Insurance offers a $500 coverage limit per insured individual.
- Delayed Baggage Insurance offers $500 coverage for all of the insured individuals on the trip.
- Lost Baggage Insurance offers $500 coverage for all of the insured individuals on the trip.
- Travel Emergency Medical Insurance provides up to $1,000,000 in coverage for sudden and unexpected illness or accidental injury.
- Travel Accident Insurance.
- Rental Car Collision Loss/Damage Insurance automatically covers the rented car if it is damaged, lost, or stolen and provides up to a maximum of $500,000 or a maximum of $1,000,000 per occurrence.
- Purchase Security provides coverage for 90 days on eligible purchases if they sustained damage, were stolen, or were lost.
- Extended Warranty Protection doubles the manufacturer’s warranty of the eligible item.
Although this insurance coverage is top-of-the-line, you can get even better coverage with other premium cards like the Amex Platinum.
#5 Access To Visa Infinite Programs
Aside from the Scotiabank offers, cardholders can access Visa Infinite exclusive programs. Travellers can take advantage of these benefits. Some of the highlighted services and programs are:
- Access 24/7 concierge services to help with bookings and more.
- Get Visa Infinite Hotel Collection access to get discounts, automatic room upgrades, and wi-fi.
- Access the Dining and Wine Country Program to experience dining with first-class food and wine.
Travel cards from other networks like the Marriott Bonviy credit card offer similar benefits, as well as other benefits like free nights at excellent hotels around the world.
#6 Car Rental Discounts At Avis And Budget
Avis and Budget car rentals offer up to 25% discount on base rates if you use your Scotiabank Momentum Visa Infinite Card to rent. The discount deal is available in the participating branches in the US and Canada.
Pro tip: when travelling within Canada, you can add free roadside assistance to make your trip more enjoyable by signing up for a Canadian Tire Triangle Mastercard, a no-fee credit card.
#7 Various Secured Payment Methods
Scotiabank ensures cardholders pay their purchases in various convenient methods. Using these mobile apps and payment systems prevents you from swiping them, which sometimes causes stolen identity and other fraudulent activities. You can use the following methods to pay using the Scotiabank Momentum Visa Infinite Card:
- My Mobile Wallet allows you to wave only your card in the reader to pay
- Visa payWave is another mobile payment method included in the Scotiabank Mobile Banking App
- Click to Pay is an online payment service that accepts Visa cards
- Apple Pay is a mobile app that used to pay for purchases
Scotiabank Momentum Visa Infinite Card Pros And Cons
- High cash back earn rate (up to 4% on eligible purchases)
- 10% cashback rate in the first three months of card membership
- No annual fee for the first year
- Pay purchases with various payment methods
- Get up to 25% discounts from Avis and Budget car rentals in the US and Canada
- Exclusive access to Visa Infinite programs
- Comprehensive travel and purchase insurance coverage
- Rewards are only provided once a year
- You can only earn high cash back from groceries and recurring bills
Scotiabank Momentum Visa Infinite Card Pricing
Scotiabank Momentum Visa Infinite Card is a premium credit card with excellent offers. Besides its annual fees, it also has fees for services and transactions. Some of these fees you must consider are the following:
|Supplementary Card||$50/each per year|
|Interest Rate||20.99% on purchases|
|22.99% on cash advances, balance transfers, Scotia Credit Card Cheques, and cash-like transactions|
|Minimum Credit Limit||$5,000|
|Cash Advance counter fee (any financial institutions in Canada)||$5|
|Cash Advance counter fee (any financial institutions outside Canada)||$7|
|Cash Advance fee (including cash-like transactions)||$5|
Scotiabank Momentum Visa Infinite Card Eligibility
The Scotiabank Momentum Visa Infinite Card has an income requirement you must qualify for. Before you apply, make sure you have meet the requirements:
- $60,000 individual income or $100,000 household income
- $250,000 minimum assets under management
- You must be a Canadian resident
- You must possess the majority of the age in your province or territory. For reference, the age of the majority in Manitoba, Alberta, Ontario, Quebec, Saskatchewan, and Prince Edward Island is 18 years old, while 19 years old in all other provinces.
The Scotiabank Momentum Visa Infinite Card provides valuable benefits to cardholders, especially those who often spend more on groceries and recurring bills. Although it earns points from other purchases, the earn rate you can get is lower. Moreover, it's an excellent credit card with solid insurance coverage protection and exclusive perks from Visa Infinite programs.
Scotiabank Momentum Visa Infinite Card FAQs
How much does a Scotiabank Momentum Visa Infinite Card cost?
The Scotiabank Momentum Visa Infinite Card has an annual fee of $120 for the primary card and $50 for the supplementary cards. Other than these, it also requires transaction fees such as $29 for over limit, $5 for balance transfers, and more.
Is the Scotiabank Momentum Visa Infinite Card worth it?
Yes, the Scotiabank Momentum Visa Infinite Card is worth it. It carries substantial travel and purchase insurance coverages and earns cash back points from essential purchases such as groceries, gas, and more.
Is the Scotiabank Momentum Visa Infinite Card safe?
Yes, the Scotiabank Momentum Visa Infinite Card is safe. Scotiabank ensures strong protection of its systems and credit cards to prevent illegal activities that can significantly affect cardholders.
Is the Scotiabank Momentum Visa Infinite Card legit?
Yes, the Scotiabank Momentum Visa Infinite Card is legit. It is currently used by thousands of individuals and is hailed as one of the best Canadian credit cards.
What are the benefits of a Visa Infinite card?
The significant benefits of a Visa Infinite Card are insurance protection, such as trip cancellation and interruption coverage, travel accident insurance, lost luggage reimbursement, return security, and more.
Is Visa Infinite better than Platinum?
Yes, Visa Infinite is better than Platinum because it is the highest tier among Visa credit cards. The Visa Platinum is the second lower level, followed by the Visa Signature. The first basic tier is the Classic, and the benefits you can get depend on your visa tier.