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Scotia Momentum Visa Card Review (2023)

The Scotia Momentum Visa card is a low-fee cash back credit card and one of three other cards in the Scotia Momentum suite of cash back cards.

In addition to its cash back rewards, this card also offers a 0% balance transfer rate for 6 months which is not bad when compared to other balance transfer credit cards in Canada.

This Scotia Momentum Visa Card review covers its benefits, drawbacks, and everything else you need to know.

Scotia Momentum Visa Summary

Scotia Momentum Visa Card

Good entry-level cash back credit card

Annual fee: $39

Rewards: Earn up to 2% cash back on high-spend categories.

Welcome offer: Receive a 0% introductory APR on balance transfers for the first six months.

Interest rates: 19.99% on purchases and 22.99% on cash advances.

Minimum income requirement: N/A

Recommended credit score:


Scotia Momentum Visa Card

On Scotiabank’s website

  • Earn 2% cash back on purchases at eligible gas stations, grocery stores, and drug stores, as well as on recurring bill payments.
  • Earn 1% cash back on all other eligible purchases.
  • Save up to 25% on car rentals at participating AVIS and Budget locations in Canada and the U.S.
  • Purchased items are insured against theft, loss, or damage for 90 days from the purchase date. 
  • The minimum credit limit is $500.

Low annual fee of $39

2% cash back applies to a variety of high-spend categories

Competitive purchase APR at 19.99%

Limited insurance benefits

Limited additional travel benefits

The Scotia Momentum Visa Card has a low annual fee and a straightforward cash back program. It’s a good starter credit card with various purchase types included in its 2% cash back category.

Scotia Momentum Visa Benefits

The main attraction of the Scotia Momentum Visa is its straightforward cash back package.

Here are some of the benefits of the card:

1. Cash Back Rewards: You earn 2% cash back on all eligible grocery, gas, pharmacy purchases, and recurring payments – on up to a total of $25,000 in purchases yearly. After exceeding the $25,000 limit, you continue to earn 1% in cash back on any extra spending in these categories.

For all other purchases outside of the four categories above, you earn a flat rate of 1% cash back.

2. Purchase Security: Items you purchase are protected against loss, theft, and damage for up to 90 days when you pay with your Scotia Momentum Visa card. This coverage is for up to $10,000 in repair or replacement costs.

3. Extended Warranty: The card offers to double the manufacturer’s warranty for up to one additional year. There’s a maximum claim per occurrence of $10,000 and a maximum lifetime claim of $60,000 for both the purchase security and extended warranty coverages.

4. Save on Car Rentals: You can get up to a 25% discount when you use your card to pay for car rentals at participating Avis and Budget locations in Canada and the U.S.

5. 0% Balance Transfer Rate: You can transfer your balances from other credit cards in order to take advantage of this low-interest rate offer for 6 months. Note that the rate for balance transfers after the promotional period ends is 22.99%. There is no balance transfer fee.

6. Other benefits of the card are:

  • It offers quick payment capabilities through Visa payWave.
  • Has a low-income eligibility requirement.
  • Optional protection is available at a fee, including critical illness, disability, loss of life, job loss, and other coverage.

Apply for the Scotia Momentum Visa.

Downsides of the Scotia Momentum Visa Card

The annual fee of $39 is a drawback of this card if you are in the market for only a no-fee cash back card.

There are spending caps for the 2% cash back earning rate.

Scotiabank’s Momentum Visa Cards

Scotiabank has three credit cards under the Momentum Visa category. They are:

A) Scotia Momentum Visa: Discussed in this review.

B) Scotiabank Momentum Visa Infinite: $120 annual fee (waived in year one), up to 4% cashback, comprehensive travel rewards, car rental insurance, mobile device insurance, and more.

C) Scotia Momentum No-Fee Visa: $0 annual fee, up to 1% cash back, 0.99% balance transfer rate for six months. Read this Scotia Momentum No-Fee Visa review for more information.

Is Scotia Momentum Visa For You?

The Scotia Momentum Visa card offers an acceptable level of cash back rewards. Using the $25,000 limit for 2% earnings, you can earn up to $500 in cash back from your annual spending on groceries, gas, recurring bill payments, and drugstore purchases.

This does not include the 1% cash back rate on all other purchases and the 1% earned when you spend more than $25K on these four specific categories.

Add in the fact that this card offers a very competitive 0% balance transfer rate for 6 months, and it starts to look really good.

If you prefer a no-fee card that offers excellent cash back opportunities, my top pick is the Tangerine Money-Back Credit Card.

It offers up to 2% cash back, monthly payout of your cash back earnings, purchase protection, and extended warranty coverage. It also costs $0 to keep every year.

Tangerine Money-Back Credit Card

Rewards: Earn up to 2% unlimited cash back in up to 3 spending categories and 0.50% on all other purchases.

Welcome offer: Get an extra 10% cash back on up to $1,000 in spending in the first 2 months ($100 value); 1.95% balance transfer rate for 6 months.

Interest rates: 19.95% for purchases, balance transfers, and cash advances.

Annual fee: $0

You can also choose the Scotia Momentum No-Fee Visa Card.

Related Posts:

Scotia Momentum Visa Card Review
  • Annual fee
  • Rewards
  • Eligibility
  • Other perks


The Scotia Momentum Visa Card offers up to 2% in everyday cash back rewards. This Scotia Momentum Visa review covers everything you need to know about the card.

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Gravatar for Enoch Omololu, MSc (Econ)
Enoch Omololu, MSc (Econ)

Enoch Omololu is a personal finance expert and a veterinarian. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School (Scotland) and has completed several courses and certificates in finance, including the Canadian Securities Course. He also has an MSc. in Agricultural Economics from the University of Manitoba and a Doctor of Veterinary Medicine degree from the University of Ibadan. Enoch is passionate about helping others win with their finances and has been writing about money matters for over a decade. He has been featured or quoted in Forbes, The Globe and Mail, Winnipeg Free Press, Wealthsimple, CBC News, Financial Post, Toronto Star, CTV News, Canadian Securities Exchange, Credit Canada, National Post, and many other personal finance publications. You can learn more about him on the About Page.

His top investment tools include Wealthsimple and Questrade. He earns cash back on purchases using KOHO, monitors his credit score for free using Borrowell, and earns interest on savings through EQ Bank.

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