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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 amazing cash back cards.

In addition to its cash back rewards, the card also offers a 2.99% balance transfer rate for 6 months which is not bad when compared to other balance transfer credit cards in Canada.

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

Summary of Features

  • Competitive $39 annual fee
  • 2% cash back on groceries, gas, drug store purchases and recurring payments
  • 1% cash back on all other purchases
  • Purchase security and extended warranty
  • Discounts on rental cars up to 25%
  • 19.99% purchase APR and 22.99% Cash Advances

Scotia Momentum Visa Card

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 every year. 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 cost.

3. Extended Warranty: The card offers to double the manufacturer’s warranty 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. 2.99% 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
  • Low-income eligibility requirement
  • Optional protection 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 Card

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

Scotiabank’s Momentum Visa Card

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% cash back, comprehensive travel rewards, car rental insurance, mobile device insurance and more. Read my Scotia Momentum Visa Infinite review.

C) Scotia Momentum No-Fee Visa: $0 annual fee, up to 1% cash back, 7.99% balance transfer rate for 6 months. Read my Scotia Momentum No-Fee Visa review.

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 2.99% 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 2% cash back (4% promo for 3 months), monthly payout of your cash back earnings, purchase protection and extended warranty. It costs $0 to keep every year.

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Scotia Momentum Visa Card Review


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.