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Scotiabank Momentum Mastercard Review

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The Scotiabank Momentum Mastercard is a straightforward cash back credit card offering up to 1% in rewards.

Looking at Scotiabankโ€™s line of credit cards, this card also appears to be the only Mastercard they offer for personal accounts. All their other popular credit cards are either Visa or American Express.

This Scotiabank Momentum Mastercard review covers its benefits, downsides, and alternatives.

Scotiabank Momentum Mastercard 2025 โ€“ At a Glance

  • $0 annual fee; free supplementary cards
  • 20.99% purchase APR; 22.99% cash advances and balance transfers
  • Up to 1% cash back
  • Up to 25% car rental discount at AVIS and Budget
  • 7.99% rate on purchases for the first 6 months
  • Zero Liability Protection by Mastercard
  • Worldwide acceptance by millions of merchants in 210 countries

Scotiabank Momentum Mastercard Benefits

The main attraction of this card is its cash back rewards.

It offers 1% cash back when you spend at gas stations, grocery stores, drug stores, and recurring bill payments. All other spending attracts 0.50% cash back rate.

Given that there is no limit to how much cash back you can earn in these categories at the 0.50% to 1% rates, the cash back rewards are not too shabby.

When you add in the fact that the Scotiabank Momentum Mastercard does not have an annual fee, and you only need $12,000 in annual income to qualify, it becomes even more attractive.

The card offers a promotional 7.99% interest rate on purchases for the first six months. If you tend to carry a balance from month to month, you could save on interest fees in the first six months of using the card.

Here are other options for low-interest rate credit cards in Canada.

Lastly, you can get up to a 25% discount on car rentals at participating AVIS and Budget locations in Canada and the U.S. when you pay with the Scotiabank Momentum Mastercard.

scotiabank momentum mastercard
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Downsides of the Scotiabank Momentum Mastercard

This card does not offer anything in the way of insurance coverage, i.e. it does not provide basic purchase protection or extended warranty coverage.

It also lacks premium perks, which is no surprise for a no-fee credit card.

Alternatives to the Scotiabank Momentum Mastercard

If you want a cash back Mastercard that offers more competitive rewards, you could also check out:

KOHO Mastercard: Has no annual fees* and offers up to 5% cash back on purchases; plus a $40 welcome bonus.

KOHO Prepaid Mastercard

$40 welcome bonus after first purchase (use GETCASH promo code during sign-up)

$0 monthly fee*

Earn up to 5% unlimited cash back

Get up to 4% savings interest on your balance

Unlimited Interac e-Transfers and debit transactions

Low cost international money transfers

Free budgeting app and access to credit building

SimplyCash Card from American Express: This is one of the best no-annual-fee cash back credit cards in Canada. It offers a standard 1.25% cash back rate on most purchases.

The SimplyCash Card comes with travel accident insurance, purchase protection, extended warranty, and American Express Invites perks. Learn more about it in this review.

SimplyCash Card from American Express

Rewards and benefits: Earn up to 2% cash back on gas and groceries; 1.25% cash back on all other purchases; travel accident insurance.

Welcome offer: NA

Interest rates: 20.99% on purchases and 21.99% on cash advances.

Annual fee: $0

Is the Scotiabank Momentum Mastercard for you?

The Scotiabank Momentum Mastercard is a good option if you are looking for a student credit card or an entry-level card.

It is easy to apply and qualify for it if you have a good credit score and a personal annual income of at least $12,000.

If you prefer a no-fee credit card with better cash back rewards and basic insurance coverage for purchases, the SimplyCash from Amex or Tangerine Money-Back Card are solid options.

Related reading:

Scotiabank Momentum Mastercard Review
Overall
4

Summary

The Scotiabank Momentum Mastercard offers up to 1% back in cash back rewards. This review of the card covers its strengths, downsides and alternatives.

 

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Author

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

Enoch Omololu, personal finance expert, author, and founder of Savvy New Canadians, has written about money matters for over 10 years. Enoch has an MSc (Econ) degree in Finance and Investment Management from the University of Aberdeen Business School and has completed the Canadian Securities Course. His expertise has been highlighted in major publications like Forbes, Globe and Mail, Business Insider, CBC News, Toronto Star, Financial Post, CTV News, TD Direct Investing, Canadian Securities Exchange, and many others. Enoch is passionate about helping others win with their finances and recently created a practical investing course for beginners. You can read his full author bio.

About Savvy New Canadians

Savvy New Canadians is one of Canada's top personal finance platforms. Millions of Canadians use our site each year to learn how to save for retirement, invest smartly, maximize rewards, and earn extra cash. We have been featured in prominent finance media, including Forbes, Globe and Mail, Business Insider, CBC, MSN, Wealthsimple, and TD Direct Investing. Learn more about Savvy New Canadians.

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  • No monthly fees*.
  • Get up to 5% cash back on purchases.
  • $40 welcome bonus with GETCASH referral code.
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*Limited time offer. Terms and conditions apply.
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