Scotiabank Momentum Mastercard Review 2022

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

Looking at the Scotiabank’s line of credit card, 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 – 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 on 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 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 6 months. If you tend to carry a balance from month to month, you could save on interest fees in the first 6 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
Apply Now

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.

Alternatives to the Scotiabank Momentum Mastercard

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

Tangerine Money-Back Credit Card: Has no annual fees; offers up to 2% unlimited cash back in three categories of spending and 0.50% on everything else. It offers purchase protection for an extended warranty of up to an extra one year.

This card also has a 1.95% promotional balance transfer rate for months and it is easy to qualify for it. Learn more in this review.

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 all purchases. New cardholders also get a welcome 4% cash back in the first 6 months (worth $200).

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

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 as long as 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 better options.

Related reading:

Scotiabank Momentum Mastercard Review


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

Best Credit Offers in August 2022

Earn up to 15% cash back for a limited time ($150 bonus)

One of the best no-fee credit cards in Canada.

Get 2% unlimited cash back on up to 3 purchase categories.

Get 0.5% unlimited cash back on all other purchases.

Get 15% bonus cash back in first 2 months ($150 value).

1.95% balance transfer offer for 6 months.

Get up to 5% cashback and grow your savings ($20 bonus)

Free prepaid reloadable Mastercard (use referral code CASHBACK during signup for $20 free).

Free budgeting app with automatic savings features.

Access to a portion of your paycheque 3 days early.

1.20% savings interest on every dollar balance.*

Compare the best personal loan rates in Canada

Get the best rates from multiple lenders.

Borrow up to $50,000 regardless of your credit score.

Pre-approvals are available in as fast as 5 minutes.

Low-interest rates start at 1.99% and terms from 4-60 months.

The NeoCard pays up to 5% cash back at select retailers

Get a $25 bonus when you apply for the Card.

Up to 5% cash back at participating stores.

No annual account fees and 1% minimum cash back guaranteed.

Guaranteed instant approval credit card.

Retirement 101 eBook - 3D


Photo of author
Enoch Omololu

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 has a passion for helping others win with their personal finances and has been writing about money matters for over a decade. He has been featured or quoted in The Globe and Mail, Winnipeg Free Press, Wealthsimple, Financial Post, Toronto Star, CTV News, Canadian Securities Exchange, Credit Canada, National Post, CIBC, and many other personal finance publications.

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.

Leave a comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.