Cash Back
No Annual Fee
Balance Transfer
Scotia Momentum No-Fee Visa Card for Students
Scotiabank
Welcome Bonus:
Earn 10% cash back for the first 3 months + 0% intro APR on balance transfers for 6 months.
Balance Transfer:
0% Balance Transfer for 6 months (2% transfer fee)
Secure RateBuddy connection · Application completed on Scotiabank’s site
Annual Fee
$0
Purchase APR
20.99%
Cash Advance
22.99%
Bonus Value
$200
RateBuddy Verdict
The Good
- Charges $0 annual fee, making it a perfectly free way for students to begin building a Canadian credit history.
- Features an excellent dual-welcome bonus: 10% cash back in the first 3 months AND a 0% balance transfer rate for 6 months.
- Highly accessible, requiring only a low minimum credit limit of $500 and proof of student status to qualify.
The Trade-offs
- Ongoing cash back rates are very low, capping at 1% for bonus categories and dropping to 0.5% for all other purchases.
- If you have a steady part-time income of over $12,000 per year, you may qualify for much stronger rewards cards.
- Completely lacks any embedded credit card insurance (no purchase security or extended warranty for expensive textbooks or electronics).
Rewards & Earnings
Groceries
1%
Dining
1%
Gas
1%
Travel
1%
Recurring Bills
1%
Base Rate
0.50%
Rewards Summary:
Groceries, Food Delivery, Gas, Transit, Drugstores & Recurring Bills/Subscriptions: 1% cash back; Base Earn: 0.5% cash back.
Welcome Bonus Details
Earn 10% Cash Back on all purchases for the first 3 months (up to $2,000 in total purchases). Plus, get a 0% introductory interest rate on balance transfers for the first 6 months (2% transfer fee applies).
Estimated Value: $200
Features & Benefits
No Annual Fee
No annual fee
Introductory 0% APR on Balance Transfers
0% introductory interest rate on balance transfers for the first 6 months
Insurance Coverage
Note: This card does not include embedded Travel, Medical, Car Rental, or Purchase insurance benefits.
Rates, Fees & Eligibility
| Purchase APR | 20.99% |
|---|---|
| Cash Advance APR | 22.99% |
| Annual Fee | $0 |
| Supplementary Card Fee | $0 |
| Income Required | No specific requirement listed. |
| Recommended Credit Score | — |
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Filed Under
Cash Back
No Annual Fee
Balance Transfer
Student
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