Cash Back
Student
Rewards
Scotia Momentum Visa Card for Students
Scotiabank
Welcome Bonus:
2.99% introductory interest rate on balance transfers for the first 6 months.
Balance Transfer:
2.99% Balance Transfer for 6 months (2% transfer fee)
Secure RateBuddy connection · Application completed on Scotiabank’s site
Annual Fee
$49
Purchase APR
20.99%
Cash Advance
22.99%
RateBuddy Verdict
The Good
- Offers a solid 2% cash back rate covering a wide variety of typical student spending, including groceries, transit, food delivery, and streaming subscriptions.
- Highly accessible for students looking to build credit, requiring only a low minimum credit limit of $500 to qualify.
- Provides flexible, on-demand cash back redemption starting at a very low $25 minimum threshold.
The Trade-offs
- Carries a $49 annual fee, which may be difficult to justify on a student budget compared to no-fee alternatives.
- If you have a steady part-time income of over $12,000 per year, you likely qualify for better rewards cards that don't charge an annual fee.
- Completely lacks travel, medical, or car rental collision insurance coverage.
Rewards & Earnings
Groceries
2%
Dining
2%
Gas
2%
Travel
1%
Recurring Bills
2%
Base Rate
1%
Rewards Summary:
Groceries, Food Delivery, Gas, Transit, Drugstores & Recurring Bills/Subscriptions: 2% cash back; Base Earn: 1% cash back.
Welcome Bonus Details
Get a 2.99% introductory interest rate on balance transfers for the first 6 months.
Features & Benefits
Extended Warranty Insurance
Included
Purchase Security Insurance
Included
Insurance Coverage
Purchase Security: 90 days; Extended Warranty: +1 Year; Note: This card does not include Travel, Medical, or Car Rental insurance.
Rates, Fees & Eligibility
| Purchase APR | 20.99% |
|---|---|
| Cash Advance APR | 22.99% |
| Annual Fee | $49 |
| Supplementary Card Fee | $15 |
| Income Required | No specific requirement listed. |
| Recommended Credit Score | — |
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Filed Under
Cash Back
Student
Rewards
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