Cash Back
Rewards
Scotia Momentum Visa Card
Scotiabank
Current Welcome Offer
2.99% introductory interest rate on balance transfers for the first 6 months.
Annual Fee
$49
Purchase APR
20.99%
Cash Adv. APR
22.99%
RateBuddy Verdict
The Good
- Offers a solid 2% cash back rate covering a wide variety of everyday spending including groceries, gas, transit, food delivery, and recurring bills.
- Highly accessible for those 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 can eat into the cash back earned for low-spend users compared to no-fee alternatives.
- Completely lacks travel, medical, or car rental collision insurance coverage.
- The welcome bonus is limited to a 2.99% balance transfer rate rather than an accelerated cash back boost.
Rewards & Earnings
Groceries 2.00%
Dining & Takeout 2.00%
Gas & Transit 2.00%
Travel 1.00%
Base Rate 1.00%
Rewards Summary: Groceries, Food Delivery, Gas, Transit, Drugstores & Recurring Bills/Subscriptions: 2% cash back; Base Earn: 1% cash back.
- Groceries, food delivery, food subscription services, and drugstores: 2.0%
- Gas, EV charging, and daily transit (buses, taxis, rideshares): 2.0%
- Recurring bill payments and subscription services: 2.0%
- All other eligible purchases: 1.0%
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
Additional Perks
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Insurance Coverage
Purchase Security: 90 days; Extended Warranty: +1 Year; Note: This card does not include Travel, Medical, or Car Rental insurance.
Rates & Fees Details
| Purchase APR | 20.99% |
|---|---|
| Cash Advance APR | 22.99% |
| Annual Fee | $49 |
| Supplementary Card | $15.00 |
| Income Required | No specific requirement listed. |