The Scotia Momentum® Visa Card* is an excellent option for individuals looking to earn cash back on everyday purchases. With rewards for common spending categories such as gas, groceries, and drug store purchases, this card provides value for those who want to make the most of their day-to-day expenses.
Whether you are trying to build credit, maximize your cash-back rewards, or simply want a convenient way to manage recurring payments, the Scotia Momentum® Visa Card* offers the tools and benefits to help you meet your financial goals. In the following sections, we will dive deeper into the card’s features, fees, and application process to help you decide if it’s the right fit for you.
Key information about the credit card
How does the annual fee work?
The Scotia Momentum® Visa Card* comes with an annual fee of $39, which is quite reasonable compared to many other credit cards that offer similar cashback rewards. This annual fee is charged once a year and is designed to be a small cost relative to the rewards you can earn.
How is the credit limit determined?
The credit limit for the Scotia Momentum® Visa Card* is determined based on a variety of factors that Scotiabank considers during the application process. These factors include your credit history, credit score, income level, and overall financial health. For individuals who are new to credit or who may have a limited credit history, the bank may start you off with a minimum credit limit of $500.
Advantages of the credit card
- 2% cash back on essential categories: You can earn 2% cash back on eligible gas station, grocery store, and drug store purchases, as well as recurring bill payments.
- 1% cash back on all other purchases: For purchases that don’t fall under the 2% categories, you’ll still earn 1% cash back. This means that no matter where you use your card, you’ll be earning some level of reward.
- Scotia SelectPay™: This unique feature allows you to break down larger purchases into smaller, more manageable installments.
- Flexible payment options: The card’s balance transfer offer, with a 2.99% introductory interest rate for the first six months, provides an affordable way to manage existing debt.
Standout advantage
The Scotia Momentum® Visa Card’s* standout feature is its 2% cash-back rate on everyday essentials like gas, groceries, and recurring bill payments. This makes it an ideal card for individuals or families who spend regularly in these categories. The ability to earn cash back on essential purchases can result in significant savings over time, especially when combined with other household budgeting strategies.
Disadvantages
- Annual fee: Although the annual fee is relatively low at $39, it may still be a consideration for some users who prefer no-fee cards.
- Limited 2% categories: The 2% cash-back rate is only applicable to specific categories, which might limit its value for users whose spending doesn’t align with these areas.
- High interest rates: With a purchase interest rate of 19.99% and a cash advance rate of 22.99%, carrying a balance on this card can become expensive if not managed properly.
A standout disadvantage
The primary drawback of the Scotia Momentum® Visa Card* is the restriction of the 2% cash-back rate to only a few categories—gas, groceries, and recurring bill payments. While these are common expenses for many users, individuals who have more diverse spending habits may find that the limited range of 2% categories doesn’t fully maximize their earning potential.
Who can apply for this card?
To apply for the Scotia Momentum® Visa Card*, applicants must meet several basic requirements. First and foremost, applicants need to be at least 18 years old or the age of majority in their respective province or territory. In addition to meeting the age requirement, applicants must also have a valid Canadian address and provide proof of income.
Furthermore, a good credit score is highly recommended to improve the chances of approval. While this card may be suitable for individuals looking to build or improve their credit, those with significant credit issues or negative credit history may have difficulty obtaining approval. Unfortunately, the Scotia Momentum® Visa Card* is not a guaranteed approval card and is not designed for those with poor credit ratings.
How to apply for the Scotia Momentum® Visa* Card
For the website
To apply for the Scotia Momentum® Visa Card* through the Scotiabank website, the first step is to visit the credit card section and select the Scotia Momentum® Visa Card*. Once on the card’s dedicated page, you’ll find an option to start your application. The online application process typically takes just a few minutes to complete and requires basic information such as your personal details, income, and employment information.
As part of the process, you’ll need to consent to a credit check, which Scotiabank will use to assess your application. Once the application is submitted, Scotiabank will review your information and notify you of the decision. If you are approved, your new card will be mailed to you within a few business days.
Through the app
The Scotiabank mobile app provides another convenient method for applying for the Scotia Momentum® Visa Card*. After downloading the app to your smartphone or tablet, navigate to the credit card section and choose the Scotia Momentum® Visa Card*. From there, you can initiate the application process directly through the app.
One advantage of applying through the mobile app is the ability to upload any required documents, such as proof of income, directly from your device. Additionally, the app allows for easy tracking of your application status, and once approved, you can set up the card for use with mobile wallets such as Apple Pay or Google Pay, allowing you to start using your card even before the physical card arrives.
At the branch
For those who prefer face-to-face interactions or have questions about the card, visiting a Scotiabank branch to apply in person is a great option. When applying in person, you can speak directly to a financial advisor who can guide you through the process, answer any questions you might have, and help you understand the card’s benefits and features.
To apply in person, be sure to bring valid identification, proof of income, and any other necessary documents. The branch staff can assist you with completing the application, and in many cases, you’ll receive immediate feedback on whether you’ve been approved.
