The Scotia Momentum® Visa Infinite* Card has consistently stood out as one of the best cashback credit cards in the market. With its robust rewards program and comprehensive insurance coverage, it offers cardholders a versatile tool for both daily purchases and major expenses. Whether you’re looking to maximize your grocery shopping or earn rewards on recurring payments, this card promises exceptional value.
But the appeal of the Scotia Momentum® Visa Infinite* Card doesn’t stop at cashback. With several awards under its belt, including the 2024 title of Best Credit Card for Recurring Payments, it’s clear this card holds an edge for those prioritizing savings on everyday expenses.
Key information about the credit card
How does the annual fee work?
One key element to consider with the Scotia Momentum® Visa Infinite* Card is its annual fee. Priced at $120 per year, this fee can be a significant factor when deciding whether this card fits your financial lifestyle.
However, Scotiabank provides a first-year waiver for both the primary cardholder and any supplementary cardholders, meaning you can explore the benefits without worrying about immediate costs. Once the first year ends, each additional cardholder will incur a fee of $50 annually.
How is the credit limit determined?
When it comes to determining your credit limit with the Scotia Momentum® Visa Infinite* Card, Scotiabank assesses several key factors, including your income, credit score, and overall financial profile. The minimum credit limit for this card starts at $5,000, which is fairly standard for a Visa Infinite card. Those with higher incomes or excellent credit histories may qualify for much higher limits, depending on Scotiabank’s assessment.
Advantages of the credit card
- 4% cashback on groceries and recurring payments: Earn 4% cashback on purchases like groceries, subscription services, and recurring bills, making it ideal for families and individuals who want to maximize everyday savings.
- 2% cashback on gas and daily transit: Frequent drivers and commuters will appreciate the 2% cashback earned on fuel purchases and transit, ensuring that even your commutes pay off.
- 1% cashback on all other purchases: For everything else, you’ll earn 1% cashback, allowing you to accrue rewards even on miscellaneous purchases.
- Comprehensive travel insurance: Cardholders enjoy extensive travel insurance, including emergency medical coverage, trip cancellation, and interruption insurance, ideal for frequent travelers.
- Mobile device insurance: In today’s world, safeguarding your mobile devices is critical. This card offers insurance for your mobile devices, protecting against theft, loss, and accidental damage.
Standout advantage
What truly sets the Scotia Momentum® Visa Infinite* Card apart from other cashback cards is the generous 4% cashback rate on groceries and recurring payments. Given that these are two of the most frequent categories in household spending, this feature allows cardholders to significantly boost their cashback earnings over time.
Disadvantages
- Annual fee after the first year: While the first year’s annual fee is waived, the $120 fee in subsequent years might be steep for those who don’t fully maximize the cashback categories.
- High-interest rates: With a 20.99% interest rate on purchases, carrying a balance could lead to significant costs over time.
- Income requirement: The minimum income threshold may exclude some applicants who don’t meet the $60,000 annual income or $100,000 household income requirement.
A standout disadvantage
The most notable downside is the relatively high annual income requirement. With a minimum individual income of $60,000 or a household income of $100,000, it places this card out of reach for many who might otherwise benefit from its rich rewards. For those below this threshold, other cashback cards with lower or no income requirements may be better suited.
Who can apply for this card?
The Scotia Momentum® Visa Infinite* Card has a specific set of eligibility criteria, making it accessible primarily to those with a solid financial background. To qualify, you need to meet the minimum income requirement of $60,000 per year for an individual, or $100,000 for a household. Alternatively, if you have at least $250,000 in assets under management, you may also be eligible.
Applicants must also have a healthy credit history, as Scotiabank assesses your financial reliability during the application process. This card is not ideal for individuals looking to consolidate debt or those who tend to carry high balances, as the interest rates could quickly accumulate. Moreover, given the focus on creditworthiness, those with poor or limited credit may find it challenging to secure approval.
How to apply for the Scotia Momentum® Visa Infinite* Card
For the website
Applying for the card through the Scotiabank website is likely the most convenient option for many users. The process is simple—just head to the Scotia Momentum® Visa Infinite* Card page and click on “Apply Now.” You’ll be directed to fill out an online application form, where you’ll provide basic personal information, such as your income, employment details, and financial history.
One of the benefits of applying online is that you can often receive a decision within minutes. If you’re approved, you’ll be able to track your application status directly through the Scotiabank online portal. It’s fast, easy, and perfect for those who prefer managing everything digitally.
Through the app
For those who prefer using their smartphone, Scotiabank’s mobile app provides another option for applying. The app is user-friendly and secure, allowing you to complete your application from the comfort of your home or on the go. To apply via the app, simply download the Scotiabank app, log in or create an account, and navigate to the credit card section.
Once there, you’ll be able to select the Scotia Momentum® Visa Infinite* Card, fill out the necessary information, and submit your application. The mobile app also allows you to manage your card once approved, making it a one-stop solution for all your banking needs.
At the branch
If you prefer a more personal approach, you can also visit a local Scotiabank branch to apply for the card. This method might be ideal for those who want to ask questions or receive advice from a banking advisor before making a decision. When visiting a branch, ensure you bring along the necessary documentation, such as proof of income, identification, and any relevant financial statements.
A Scotiabank representative will guide you through the application process, helping to ensure that everything is completed correctly. While this option might take a bit more time than applying online or through the app, it’s a great choice if you want personalized assistance.
