Scotia Momentum No-Fee Visa Card Review

Momentum No-Fee Visa

Scotia Momentum No-Fee Visa

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Scotia Momentum No-Fee Visa Card
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Pros
No annual fee
1.99% promotional balance transfer
1% cash back on recurring payments
Cons
Low cash back rate
No insurance features
Summary

Out of the 3 Momentum classes of cash back rewards category cards by Scotia, there is one card with no annual fee and it is the Scotia Momentum No-Fee Visa card. This card may give you a lower cash back rate compared to other momentum cards. It gives only 1% cash back on purchases for grocery, gas, drug store and recurring payments. Everything else qualifies for 0.5% cash back. In fact, there is another version of this card with an annual fee of $39 but would get you twice the amount cash back rewards. You may be eligible for both the cards as they have the same criteria. And both cards also have promotional rates running for balance transfers and cash advances.

So, if you are adamant on not having to pay an annual fee, you may choose this card and try it out. Well, you may also get the 1.99% promotional rate for cash advances and balance transfers for 6 months. This may help you to pay off some balances from other high rate cards. Still, if you are getting no significant cash back then you may upgrade to the $39 annual fee card as per your needs. Your decision may depend on whether you gain more rewards at 2% even with an annual fee of $39 or you keep the no-fee card and save the $39 but with lesser rewards.

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Our Review on Scotia Momentum No-Fee Visa Card

Scotia Momentum No-Fee Visa Card Pros

As a Scotia Momentum No-Fee Visa card member, you do enjoy few perks that come with their cash back rewards card.

  • There is no annual fee for the primary and supplementary cards.
  • Get a 1.99% promotional balance transfer and cash advance rates for six months. This is as good as getting a low rate personal loan for 6 months. But if you do not pay off after that then it might turn out to be very costly.
  • You may earn 1% cash back on recurring payments which may seem to be the fastest way to earn rewards with this card. And on gas, drug store and grocery purchases.
  • Enjoy up to 20% discount at AVIS participating car rentals all over the world.

 Scotia Momentum No-Fee Visa Card Cons

The Scotia Momentum No-Fee Visa card has some drawbacks as follows.

  • This card gives low cash back and may take a long time to build up rewards. If you don’t have all your recurring payments set up on this card then you may see hardly any rewards.
  • Except for a few purchases you may earn only 0.5% on all other purchases that do not fall under the 1% category. There a lot of other cards with no annual fee and a better rewards program that will give you many benefits.
  • After the promotional period if you still carry a balance that you transferred or on cash advance then you may start paying 22.99% interest. This is higher than some other cards with rates ranging from 19.80% to 19.99%. If you happen to miss 2 payments in a year then this rate rises to 27.99%.
  • There are no insurance features on this card. You may find many other cards with insurance features and other benefits to give you some level of protection.

 Scotia Momentum No-Fee Visa Card Overview

Annual Fee$0
Interest Rate (APR)19.99% on purchases
Balance Transfer22.99%
Cash Advance22.99%
Foreign Currency Conversion Fee2.5%
Credit ScoreGood
Otheronly optional insurance

Our Review on Scotia Momentum No-Fee Visa Card Features & Benefits

Some of the main features of the Scotia Momentum No-Fee Visa card are as follows.

Annual Fee

This card has no annual fee on the primary and additional cards. This lets you get more cards and earn more rewards. With a low cash back rate, this card has to be used more often to see some rewards trickling in. You may find many other cards with no fee and a better return rate.

Interest Rate

The annual purchase rate or APR is 19.99% on this card. This is standard but there are a few cards with around 19.80% APR too. Moreover, if you miss minimum payments twice in a year then the APR increases to 24.99%. That is not an interest rate that you may want to carry a credit card balance for a long time.

Balance Transfer

There is an introductory promotional rate of 1.99% on balance transfers for the first 6 months. This is only for new accounts that are opened before February 28, 2017. So, if the cash back rate does not impress you then you may get this card for this promotion. There are a few cards in the market with a 0% promotional rate but they may have a tougher eligibility criterion. They charge a balance transfer fee of promotional 1% on the amount you transfer but this cannot be less than $3.50. After 6 months they charge you 22.99% interest rate on any balance you may carry on this card. In case you default on minimum payments twice in a year then this interest rate increases to 27.99%.

Cash Advance

This card has a promotional rate for a cash advance at 1.99% for six months since you open a new account. This is a great interest rate to get some cash on loan and is valid only for accounts that are opened before February 28, 2017. So, if at all you wanted to get the cash advance feature on this card then that is a good reason. The promotional cash advance fee is $3.50 or 1% of the amount. Thereafter if you do not pay off this amount then the interest rate increases to 22.99%. When you miss 2 minimum payments in 12 months then this rate increases to 27.99%.

Foreign Currency Conversion Fees

They convert all transactions using this card in a foreign currency to Canadian dollars. Visa Inc. sets the exchange rate on this card and they charge a conversion fee of 2.50% per transaction. Some cards may charge a higher conversion fee of 3% for such transactions.

Credit Score Rating

You may qualify for this card with a good credit and may not require an excellent score. So, if you could not qualify for other Scotia cards with a better reward program then you may try this card.

Rewards

This card gives you 1% cash back on grocery, gas, drug stores and recurring payments. The eligible merchant codes include 5542, 5411, 5912 and 5541.  You may check the merchant codes to ensure that those purchases are eligible for 1% cash back rewards. Recurring payments includes purchases towards insurance, subscriptions, membership fees etc. Everything else may earn you 0.5% when you use this card.

Insurance Features Of Scotia Momentum No-Fee Visa Card

You may purchase optional insurance for critical illness, disability, job loss, strike etc. as the Scotia Momentum No-Fee Visa card, does not have any insurance features.

Where Can You Use Scotia Momentum No-Fee Visa Card

It is possible to use this card at millions of payment terminals and merchant locations worldwide as it is a Visa card. You may also use the Visa Paywave, mobile wallet, Visa checkout and Apple Pay payment features on this card for faster and secure payment options. These merchants may also display the Visa and PLUS networks logos.

Scotia Momentum No-Fee Visa Card Reward Redemption

You receive the cash back rewards that you earn on the Scotia Momentum No-Fee Visa card as a statement credit once in a year.

Scotia Momentum No-Fee Visa Card Contact Information

  • Customer Service Number: 1888 861 5603.
  • Card Application: 1800 747 3208.
  • Mailing Address: P.O. Box 4100, Station A, Toronto, ON M5W 1T1.

Information about rates and product may change at any time. This review does not constitute financial advice in any form. You may get in touch with the supplier for complete details.

Scotia is not responsible for maintaining the content on this site. Please click on the Apply now link for the most up to date information.


Resources:

https://www.appls.scotiabank.com/CreditProdOnboard/credit-card-disclosure.html

http://www.scotiabank.com/ca/en/0,,87,00.html


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