Scotiabank Momentum Visa Card

Scotia Momentum Visa Card

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Scotia Momentum Visa Card
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2% cash back on select categories
1.99% promotional balance transfer
20% car rental discounts with Avis
Annual fee of $39
Cap of $25000 for earning 2% cash back

There are 3 types of cash back rewards category credit cards lined up in the Momentum Visa suite by Scotia. The Scotia Momentum Visa Card is a card that has some positive features, all in one single card. To begin with, you may qualify for this card even with a good credit rating, no credit history and gross income of $1000 per month. If you are a student you may still be eligible if you don’t meet this income criterion. This card is good for someone who expects a moderate amount of cash back on regular and recurring purchases with a nominal annual fee. All your purchases made for groceries, gas, drug store and recurring payments may earn you a 2% cash back reward. This has an initial cap of $25000 as annual expense after which you may earn only 1% on those purchases. For everything else, you may earn a 1% cash back reward. So, you may either combine this card with another or use it as your main card as per your shopping habits to reap the maximum rewards. Redemption is easy.

They also offer an introductory 1.99% balance transfer and cash advance rate for the first six months. There is no other card that gives such a low rate on cash advances. The insurance package on this card is limited and not great. Overall, if you do not expect to cap the eligible purchases that give 2% cashback at $25000 then this card might suit you. Also, the other higher end cards may give a better return but may have a higher annual fee. Or, you may not qualify as per income or credit score since most of them require a minimum of at least $60000 personal annual income.

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Our Review on Scotia Momentum Visa Card

Scotia Momentum Visa Card Pros

As a Scotia Momentum Visa Card member, you do enjoy some perks that come with their cash rewards card.

  • Earn 2% cash back on regular gas, grocery, drugstore purchases, recurring payments etc. This will help to build up a reward balance faster.
  • They have a 1.99% promotional balance transfer rate for the first 6 months for a new card. So, you may transfer a balance and then pay it off towards the end of the promotion.
  • There is a promotional rate of 1.99% on cash advances too for the first six months when you open a new account. So, you may borrow some cash at a low rate and then pay off in 6 months.
  • Get up to 20% car rental discounts with Avis at participating locations all over the world.
  • Widely accepted Visa card.

Scotia Momentum Visa Card Cons

The Scotia Momentum Visa Card has few drawbacks as follows.

  • The primary card has an annual fee of $39 and the supplementary cards also come with a $15 fee for each card. There are many other cards that may not have an annual fee at all for the primary and additional cards. Since the additional cards do not come for free, you may hesitate to ask for them and this may slow down the rewards buildup.
  • There is a cap of $25000 for earning 2% cash back and if you happen to reach that cap then your rewards drop to 1%.
  • You may find many other cards with better travel, purchase or price protection features.

Scotia Momentum Visa Card Overview

Annual Fee$0
Interest Rate (APR)19.99% on purchases
Balance Transfer21.99%
Cash Advance24.99%
Foreign Currency Conversion Fee2.5%
Credit ScoreGood
Otheronly optional insurance

Our Review on Scotia Momentum Visa Card Features & Benefits

Some of the main features of the Scotia Momentum Visa Card are as follows.

Annual Fee

They charge an annual fee of $39 for the primary card and an annual fee of $15 for each supplementary card. They charge this fee when they issue the card and not after activation. So, whether you activate your additional card or not they will bill you the annual fee. The market has cards with no annual fees but may not give comparable benefits as this card. You may have to do the math to know if you earn enough rewards per year that may justify the annual fee.

Interest Rate

Their annual purchase rate is 19.99% which is as per the standard rates for APR. However, if you miss your minimum payments twice in a year then they will increase your APR to 24.99%. So, you may not want to miss any payments and lose your preferred rate for purchases. There are a few other cards with a lower APR ranging around 19.80% per year.

Balance Transfer

As of now, there is a promotional rate of interest for balance transfers at 1.99% that is valid when you open a new account until February 28, 2017.  You enjoy this low rate for the first 6 months. Thereafter if you still carry that balance then the rates increase to 22.99%. If you miss your minimum due payments twice in a year then you may lose this low rate. It increases to 27.99% and then you may not want to carry a balance at that rate. You may find a few cards in the market with 0% balance transfer rate promotions. The promotional fee for balance transfers is 3% unless Scotia decides to waive or lower that fee for each transaction. But they will charge a minimum fee of $3.50 for balance transfers.

Cash Advance

Currently, there is a promotion on cash advances at a low rate of 1.99% for new accounts in the first six months. Thereafter, the rate of interest for cash advances using this card is 22.99%. They charge a promotional 3% or a minimum of $3.50 fee per each cash advance. You may not easily find other cards that have a promotional rate of 1.99% for cash advances. This offer is valid when you open a new account before February 28, 2017.

Foreign Currency Conversion Fees

All your transactions with this card in a foreign currency will be converted to Canadian dollar equivalent. They charge 2.50% foreign currency conversion fee per transaction amount. The foreign exchange rate is set by Visa Inc. There are a few cards with a higher fee of 3% for foreign currency conversion.

Credit Score Rating

You may qualify for this card with a good rating for credit scores. There are others in the market that may ask for an excellent credit rating. If you found it difficult to qualify for other cards then this card might be a good option for you and it gives decent returns.


Every $2 purchase made for grocery, drug store and recurring payments will earn you 1 reward point which is equal to 2% cashback. The recurring payments will help to earn good cash back as you may not even realize when the rewards build up. They have a cap of $25000 on these purchases and then the rate of cash back will drop to 1%.  All other purchases may give you 1% cash back. The eligible merchant codes include 5411, 5912, 5542 and 5541. Your monthly statement will have details of the cash back you have earned and carried forward if any from the previous month. So, it is worth to give the Scotia Momentum Visa Card a try to see if it gives you rewards as per your shopping and matches your expectations.

Scotia Momentum Visa Card Cash Back Calculator

Everything else:$250
Total Spending Rewards$345

Insurance Features Of Scotia Momentum Visa Card

The Momentum Visa Card by Scotia has some insurance features that are very limited as follows.

  • Purchase protection
  • Extended Warranty

Where Can You Use Scotia Momentum Visa Card

You may use this card at all payment terminals and merchants who accept Visa. The Visa payWave lets you check out faster at most point of sale locations all over the world.

Scotia Momentum Visa Card Reward Redemption

The monthly statement will show you how much you have earned in cash back rewards. You may even call 1800 665 2582 and speak to a Scotia Rewards specialist to discuss your redemption. Or you may go online and check out the There are various options you may choose to redeem your cash back balance on this card as follows.

  • Redeem for Apple and Best Buy products as per their catalogs.
  • Browse over 450 reward options on the Scotia catalog online.
  • You may book and redeem your points for hotels, flights, cruises, car rentals etc.
  • Ask for a statement credit.
  • Choose to redeem your points in the form of gift cards from selected merchants.
  • If you have purchased for travel then you may redeem your points towards those purchases.

Scotia Momentum Visa Card Contact Information

  • Customer Service Number: 1888 882 8958.
  • Credit Card Application: 1800 747 3208
  • Mailing Address: P.O. Box 4100, Station A, Toronto ONM5W 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.

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