Scotia Momentum Mastercard Review 2023

While it doesn’t come with some of the same pomp and circumstance that is seen from other high-profile cards, the Momentum Mastercard is a reliable no-fee cashback option that will feel at home in many different wallets.

In this Scotiabank Momentum Mastercard review, we will go over all that this card has to offer so that you can make an informed decision as to whether or not it’s a good fit for you.

As detailed above, the main draw of the Scotia Momentum Mastercard credit card is its lack of annual fee along with its cashback rewards. And these rewards are made more attractive by their flexibility which allows cardholders to benefit from a higher interest rate spread over four major categories. Cardholders have the potential to earn with no spending cap — an unusual perk for a no-fee credit card.

Another feature of the Scotia Momentum Mastercard is its low 7.99% introductory interest rate. While this is not as low as what you will see from designated balance transfer credit cards, it can be a good pull factor if you are planning to carry a balance for the first few months of use.

Notably, the card does not offer any form of insurance such as emergency medical travel insurance or purchase protection/extended warranty.

If you are looking for these kinds of benefits from your credit card, you’ll have to look elsewhere (probably specifically at travel credit cards) as it is not uncommon for a no-fee, non-travel credit card to omit these perks.

However, this is not to say that the Scotiabank Momentum Mastercard is devoid of any kind of travel perks. Cardholders can benefit from 25% off of Avis and Budget car rental locations in Canada and the United States provided that they secure the rental with this card.

On the practical side, the card comes with a 20.99% annual interest rate for purchases (after the six-month low-promotional rate) and a 22.99% interest rate for everything else including balance transfers, cash advances, and Scotia Credit Card cheques.

The qualifying requirements for the Scotia Momentum card are also milder than what you will find for other cashback credit cards, with the ideal applicant making a minimum annual income of $12,000 and having a good credit score (mid-600s or above). This is a lower threshold than most other no-fee cashback cards.