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Scotia Momentum Mastercard Review

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Scotiabank is known for offering a myriad of credit card options to its customers. But where does the Scotiabank Momentum Mastercard fit in?

Scotia Momentum Mastercard

Scotia Momentum Mastercard

Rated 4.5/5 stars.

  • Welcome Offer 7.99% on purchases for first 6 months
  • Annual Fee $0
  • Interest Rates Purchases: 20.99%, Cash Advances: 22.99%
  • Recommended Credit 760 - 900

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.

Scotia Momentum Mastercard Overview

Part of the joy of the Momentum Mastercard credit card is how straightforward it is, so it doesn’t take long to provide an overview. Here’s the lowdown on this credit card:

The Scotia Momentum Mastercard is a cashback credit card that offers 1% cashback on purchases at gas stations and grocery stores, recurring bill payments, and pharmacy transactions, while offering 0.5% cashback on all other purchases.

With a $0 annual fee and no-nonsense cashback rewards system, it has a reputation for being a great entry-level credit card and/or student credit card.

This card is unique among Scotiabank’s offerings as it is the only Mastercard that it offers to personal account holders (most Scotiabank credit cards fall under the Visa or American Express umbrella).

Recuperating your rewards with the Scotia Momentum Mastercard is easy: Cardholders will earn cashback rewards throughout the year as they spend, and every November, they will see a balance applied as a credit on their statement.

All of your purchases are eligible for cashback rewards (either 0.5% or 1%) with certain exceptions including balance transfers, cash advances, foreign currency purchases, and other quasi-cash transactions.

Cardholders can refer to Scotiabank’s terms and conditions to find an in-depth overview of which purchases are and aren’t eligible, but what’s important to know is that spending on all basic necessities will consistently earn the cardholder 1% back.

Scotia Momentum Mastercard: Features

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.

Scotia Momentum Mastercard: Eligibility Requirements

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.

Scotia Momentum Mastercard Pros & Cons


  • 1% cashback on recurring bills and purchases made at gas stations, grocery stores, and drugstores; 0.5% cashback on everything else

  • Fair and flexible earning categories with no earning limit

  • 25% off at select Avis and Budget car rental locations

  • A promotional interest rate of 7.99% for six months

  • Widely accepted

  • Low income and credit score requirements

  • Mastercard’s Zero Liability Protection protects customers from fraud

  • Supplemental cards available at no additional cost


  • No insurance or purchase protection

  • Other cards offer higher cashback rewards of 2% and higher (if you can qualify)

  • Promotional interest rate not as low as other cards (though notably low for a cashback card)

  • 22.99% interest rate applied to balance transfers

  • Lack of promotional offers compared to other cards (e.g., bonus points or cashback rewards)

Our Final Thoughts

The Scotiabank Momentum Mastercard is not a particularly memorable card — there isn’t a single feature on here that makes it stand out from the crowd — but that doesn’t mean that it’s not worth considering. After all, in the world of finances, not all that glitters is gold.

While it’s tempting to be allured by fancy cashback rewards cards and travel credit cards that come with a hefty annual fee, they may not be the best fit for your personal habits or goals.

Remember that credit cards are personal, and you may be surprised at how little you actually benefit from the bells and whistles that these deluxe credit cards have to offer. In many cases, you will end up paying a high annual fee for little that you will actually use in return.

If you are on a limited income or find that you mostly use your credit card to pay for everyday purchases, the Scotiabank Momentum Mastercard is one to seriously consider simply for its straightforward rewards system and lack of annual fee.

Pair this with the low promotional interest rate and the bonus car rental discount and it becomes clear that this mighty little card has quite a bit to offer a consumer with average habits.

Frequently Asked Questions

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