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Scotia Momentum Visa Card Review

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They say that many things in life are too good to be true, and while that may be valid in several cases, it is certainly not the case with the Scotia Momentum Visa Card and its surprising multitude of benefits.

Scotia Momentum Visa

Scotia Momentum Visa Card

Rated 4.4/5 stars.

  • Welcome Offer 0% interest rate on balance transfers for the first 6 months
  • Annual Fee $39
  • Interest Rates Purchases: 19.99%, Cash Advances: 22.99%
  • Recommended Credit 660-724

A Scotia Momentum Visa Card Review for 2024

Does the Scotia Momentum Visa have your attention? Below, we’ll take a look at features, fees and interest, eligibility requirements, perks and more.

How the Card Works

Cardholders can earn 2% cash back on eligible gas station, grocery, and pharmacy purchases as well as recurring bills.

Every monthly statement will show you a clear overview of the cash back rewards that have been credited to your account, and you can then choose to redeem them at several online retailers, hotels, or flights, or as gift cards or a statement balance. The redemption options are as flexible as you would expect from any Scotiabank retail credit card.

The Scotia Momentum Visa also functions as a balance transfer credit card, offering a promotional 2.99% interest rate for new accounts that are opened.

If you have a straggler balance or two in your credit card portfolio, it may be worth transferring them over to this card. Just be sure that you can eliminate this balance within six months, or else you will be subject to the card’s regular APR of 22.99%.

This cash back program rate will slip back down to 1% if you should exceed a (very reasonable) $25,000 in purchases during a calendar year.

Card Features

The Momentum Visa Card is a cash back rewards credit card from Scotiabank. Cardholders earn cash back rewards on everyday spending areas (gas, groceries, bills, and prescriptions) as well as most eligible everyday purchases.

For the most common purchase areas, the cash back rate is 2% — unusually high for a card with a very low annual fee. All other purchase areas will grant the cardholder 1% back.

Cardholders can also benefit from a 7.5% cash back bonus rate for their first three months (up to $2,000).

This makes the card the perfect option for anyone who foresees big purchases in their near future, a rare opportunity to receive instant cash back on your purchases.

It’s important to note that the Scotia Momentum Visa should not be confused with the Scotia Momentum Visa Infinite despite their similar names.

The Scotia Momentum Visa Infinite is another cash back card offered by Scotiabank that comes with a higher annual fee ($120) and higher eligibility requirements.

It also comes with considerably more perks, such as hotel and dining promotions as well as travel protection.

Additional Perks

While technically a cash back credit card and not a rewards credit card, the Momentum Visa does offer up to 25% off of Budget and Avis car rentals from 5,500 participating locations.

In addition, items bought with the Scotia Momentum Visa are protected from theft, loss, and damage for three months after the purchase date.

Eligibility and Practical Info

In order to apply for the Scotia Momentum Visa, you will need a good credit score (around 760+) and a minimum personal income of $12,000.

The annual fee for this card is $39 but is waived in the first year. And, as mentioned earlier, the promotional balance transfer rate is 2.99% which will last for six months.

One thing to note is that while the APR is generally 19.99%, it will spike to 24.99% if you miss more than two payments within a year.

This card offers basic but useful 90-day purchase protection on all purchases made. Manufacturers’ warranties can also be doubled for up to a maximum of one year.

Additional cards will run you $15 each, and it’s important to note that you will be charged for any additional card at the time of order, not at the time of activation.

Fees and Interest

As mentioned above, this card’s biggest draw is its high cash back interest rates with a low annual fee of $39 (waived for the first year).

In addition to its regular cash back program, this card’s welcome offer of 7.5% cash back for three months is also enticing. To put it into perspective, new cardholders would earn $150 after spending only $2,000 in total purchases within three months of their account open date. This is essentially free money.

Promotional Cash Back Rate

By far, the most impressive thing about the Scotia Momentum Visa is the promotional cash back rate of 7.5%, which is practically unheard of in the cash back world.

The only conditions for receiving this offer are that you are a new Scotia Momentum Visa cardholder and that you make up to $2,000 of purchases within the first two months of your account opening.

The extra cash back that you earn during this promotional period is known as the “bonus cash back” rate and will be credited to your account within seven months of your spending.

Scotia Momentum Visa Card Pros & Cons


  • High cash back rate of 2% applies to most everyday purchases

  • Generous promotional cash back rate of 7.5% for the first three months for new cardholders

  • Generous spending limit of $25,000 annually (after you spend more than this, your cash back rate defaults to 1%)

  • Offers a certificate of insurance for most items purchased anywhere in the world

  • Offers 25% off most Budget and Avis car rentals across Canada and the United States

  • Combines cash back perks with the benefit of a balance transfer card

  • Lower credit score requirement than many other cash back cards


  • Regular interest rate outside of the promotional period is 19.99% (22.99% on credit card cheques and cash advances)

  • Has an annual fee (cash back card competitors have lower or even non-existent annual fees)

  • Limited insurance offerings compared to other cards and no associated travel rewards

Our Final Thoughts

The Scotia Momentum Visa rewards card is certainly worth looking into if you find that everyday purchases and bills make up the majority of your annual spending.

With a low yearly fee and generous 2% cash back offer across a wide variety of categories, it’s worth keeping this credit card in your wallet even if you are only using it for recurring bill payments and other automated charges.

If you’re a new applicant, you will be eligible for the offer of a 1.99% balance transfer for your first six months as well as the impressive temporary cash back rate of 7.5%. This can quickly add up, and while that’s not usually a good phrase to hear about your credit card spending, in this case, it is!

Frequently Asked Questions

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