Scotiabank Momentum VISA Infinite Card Reviews: Cashback Rewards

Scotiabank Momentum VISA Infinite Card Reviews: Cashback Rewards

ByAcademyFlex Finance Consultants

Did you know the Scotiabank Momentum VISA Infinite Card gives 10% cashback on groceries and recurring payments during special times? This amazing fact highlights the card’s impressive rewards and benefits. It makes it a top choice in the cashback market.

The Scotiabank Momentum VISA Infinite Card is a leader in credit card rewards. It offers high cashback rates in many spending areas. It also has great travel insurance and a welcome bonus of up to $200. This card has won several awards, including the 2024 milesopedia Best Credit Card for Recurring Payments.

Let’s look closer at this Scotiabank credit card and see how its cashback compares to others. If you’re looking to get the most from your spending or are new to credit card rewards, the Momentum VISA Infinite could be perfect for you.

Key Takeaways

  • Offers up to 10% cashback during promotional periods
  • 4% cashback on groceries and recurring payments
  • 2% cashback on gas and daily transit
  • Comprehensive travel insurance package included
  • $120 annual fee, waived for the first year
  • Welcome bonus of up to $200 cashback
  • Requires $60,000 annual personal income or $100,000 household income

Introduction to the Scotia Momentum Visa Infinite Card

The Scotia Momentum Visa Infinite Card is a top choice in the Scotiabank rewards program. It’s perfect for Canadians who want the best cash back on everyday buys. Let’s explore its main features, history, and who it’s for.

Key Features Overview

This card gives you great cash back rates. You get 4% on groceries and bills, 2% on gas and transit, and 1% on everything else. It has a $120 annual fee, but it’s free for the first year.

Category Cash Back Rate Annual Spending Limit
Groceries & Recurring Payments 4% $25,000
Gas & Daily Transit 2% $25,000
All Other Purchases 1% Unlimited

Reputation and History

Scotiabank is well-known in Canada. The Scotia Momentum Visa Infinite Card is praised for its rewards. Reviews often talk about its high cash back rates.

Target Audience and Eligibility

This card is for those with higher incomes or big assets. To apply, you need:

  • $60,000 minimum individual income
  • $100,000 minimum household income
  • $250,000 minimum assets under management

It’s great for people who spend a lot on groceries and bills. It also offers premium travel insurance and Visa Infinite perks.

Cashback Rewards Structure

The Scotia Momentum Visa Infinite Card has a tiered cashback system. It rewards different spending categories. This makes it great for those looking for high-value cashback.

Breakdown of Cash Back Percentages

The card offers high cash back on everyday purchases:

  • 4% cash back on groceries and recurring payments
  • 2% cash back on gas and daily transit
  • 1% cash back on all other purchases

Annual Spending Limits

There are some spending limits to remember. The 4% and 2% cash back categories have a limit of $25,000 a year. After that, the rate drops to 1% for these categories.

Comparison with Other Cards

Card Groceries Gas Other Perks
Scotia Momentum Visa Infinite 4% 2% 4% on recurring payments
TD Cash Back Visa Infinite 3% 3% 3% on recurring payments
BMO CashBack World Elite 5% 2% 4% on transit

The Scotia Momentum Visa Infinite Card shines with its high grocery cashback. Its welcome offer of up to 10% cash back in the first three months is a big plus. It’s a top choice in the cashback credit card market.

Welcome Bonus and Promotional Offers

The Scotia Momentum VISA Infinite Card offers great credit card bonuses and Scotiabank promotions. New cardholders get 10% cashback rewards on their first $2,000 in purchases in the first three months. This means you could get up to $200 in bonus cash back, making it a great choice for those looking for quick rewards.

The card’s promotional structure is designed to reward early spending:

  • 10% cash back on first $2,000 spent in 3 months
  • Annual fee waiver for the first year ($120 value)
  • Bonus cash back credited within 7 months of account opening

For those who spend wisely, this card is a smart choice. Some cardholders buy $2,000 worth of shop cards on Costco.ca to get the most out of their welcome bonus. This way, they turn their bonus into savings for the future. The card also offers regular earning rates, with 4% cash back on groceries and recurring payments, 2% on gas and transit, and 1% on all other purchases.

Spending Category Cash Back Rate Potential Annual Earnings*
Groceries & Recurring Payments 4% $480
Gas & Daily Transit 2% $240
All Other Purchases 1% $120

*Based on $1,000 monthly spend in each category

These Scotiabank promotions make the Scotia Momentum VISA Infinite Card a great choice for those who want to maximize their cashback rewards.

Travel Benefits and Insurance Coverage

The Scotiabank Momentum VISA Infinite card is a top choice for travel rewards. It offers many benefits and insurance options. This makes traveling safer and more enjoyable for cardholders.

Travel Emergency Medical Insurance

This card has strong travel emergency medical insurance. It covers up to $1 million for trips up to 15 days. This means you’re protected from unexpected medical costs while traveling.

Trip Cancellation and Interruption Coverage

Travel plans can change unexpectedly. The Scotiabank Momentum VISA Infinite helps with this. It offers trip cancellation and interruption insurance up to $1,500 per person. This can help you get your money back if your plans change.

Rental Car Collision Insurance

Save money on car rentals with this card. It includes rental car collision loss/damage insurance. This can save you hundreds by not having to buy insurance from the rental company.

Additional Travel Perks

There’s more to this card than insurance. Cardholders get access to the Visa Infinite Luxury Hotel Collection. This offers room upgrades and special perks. They also get exclusive dining experiences and free concierge services to plan your trip.

Benefit Coverage
Travel Emergency Medical Up to $1 million for 15 days
Trip Cancellation/Interruption Up to $1,500 per person
Flight Delay Up to $500
Rental Car Collision Included

The Scotiabank Momentum VISA Infinite card is great for both frequent and occasional travelers. It offers many benefits and insurance options. This makes it a valuable travel companion.

Additional Card Features and Benefits

The Scotia Momentum Visa Infinite card has more than just cashback rewards. It offers purchase security and extended warranty protection. This means your investments are safe.

It also includes mobile device insurance up to $1,000. This is great for those who love their tech.

Visa Infinite perks add to the card’s appeal. You get exclusive benefits like concierge services and hotel upgrades. Plus, there are special dining and wine events.

Travel lovers will enjoy savings of up to 25% on car rentals. This is at Avis and Budget locations in Canada and the U.S.

The card also has great travel insurance. You get travel emergency medical insurance for trips up to 90 days. There’s also common travel accident insurance, flight delay coverage, and lost baggage insurance.

  • Purchase security and extended warranty
  • Mobile device insurance up to $1,000
  • Visa Infinite concierge services
  • Up to 25% off car rentals
  • Travel emergency medical insurance (90 days)
  • Flight delay and lost baggage coverage

The Scotiabank rewards program is flexible with Scotia SelectPay. It lets you choose payment options for purchases over $100. This makes managing big expenses easier.

With these extra benefits, the Scotia Momentum Visa Infinite card is more than just a cashback card. It’s a great choice for all your financial needs.

Fees, Interest Rates, and Foreign Transaction Charges

The Scotia Momentum Visa Infinite Card offers great rewards, but it’s key to know its costs. We’ll look at its fees, interest rates, and foreign transaction charges. This will help you decide if it’s right for you.

Annual Fee Structure

The card has an annual fee of $120, but it’s free for the first year. This fee is similar to other premium cashback cards. If you add extra cards for family, each one is $50 a year, also free for the first year.

Interest Rates for Purchases and Cash Advances

The Scotia Momentum Visa Infinite Card has interest rates of 20.99% for purchases and 22.99% for cash advances. These rates are typical for top credit cards in Canada. To avoid high interest, always pay your balance in full each month.

Foreign Transaction Fees

For those who travel abroad, a 2.5% foreign transaction fee applies. This fee is for purchases in currencies other than Canadian dollars. While common, frequent travelers might look for cards with no foreign transaction fees to save money.

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Author

  • The AcademyFlex Finance Consultants team brings decades of experience from the trenches of Fortune 500 finance. Having honed their skills at institutions like Citibank, Bank of America, and BNY Mellon, they've transitioned their expertise into a powerful consulting, training, and coaching practice. Now, through AcademyFlex, they share their insights and practical knowledge to empower financial professionals to achieve peak performance.

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