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Performance test results

At DollarWise, for each credit card we test 7 different factors including the rewards, value for money, perks, insurance, strengths and weaknesses of the card.

You can see our full testing methodology here to learn why we're the most trusted source for credit card reviews.

The {{card.name}} has earned a {{ranking}} DollarWise Rating out of 5. This score is based on a weighted average of the two highest scoring factors (excluding acceptance and approval).

The highest scoring categories for the {{card.name}} are {{score_1}} and {{score_2}}.

These factors are weighted 70% to the highest scoring factor and 30% to the second highest score to get an overall review score.

This weighting allows us to judge cards on their merits and the customers they are designed for.

For the {{card.name}} the most important factors for scoring this card are its {{score_1}} and {{score_2}}.

Rewards

With the {{card.name}}, here's the rates at which you earn rewards for different spending categories per dollar you spend:

Calculating your annual rewards

We estimate that spending {{monthlyspend}} per month with the {{card.name}} would earn {{card.rewards}} in rewards over the year.

Our performance testing research uses an accurate estimation of the average Canadian households spending patterns to predict the rewards a card will earn.

We found that you'd earn this per category:

Our study investigating the value found that each dollar spent on the {{card.name}} is worth up to {{card.max_reward}}, depending on how you redeem.

This {{card.rewards}} in rewards value puts the {{card.name}} in the {{decile.annual_rewards}} of credit cards in Canada based on rewards earned.

The average credit card in our database earns {{averages.mean_annual_rewards}} in rewards for the same spend that the {{card.name}} earns {{card.rewards}} in rewards value.

We can compare this card to other options by looking at the earn rate by category.

This earn rate is the percentage return that you would get when you spend on this card, assuming you redeem at the predicted maximum value.

For example, if a card earned 5 points per dollar on gas and each point is worth up to $0.02, then the earn rate is 5 points multiplied by $0.02 each, divided by the dollar you spent.

In this example, that's a 10% earn rate on gas.

For an annual spend of {{annualspend}}, we estimated annual rewards value at up to {{total_net_rewards}}.

That's equivalent to a {{total_earn_rate}} return on spending.

The {{card.name}} has an annual fee of {{card.annualFee}}. After deducting this, we predicted net annual rewards of {{net_after_fee}}.

This puts it in the {{decile.net_annual_rewards}} of credit cards for net rewards after fees.

In comparison, the average card earns net annual rewards of {{averages.mean_net_annual_rewards}}.

Fees

The {{card.name}} has a {{card.annualFee}} annual fee.

The average card charges {{averages.mean_annual_fee}}. So, the {{card.name}} is in the {{decile.annual_fee}} of cards based on the cost of the annual fee.

Perks

We manually review the perks of each credit card to determine how they compare to other cards.

The {{card.name}} scored a {{factor_score_perks}} out of 5 for perks, putting it in the {{decile.factor_score_perks}} of cards.

The average card scores {{averages.mean_factor_score_perks}} out of 5 for perks.

Interest Rates

The average (median) credit card has a purchase interest rate of {{averages.median_purchase_interest_rate}} and so the {{card.name}} charges {{purchase_interest_diff}} than the average.

For cash advances it costs {{cash_advance_interest_rate}}% compared to the average of {{averages.mean_cash_advance_interest_rate}}.

Testing the {{card.name}} with a $2,000 starting balance, you can see in the graph how the {{purchase_interest_diff}} in interest rates impacts the interest over a year, compared to the average card.

Insurance coverage

We scored it {{factor_score_insurance}} out of 5 for insurance.

It offers {{insurance_count}} types of insurance, whereas the average card has {{averages.insurance_count}} types of coverage.

Approval and qualifying

We scored it {{factor_score_approval}} out of 5 for approval.

We predict that you will require a credit score of at least {{credit_score_low}} to qualify for the {{card.name}}, while the average card requires {{averages.mean_credit_score_low}} to qualify.

This puts it in the top {{decile.credit_score_low}} of cards by approval difficulty.

The personal income requirements are {{personal_income}}, while the average card requires {{averages.mean_personal_income}}.

This puts it in the {{decile.personal_income}} of cards by the income required to qualify.

The Scotia Momentum No-Fee Visa Card offers a simple and straightforward rewards program ideal for those who prefer a no-annual-fee credit card. With cashback rewards on essential categories like grocery, gas, and recurring bill payments, it can be an excellent option for Canadian credit card users.

In this review, we will be examining the earning potential, benefits, drawbacks, and other essential information about this card.

Earning potential

The Scotia Momentum No-Fee Visa Card earns cash back on every purchase with different reward rates for various categories. Cardholders receive 1% cashback for all eligible grocery store purchases, gas station purchases, and recurring bill payments. For other purchases, users earn 0.5% cashback. These rewards are credited back directly to the cardholders’ account annually.

Benefits

1. No Annual Fee: The first major advantage of this card is the absence of an annual fee. This makes it a cost-effective choice for those looking to earn cashback rewards without paying any yearly card maintenance charge.





2. 1% CashBack on Everyday Purchases: The second significant advantage of the Scotia Momentum No-Fee Visa Card is its 1% cashback earning potential on everyday purchases, including gas, groceries, and recurring bill payments, making it an excellent choice for regular usage.





3. Availability to those with Fair Credit Scores: The third major advantage is the card’s availability to those with fair credit scores. As a result, individuals with a less-than-perfect credit history can benefit from using this card and potentially improve their credit rating over time.





4. Useful Discounts and Promotions: The fourth advantage of this card is the useful discounts and promotions it provides. Cardholders can enjoy access to the Visa Savings Edge program, which offers discounts at specific retailers, as well as the Scotia Rewards Travel Advantage, providing exclusive travel deals and discounts.

Drawbacks

1. Drawback: A significant drawback of the Scotia Momentum No-Fee Visa Card is its limited cashback earning potential on purchases outside the primary categories, which sits at a low 0.5% return. This low reward rate might be not attractive enough for some users looking for a substantial return on their spending.





2. Drawback: Another drawback is the annual reward redemption. While the rewards are credited to the cardholder’s account, it is only done once a year (in November), meaning users cannot enjoy their cash back rewards throughout the year.

Additional information

Before applying for the Scotia Momentum No-Fee Visa Card, potential users should assess their expenditure habits to ensure this card provides the most suitable rewards program.

If spending occurs in categories outside of gas, groceries, and recurring bill payments, it might be more beneficial to compare this option with other cashback credit cards that potentially offer higher rewards on a wider range of purchase categories.

Interested in other credit cards? If the Scotia Momentum No-Fee Visa Card credit card isn’t perfect for you, you might want to consider the Scotiabank Gold American Express. Plus, many Canadian’s that like the Scotia Momentum No-Fee Visa Card like the Scotiabank Value Visa Card, and the Scotia Momentum Visa Card.

FAQ

Key benefits

• $0 annual fee





• 1% cash back on gas stations, groceries, drugstores, and recurring bills





• 0.5% cash back on all other eligible purchases





• 7.99% introductory interest rate for the first 6 months on purchases





• Regular interest rate of 19.99% on purchases after introductory period





• Interest rate of 22.99% on cash advances and balance transfers





• 25-day grace period on new purchases





• Rental car collision/loss damage waiver insurance coverage





• Extended warranty and purchase protection on eligible items





• Up to 4 free supplementary cards for authorized users





• Visa payWave contactless payments supported





• Paperless eStatements available





• Compatible with Scotia Online & mobile banking





• Embodied with chip & pin technology for enhanced security





• Access to Visa Customer Service for 24/7 assistance