Scotia Momentum Visa Card Review



Annual Fee


Annual Rewards


Intro Offer


Annual fee


Annual rewards


Intro offer


  • 2% cash back on eligible grocery and recurring bill payments
  • 1% cash back on all other eligible purchases
  • No annual fee for the first year
  • Introductory 2.99% interest rate on balance transfers for the first six months
  • Access to valuable Visa perks and benefits


  • Regular annual fee of $39 after the first year
  • 1% cash back rate on everyday spending may be lower than competing cards
  • Not as beneficial for individuals who don’t make frequent grocery and recurring bill payments
  • Interest rate jumps to 22.99% on balance transfers after the promotional period
  • Foreign currency conversion fee of 2.5%

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 Scotia Momentum Visa Card has earned a 2.91 DollarWise Rating out of 5. This score is based on a weighted average of the two highest scoring factors (excluding acceptance and approval).




Interest rates




The highest scoring categories for the Scotia Momentum Visa Card are rewards and fees.

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 Scotia Momentum Visa Card the most important factors for scoring this card are its rewards and fees.


With the Scotia Momentum Visa Card, here’s the rates at which you earn rewards for different spending categories per dollar you spend:

Specific Stores1%
All Other Spend1%

Calculating your annual rewards

We estimate that spending $2,000 per month with the Scotia Momentum Visa Card would earn $372 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:

All Other Spend$108

Our study investigating the value found that each dollar spent on the Scotia Momentum Visa Card is worth up to $0.01, depending on how you redeem.

This $372 in rewards value puts the Scotia Momentum Visa Card in the top 40% of credit cards in Canada based on rewards earned.

The average credit card in our database earns $337 in rewards for the same spend that the Scotia Momentum Visa Card earns $372 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.

SpendThis CardAverage
Above, we’ve calculated the earn rate for the Scotia Momentum Visa Card for every spend category and compared it to the average for all Canadian credit cards.
Redemption methodAnnual rewards
Redeem for travel$372
Apply to statement credit$260
Gift cards$275
Grocery rewards$372
Restaurant rewards$372
Movie rewards$372
Apple / BestBuy$286

For an annual spend of $24,000, we estimated annual rewards value at up to $372.

That’s equivalent to a 1.55% return on spending.

The Scotia Momentum Visa Card has an annual fee of $39. After deducting this, we predicted net annual rewards of $333.

This puts it in the top 40% of credit cards for net rewards after fees.

In comparison, the average card earns net annual rewards of $254.


The Scotia Momentum Visa Card has a $39 annual fee.

The average card charges $85. So, the Scotia Momentum Visa Card is in the top 50% of cards based on the cost of the annual fee.


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

The Scotia Momentum Visa Card scored a 0.3 out of 5 for perks, putting it in the bottom 20% of cards.

The average card scores 1.6 out of 5 for perks.

Interest Rates

Cash Advance22.99%
Balance Transfer22.99%

The average (median) credit card has a purchase interest rate of 19.99% and so the Scotia Momentum Visa Card charges {{purchase_interest_diff}} than the average.

For cash advances it costs 22.99% compared to the average of 19.96%.

Testing the Scotia Momentum Visa Card 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

InsuranceThis CardAverage
Extended Warranty1 year1 year
Purchase Protection90 days90 days

We scored it 0.0 out of 5 for insurance.

It offers 2 types of insurance, whereas the average card has 5 types of coverage.

Approval and qualifying

Do I qualify?
Estimated Credit Score760 – 900
Personal Income$12,000
Household Income$0
Annual Fee$39
Extra Card Fee$0
Card typeVisa

We scored it 2.5 out of 5 for approval.

We predict that you will require a credit score of at least 760 to qualify for the Scotia Momentum Visa Card, while the average card requires 652 to qualify.

This puts it in the top top 10% of cards by approval difficulty.

The personal income requirements are $12,000, while the average card requires $23,896.

This puts it in the top 40% of cards by the income required to qualify.

The Scotia Momentum Visa Card offers a straightforward reward program tailored for those who spend primarily on everyday expenses such as groceries, recurring bill payments, and gas.

The card provides a percentage of cash back based on various spending categories, making it an attractive option for individuals focused on savings in these areas.

In this review, we will examine the earning potential of the card, identify key benefits and drawbacks, and provide additional information to assist you in determining whether this card is right for you.

Earning Potential

The Scotia Momentum Visa Card allows cardholders to earn cash back on their qualifying purchases. The reward rates for different categories of spending are as follows:

  • 2% cash back on eligible grocery purchases,
  • 2% cash back on eligible recurring bill payments,
  • 2% cash back on eligible gas purchases, and
  • 1% cash back on all other eligible everyday purchases.


  1. Strong Cash Back Rates in Key Categories: With 2% cash back on groceries, recurring bill payments, and gas, the Scotia Momentum Visa Card presents a compelling value proposition for individuals who frequently spend in these categories.

    The simplicity of the earning structure also makes it easy to track and maximize your rewards.
  2. Comprehensive Insurance Coverage: This card offers a suite of insurance coverage, including purchase security and extended warranty protection.

    This means cardholders can enjoy the added peace of mind knowing that they are covered for incidents like theft, loss, or damage of recent purchases made with the card.
  3. 21-Day Interest-Free Grace Period: Cardholders have a 21-day interest-free grace period on new purchases made with the Scotia Momentum Visa Card when they pay their balance in full by the payment due date. This feature allows for flexible cash flow management while still benefiting from cash back rewards.
  4. Cash Back Awards Accrue Automatically: With the Scotia Momentum Visa Card, you do not need to worry about tracking points or opting into specific programs to earn cash back rewards.

    The cash back is automatically calculated and applied as a credit to your account in November each year, making the rewards process simplified and hassle-free.


  1. Annual Fee: One significant drawback of the Scotia Momentum Visa Card is the annual fee of $39. While the fee is relatively low compared to other cash back credit cards, it still requires potential cardholders to weigh their annual spending against the potential cash back earnings to ensure the card remains a valuable option.
  2. No Travel-specific Benefits: This card does not offer any specific rewards or benefits for travel-related spending or experiences. Travel enthusiasts may be better off considering other Canadian credit cards that cater to their interests with point systems or programs aimed at travel expenditure and benefits.

Additional Information

The Scotia Momentum Visa Card also allows cardholders to add supplementary cards at no additional cost. By adding authorized users to your account, you can earn cash back benefits on their spending as well.

Additionally, this Visa card is widely accepted internationally, making it a suitable choice for ease of use when traveling or making purchases overseas.

In conclusion, the Scotia Momentum Visa Card could be an ideal choice for individuals who are looking for a simplified cash back credit card focused on everyday expenses. With a strong earning potential and manageable annual fee, it can provide savings and benefits for those who primarily spend on groceries, recurring bill payments, and gas.

However, for those who prioritize travel rewards and benefits, it may be worth considering alternative credit cards to best match your financial habits.

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


The Scotia Momentum Visa Card is a cash back credit card and does not accumulate points. Instead, cardholders earn cash back on their purchases, which will be automatically credited to their account annually in November.

The cash back can be used towards statement credit or utilized for any purpose, as it’s not tied to specific redemption options.

In terms of foreign transaction fees for the Scotia Momentum Visa Card, cardholders will be charged a 2.5% fee on all foreign currency transactions. This fee applies to both online and in-person transactions made in currencies other than Canadian dollars (CAD).

It is important to be aware of these fees as they can add up quickly, especially when traveling or making international purchases.

The Scotia Momentum Visa Card does require a minimum annual income for eligibility. Applicants must have a personal annual income of at least $12,000 to be considered for this credit card.

Key benefits

  • Earn cashback rewards with everyday purchases
  • Emergency card replacement within 48 hours
  • Purchase security and extended warranty coverage
  • Contactless payments with Visa payWave
  • Auto rental collision and loss damage insurance
  • Optional Scotia Credit Card Protection (transactional insurance)
  • Minimum credit limit of $500
  • Eligible for balance protection insurance
  • Online account access and customer service support
  • Dedicated 24/7 customer assistance hotline
  • Paperless billing available for eco-friendly convenience

About The Author