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%

How you earn rewards

Each card earns rewards differently. Part of choosing your card is deciding what type of rewards you want to get. With Scotia Momentum Visa Card, here’s how you earn rewards:

All Other Spend1%

How much your rewards are worth

The dollar value of your rewards depends on the specific Scotia rewards program and what you choose to redeem your points for.

For Scotia Momentum Visa Card in particular, if you spend $2,000.00 per month, here’s our estimated rewards earned depending on which reward you choose:

Redemption methodAnnual rewards
Redeem for travel$3.54
Apply to statement credit$2.48
Gift cards$2.62
Grocery rewards$3.54
Restaurant rewards$3.54
Movie rewards$3.54
Apple / BestBuy$2.73

Calculating your annual rewards

$24,000.00 annual spending x $1.48% return on spending = $354.00 annual rewards

$354.00 annual rewards – $39.00 annual fee = $$315.00 net annual rewards

Details and eligibility

Do I qualify?
Estimated Credit Score760 – 900
Personal Income$12,000.00
Interest Rates
Cash Advance22.9%
Balance Transfer22.9%
Annual Fee$39.00
Extra Card Fee$0
Card typeVisa

Insurance coverage

Extended Warranty1 year
Purchase Protection90 days

Scotia Momentum Visa Card Review

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.


Benefit 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.

Benefit 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.

Benefit 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.

Benefit 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.


Drawback 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.

Drawback 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

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