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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 Visa Infinite Card is a cash back credit card designed to reward cardholders for their everyday spending in various categories. In this review, we will discuss its earning potential, four key benefits, two notable drawbacks, and other important information for anyone considering this credit card.

Earning potential

The Scotia Momentum Visa Infinite Card offers impressive cash back rates on a variety of spending categories. Cardholders earn 4% cash back on eligible grocery and recurring bill payments, 2% cash back on eligible gas and daily transit purchases, and 1% cash back on all other eligible purchases.

This tiered cash back program enables users to maximize their rewards based on their spending habits.

Benefits

1. Comprehensive Insurance Benefits – The Scotia Momentum Visa Infinite Card provides cardholders with a suite of insurance benefits including travel emergency medical insurance, trip interruption insurance, flight delay insurance, rental car collision/loss damage insurance, and purchase security & extended warranty protection.
   
   These benefits add significant value to the card, providing coverage and peace of mind for a variety of scenarios.





2. Mobile Device Insurance – An increasingly important yet rare benefit on credit cards, this card offers mobile device insurance up to $1,000. Coverage extends to lost, stolen, or damaged smartphones and tablets, ensuring users’ valuable devices are well protected.





3. Annual Fee Waiver for First Year – For new Scotia Momentum Visa Infinite Card applicants, the annual fee of $120 is waived for the primary cardholder and all supplementary cards in the first year. This is an attractive offer for those interested in trying out the card’s benefits without the burden of an initial annual fee.





4. Exclusive Visa Infinite Privileges – By owning a Visa Infinite card, users can access the Visa Infinite Privileges program, offering a range of perks such as hotel room upgrades, concierge services, and access to dining and entertainment events. These experiences are meant to elevate the cardholder’s travel, dining, and leisure experiences.

Drawbacks

1. Income Requirements – The Scotia Momentum Visa Infinite Card requires a minimum individual annual income of $60,000 or a combined household income of $100,000 for approval. While this is a standard requirement for premium credit cards, it may limit accessibility for people with lower income levels.





2. Foreign Transaction Fees – Although this card provides multiple travel benefits, users should be aware that all foreign transactions are subject to a 2.5% fee. For frequent travelers or those who often make purchases in foreign currencies, this may make the card less appealing compared to others with no foreign transaction fees.

Additional information

Cardholders can easily manage and redeem their cash back rewards through Scotia’s mobile app or online banking portal. In summary, the Scotia Momentum Visa Infinite Card offers excellent cash back earning potential and a range of valuable benefits for users with a wide variety of spending habits.

However, the income requirements and foreign transaction fees may not suit everyone’s needs. Be sure to weigh these factors carefully when considering this credit card.

Is the Scotia Momentum Visa Infinite Card not convincing you? Consider the Scotiabank Scene Visa Card or the Scotiabank Passport Visa Infinite Card. Still not the right credit card? Make sure not to miss the Scotiabank US Dollar Visa Card.

FAQ

Key benefits

• 19.99% standard interest rate on purchases





• Welcome bonus offer: up to 10% cash back for the first three months (up to $200)





• 12.99% interest rate on balance transfers for the first six months





• Comprehensive travel insurance, including medical, cancellation, and delay coverage





• Rental car collision insurance and loss damage waiver coverage





• Zero liability protection for unauthorized use of the card





• Visa PayWave contactless payment feature





• Purchase protection and extended warranty coverage for eligible items





• Secure online payments with Verified by Visa technology





• Personalized online account management and mobile banking





• Add additional authorized users at no extra cost