Scotiabank Momentum Mastercard Credit Card Review



Annual Fee


Annual Rewards


Intro Offer


Annual fee


Annual rewards


Intro offer


  • No annual fee
  • 1% cash back on all purchases
  • Introductory 7.99% interest rate on purchases for first six months
  • Discounts and savings with the Scotia Rewards program
  • Zero liability protection for unauthorized transactions
  • Worldwide acceptance with Mastercard


  • Limited cash back compared to other cards
  • No bonus categories for higher cash back rewards
  • The 7.99% introductory rate expires after six months, reverting to 19.99%
  • No travel or insurance benefits
  • Less attractive rewards for high spenders

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 Scotiabank Momentum Mastercard Credit 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 ScotiaBank rewards program and what you choose to redeem your points for.

For Scotiabank Momentum Mastercard Credit 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$2.40
Apply to statement credit$1.68
Gift cards$1.78
Grocery rewards$2.40
Restaurant rewards$2.40
Movie rewards$2.40
Apple / BestBuy$1.85

Calculating your annual rewards

$24,000.00 annual spending x $1.00% return on spending = $240.00 annual rewards

$240.00 annual rewards – $0.00 annual fee = $$240.00 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%
Extra Card Fee$0
Card typeMasterCard

Insurance coverage

Scotiabank Momentum Mastercard Credit Card Review

The Scotiabank Momentum Mastercard Credit Card is a cash back card designed to provide users with rewards on their everyday purchases. In this review, we will be discussing the earning potential of this card, along with four benefits and two drawbacks, as well as any other relevant information, to help you decide if it’s the right choice for your needs.

1. Earning Potential: With the Scotiabank Momentum Mastercard, cardholders earn 1% cash back on everyday eligible purchases, such as gas, groceries, drugstore items, and recurring bill payments. There is no limit to the amount of cash back a cardholder can earn, which makes it a valuable choice for those who spend heavily in these categories. However, other types of purchases will only earn a 0.5% cash back reward.

Benefit 1: The first major advantage of the Scotiabank Momentum Mastercard is the absence of an annual fee. This is always a desirable feature, as it means users won’t have to worry about recouping any necessary costs for using the card.

Benefit 2: Another advantage of this card is that it offers purchase security and extended warranty protection. This means that eligible purchases made with the card will be protected against theft or accidental damage for up to 90 days from the purchase date, and eligible warranties on items can be doubled up to an additional year.

Benefit 3: The third major advantage of the Scotiabank Momentum Mastercard is its flexible cash back redemption options. Users can choose to redeem their cash back for statement credit, or deposit their cash back into an eligible Scotiabank account, making redemption simple and convenient.

Benefit 4: The fourth advantage of this card is the ability to access various discounts and offers through the Scotiabank More Rewards program, which can provide additional value for users who take full advantage of these promotions.

Drawback 1: A significant drawback of the Scotiabank Momentum Mastercard is the relatively low cash back rewards rate for non-bonus category purchases. At only 0.5%, users who frequently spend in other categories may find the earning potential of this card to be limited.

Drawback 2: Another drawback of this card is the lack of specialized perks, such as travel insurance or airport lounge access. While this card excels for its cash back potential, it lacks additional features that some users with specific needs may desire.

In conclusion, the Scotiabank Momentum Mastercard Credit Card is a solid choice for individuals who prefer a cash back rewards program and spend primarily in bonus categories like groceries, gas, and drugstore purchases. The absence of an annual fee, combined with purchase protection and flexible redemption options, further bolsters its appeal. However, those looking for more comprehensive rewards and additional features might be better suited exploring alternative credit card options.

Interested in other credit cards? If the Scotiabank Momentum Mastercard Credit Card credit card isn’t perfect for you, you might want to consider the Scotiabank American Express Platinum Card. Plus, many Canadian’s that like the Scotiabank Momentum Mastercard Credit Card like the Scotiabank American Express Card, and the Scotiabank Gold American Express Card.


The Scotiabank Momentum Mastercard Credit Card is a cash back credit card, meaning that you accumulate cash back rewards on eligible purchases rather than accumulating points. With the cash back rewards earned, you can use it to either offset your credit card balance or deposit it into an eligible Scotiabank account. Since it is not a points-based credit card, there isn’t a catalog or list of items for redemption, as you would have with a rewards or travel credit card.

The Scotiabank Momentum Mastercard Credit Card does charge foreign transaction fees, which apply to transactions made outside of Canada or transactions made in a foreign currency. This fee is calculated at 2.5% of the converted transaction amount in Canadian dollars. It is essential for cardholders to consider these fees when using their credit card for purchases or payments in foreign currencies to avoid unexpected charges.

The Scotiabank Momentum Mastercard Credit Card does not have a specific minimum income requirement. This means that applicants with various income levels can be eligible for this credit card. It is important, however, for potential cardholders to have a good credit score and meet other general eligibility criteria to improve their chances of approval.

Key benefits

  • Cash back: 1% on eligible purchases, no caps or limits
  • Purchase interest rate: 7.99% for 6 months, then 19.99% thereafter
  • Balance transfer rate: 22.99%
  • Cash advance rate: 22.99%
  • Additional cards: Free
  • Grace period: 21 days
  • Minimum payment: $10 or 2.5% of balance (whichever is greater)
  • Online account management
  • Mobile wallet compatibility: Apple Pay, Google Pay, Samsung Pay
  • Foreign transaction fee: 2.5%
  • Card type: Mastercard
  • Security features: Chip and PIN, contactless payments, online purchase protection
  • Perks: Exclusive events, dining experiences, and special promotions through Scotia Momentum Rewards

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