Scotiabank Momentum Mastercard Credit Card Review

4.25

$0

Annual Fee

$240

Annual Rewards

N/A

Intro Offer

$0

Annual fee

$240

Annual rewards

N/A

Intro offer


Pros


  • 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

Cons


  • 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

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 Scotiabank Momentum Mastercard Credit Card has earned a 4.25 DollarWise Rating out of 5. This score is based on a weighted average of the two highest scoring factors (excluding acceptance and approval).

Rewards

Fees

Perks

Interest rates

Insurance

Acceptance

Approval

The highest scoring categories for the Scotiabank Momentum Mastercard Credit Card are fees and interest.

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 Scotiabank Momentum Mastercard Credit Card the most important factors for scoring this card are its fees and interest.

Rewards

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

Bills1%
Pharmacy1%
Gas1%
Groceries1%
Restaurants1%
Specific Stores1%
Travel1%
All Other Spend1%

Calculating your annual rewards

We estimate that spending $2,000 per month with the Scotiabank Momentum Mastercard Credit Card would earn $240 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:

Bills$42
Pharmacy$6
Gas$24
Groceries$60
All Other Spend$108

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

This $240 in rewards value puts the Scotiabank Momentum Mastercard Credit Card in the bottom 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 Scotiabank Momentum Mastercard Credit Card earns $240 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
Bills1.00%1.25%
Pharmacy1.00%1.17%
Gas1.00%1.48%
Groceries1.00%1.71%
Restaurant1.00%1.53%
Store1.00%1.94%
Travel1.00%1.19%
Other1.00%1.08%
Above, we’ve calculated the earn rate for the Scotiabank Momentum Mastercard Credit Card for every spend category and compared it to the average for all Canadian credit cards.
Redemption methodAnnual rewards
Redeem for travel$240
Apply to statement credit$168
Gift cards$178
Grocery rewards$240
Restaurant rewards$240
Movie rewards$240
Apple / BestBuy$185

For an annual spend of $24,000, we estimated annual rewards value at up to $240.

That’s equivalent to a 1.00% return on spending.

The Scotiabank Momentum Mastercard Credit Card has an annual fee of $0. After deducting this, we predicted net annual rewards of $240.

This puts it in the bottom 50% of credit cards for net rewards after fees.

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

Fees

The Scotiabank Momentum Mastercard Credit Card has a $0 annual fee.

The average card charges $85. So, the Scotiabank Momentum Mastercard Credit Card is in the bottom 50% 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 Scotiabank Momentum Mastercard Credit Card scored a 0.2 out of 5 for perks, putting it in the bottom 10% of cards.

The average card scores 1.6 out of 5 for perks.

Interest Rates

Purchase20.99%
Cash Advance22.99%
Balance Transfer22.99%

The average (median) credit card has a purchase interest rate of 19.99% and so the Scotiabank Momentum Mastercard Credit Card charges 1% more than the average.

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

Testing the Scotiabank Momentum Mastercard Credit Card with a $2,000 starting balance, you can see in the graph how the 1% more in interest rates impacts the interest over a year, compared to the average card.

Insurance coverage

We scored it 0.0 out of 5 for insurance.

It offers 0 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
Fees
Annual Fee$0
Extra Card Fee$0
Card typeMasterCard

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 Scotiabank Momentum Mastercard Credit 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 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.

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.

Benefits

  1. No Annual Fee: 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.
  2. Purchase Security and Extended Warranty Protection: 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.
  3. Flexible Cash Back Redemption Options: 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.
  4. Scotiabank More Rewards Program: 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.

Drawbacks

  1. Drawback: 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.
  2. Drawback: 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.

Additional information

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.

FAQ

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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