Advertisers are not responsible for the contents of this site including any editorials or reviews that may appear on this site. Earn 10% cash back on all purchases for the first 3 months (up to $2,000 in total purchases) and pay no annual fee in the first year, including on supplementary cards (A … The Amex Essentials card is similar, offering 8.99%, and a 1.99% interest rate deal for balance transfers. Tangerine Money-Back Credit Card. This is the only cash back card we know of that is specifically for business. We’re glad that the rental car collision and damage coverage that comes with your Scotia Momentum Infinite Cash Back card worked wonders and saved you a ton of cash on your recent trip. However, the Gold Amex is a higher tier card than the Momentum and grants 4 points per $1. Enjoy! Scotia Momentum VISA Infinite Credit Card. Tap your Scotia Momentum Visa Infinite card or your smartphone for quick easy payments. I spend roughly $3k-$5k (CDN). However, Meridian has 1K phone insurance and the 60 day price protection in addition to some cool travel privileges. You’ll have to call Scotia and ask about this, but something tells us it’s intentional. The Scotia Momentum Visa Infinite is less well-suited for individuals who are looking for consistent, monthly card reward payouts or for individuals who mostly use their credit cards for recreational spending. It is structured as a statement credit on the Momentum card. The Scotia Momentum Visa and Scotia Momentum Visa Infinite are great options for people who want to earn cold-hard cash back on their daily spending. To be eligible for the welcome bonus, you have to spend $500 within the first 90 days of being approved. Hi: I just applied for the card. The Scotiabank Passport Visa Infinite Card is a top travel card in Canada that offers (the often elusive) no foreign transaction fees, up to a $300 signup bonus, and a bunch of other rewards and benefits. For one, we’d check out the MBNA Rewards World Elite card, which earns points at a very high flat rate (2 per $1 spent) that can be spent almost as flexibly as cash. Visa payWave * - Save time when paying for small, everyday purchases with Visa payWave. Finally, cardholders can expect that any purchase which doesn’t fall into these categories earns at the standard 1.00% rate. No requests need be made: Scotia simply credits you all the cash you’ve earned in the last 12 statement periods automatically to your account. There is no promotional period for the highest tier of 4% and this rate stays. The Scotia Momentum Visa Infinite charges an extra 2.5% foreign transaction fee, which can add up quickly. I am going to cancel the card and lose about ~250 in cashback for Jan-April. (Unlike the President’s Choice Mastercards, which only offer bonus points at Loblaw’s stores.) I have had this card for 5 months and it has been a “Nightmare” to try and get Scotia Bank to set up a reminder Alert email to let me know when it’s time to pay. YOU must cancel your trip due to a covered unforeseen circumstance, not the airline. Forcing people to wait until a certain time every year also forces them to make a decision about whether it’s worth it to cancel their account if it means forfeiting months’ worth of points. I too was going to cancel my card to avoid paying the annual fee, when they told me I would lose over $400 of cash back. The text seems to make it clear that accounts which are not open when the November statement is issued (at the end of the month) won’t get their cash back. Both of these items make no sense and work to reduce your rebate. PLUS – perhaps the top perk in Canadian chequing account deals today – the Preferred Package will have the annual $140 fee waived for either of the top credit cards in Canada today: the Scotiabank Gold American Express or the Scotiabank Momentum Visa Infinite. The $139 annual fee is slightly higher than the average $120 for most travel cards of this calibre, and there are also other credit cards on the market that have higher earning rates in similar reward categories (like Scotia’s own Scotia Momentum® Visa Infinite* card or the new American Express Cobalt TM Card). It is disappointing that they exclude Walmart from 4pct reward. Does Walmart qualify for the 4 percent Cashback? Since the maximum amount of cash back you can earn under the 10% deal is $200, then $80 of this cash back lump sum can be attributed to the bonus rate, and $120 to the regular rate. Another strategy, rather than trying to optimize your life to fit purchase categories and stores which are eligible, is to get a stronger flat-rate card. If you're in the market for a new credit card and want to unveil the best rewards possible or are looking for a credit card that's right for you, we'd like to introduce you to the Scotia Momentum Visa Infinite. The Momentum Infinite by Scotiabank. Still confused on this. Had the flight still happened, but you yourself elected not to go because of the travel advisory or a doctor advised you not to go due to COVID-19, then,you may have been eligible for trip cancellation or interruption. Quick pay. I switched from a BMO Airmiles World Elite MC and didn’t regret as I found the “devaluing” of the Airmiles to be a rip off and just stopped collecting miles altogether. This covers the 2.50% foreign transaction fee, netting you 1.50% on top and greatly widening the array of worldwide merchants you can order from. With no annual fee and a flat 1.75% cash back on all your spending, it’s great to use alongside the TD Cash Back Visa or another primary card that offers accelerated cash back from specific purchase categories. According to Scotia, you’ll receive the normal amount of cash back on the normal schedule, depending on the relevant purchase category, and then the remaining portion of bonus cash back later for a total of 10.00%. Scotia Momentum VISA Infinite Credit Card. Your opportunity to fly has just been moved from one date to a date in the future. There’s a chance that most of your purchases ended up in the category for which 1.00% cash back is awarded. Just because a grocery store is not on the list, doesn’t mean it’s not eligible. Our only concern is which card is best for more people—our game is a game of averages, and on average, the Scotia Momentum Visa Infinite card is superior. that why I applied for the card. This is a great card to have as a primary, given that it collects a solid 3.00% on both gas and groceries, and 1.00% elsewhere. if i understand it correctly, wouldnt it be ideal to take advantage of this card by spending it on 1% purchases , so you earn 9% as bonus? If you enjoy luxurious travel perks and rewards, then the Gold card is for you. If you’ve applied for a Scotiabank card and are currently waiting patiently for approval, know that it won’t take long. If you’re worried about recurring bill payments being considered ‘cash-like transactions’ and therefore subjected to higher interest payments, then have no fear. We’ll start by looking at the default spend on creditcardGenius (note: we are showing monthly spend and net annual rewards). Great question. My trial one year doesn’t end until mid 2020 but I can’t get the cashback I earned unless I keep the card until Nov 2020 so I guess that’s it for me. As usual, find reviews of both these cards right here at Greedy Rates. Here’s a list of some of the more popular merchants in the program. The Scotia Momentum® Visa Infinite* card is hands-down one of the best credit cards to add to your wallet. I have just switched to Merdian Visa which offers 4% on gas and groceries. (Editor Rating) Ranking. Review. Great card consistently getting $500 cash back per year. How can I cancel the card? It’s grocery stores that have the SIC code 5411, gas stations with SIC code 5541 & 5542 and drugstores with SIC code 5912. Furthermore, you can enjoy 2% cash back on recurring payments and drug store bills. Any advice you can give would be greatly appreciated. Needless to say, I’m going to stop using this card and am NOT recommending anyone apply for this card until they get this problem resolved. Recurring bill payments are to be considered as Cash Advance with 20 %interest , and 2% cash back . However, we always recommend that applicants call ahead to ensure that their most important expense will be 100% eligible for cash back. The second thing is, if you receive a value of any kind, such as a voucher. Feel free to apply for the Scotia Momentum Visa Infinite card and you’ll enjoy that lucrative 10% cash back perk, because we’re confident that you’re eligible. Many merchants on Amazon are from the United States, you’ll find, so with a card like the Rogers World Elite, buying from these merchants means 4.00% cash back. Scotia has added a $100 welcome bonus instead. I have been getting Interest charges for the last 3 months and their customer service is telling me that they are having the Alert setup email problem. Misplaced blame in my eyes. This is great card as noted. I asked for a cash refund but they refused. Basically, everything you buy with the card earns 10.00% cash back during your first three months, but the way that you receive your cash back is split into two milestones. We went ahead to check Visa’s published list of eligible grocery, gas, and pharmacy brands in Canada, and discovered that No Frills is on the list—but only in the latter two categories. Is the 10% bonus cash back rate or earning supposed to appear on your monthly statement? What you can redeem for is where the crux of the issue lies. The card has three earning tiers, at 4%, 2%, and 1% cash back. Thanks again. they charge almost %66 interest charge!! How much is up to you, but cash back promotions won’t help you, as the card’s new promotion is simply an annual fee waiver, which you will probably receive soon. There are also other perks of card ownership including access to exclusive Scotiabank events and offers, plus ample insurance coverage. Scotia Momentum Visa Infinite Card is charging 19.99% as the purchase rate and it's charging 22.99% as the cash advance rate. As one of the most common and (lately) most expensive parts of the Canadian household budget, halving the cash back reward is simply untenable for many people and makes other cards look a lot better: the CIBC Dividend Platinum Visa, for example, still offers that 4% on both gas and groceries. I HAVE FORGOTTEN MY PIN FOR MY CARD. Problem being is not that I don’t trust banks, but rather that I don’t like banks. The Scotia Momentum Visa Infinite is best for those who spend $450 per month or more on their recurring bills/groceries. • Earn 10% cash back on all purchases for the first 3 months (up to $2,000 in total purchases). Hi, thanks for answering my question regarding the cash back scotiabank visa. If you apply online instead of over the phone, it actually takes longer, said the representative I talked to over the phone. You can have them mail a check to you, apply it as a statement credit, or deposit it into your bank account. 8.5/10. The card application also requires a high credit score. If I spend my purchases that earn 1%..ill earn 9% for the first 3 months …then the 1% is paid out in November ?? Just wondering if you apply your average monthly spend to both cards, which one works out better? We'll demonstrate more reasons in this Scotia Momentum Visa Infinite review. At end of year or at the end of the 12 months period. Optional insurance coverage. Have you tried calling Scotiabank’s customer service line? Have you tried initiating a chargeback with your credit card company to get the money back? Enjoy! I forgot to pay last month and they charged me $50 interest. Review. Make sure to use the card for all your gas and groceries, because this is where the cash back really starts to pile up! Thanks, as well would Costco gas in the US qualify for the 4 percent as well? The Scotia Momentum Visa Infinite … If you still want to net 1.50% after the foreign purchase, grab the Rogers World Elite Mastercard. What about email notification of purchases. RBC and TD Visa can be set to email you a record of each purchase right when you purchase (within a few min). Remember that it is also an Amex, and will be accepted at fewer merchants. Or is the wording such that the account must be active on the actual date the statement is issued (ie November 22)? I have looked into scotiabank chequing accounts, and they all have fees to them..I currently have no fees at my online bank. I notice Freshco is not on the list but Sobeys. That’s why the changes that Scotia is trying to push as a wholesale “upgrade” are instead a few upgrades mixed with a couple changes that’ll be negative for most cardholders. It offers 4% back on gas and on groceries, along with 2% back on Tim Hortons and Telus purchases. Sorry for any confusion. Scotia Momentum® Visa Infinite* card Review. I write my due date on my calendar for a reminder and pay off the complete amount every month by the due date. Part of the reason these airlines are giving vouchers is that governments have come in and started to back these airlines so they wouldn’t go out of business. Scotia Momentum Visa Infinite Card Review First Published Date: September 13, 2016 Disclosure: Information provided here may not be accurate and no longer valid. If you don’t want to carry debt on the card, then keep it paid off more frequently. When you go to cancel the card they refuse to pay you the cash back that you earned. This means that all “everything else” purchases made during your first 3 months earn 10.00% cash back as advertised, but 1.00% of what you’ve earned (the standard rate) will be added to your account during the next month. But for my piece of mind it is worth. I had the No fee Scotia Momentum Visa way back 2009, closed in 2010. Call Scotia and find out – it should be quick, as their representatives are really on the ball. For that reason, we’re coming prepared with a couple cards that will be satisfactory alternatives to the new Scotia Momentum Visa Infinite card. This card started out great with 4% on gas and groceries. Hello We want to find a good cash back card for my business with purchases made a construction wholesaler such as Eecol What would you suggest. The Scotiabank Momentum Infinite card now has what is likely the best cash back promotion in the country, but the way it works can be confusing. updated on Dec 2, 2020. Interesting question! I tried clicking on the apply button at the top, but I can’t find any information regarding the bonus 10% cash back on the next page that opened. This is why the highest earnings rate of 1.50% on cards like the BMO CashBack Business Mastercard is only for internet, phone, and recurring bills purchases. You’ll receive the normal rate of cash back for the relevant purchase category immediately, and then the remainder of the 10.00% on a short delay. The Scotia Momentum® Visa Infinite* card often tops financial experts’ lists of the best cash back credit cards in Canada and it’s the cash back credit card with the most awards in 2019. This is how it works even though cash back accumulation is calculated monthly, so you can keep steady track of your progress. Review: Scotiabank Momentum Savings Account. If I get a card right now in January, will I be able to earn the full cash back offer in November and be able to cancel by December? I see the list is for the 2% return but do you know where the list is for the 4% returns? It has an outstanding travel insurance package that includes 10 … I’m beginning to think this is how they get their profits through interest charges. It can’t be transferred to your Scotia line. Review: Scotia Momentum Visa Infinite Card Posted October 2, 2013 - updated April 25, 2016 by CCC Staff in Reviews Cash back cards are a great option for … My car rental company in Switzerland asked me to pay almost $1400 for minor scratch . We assume that your line of thought is to cancel before your account anniversary to avoid getting hit with a full annual fee, because if you keep the account open for an extra couple of weeks to request your cash back then the fee will nullify its value. You will earn much more and also get an impressive bonus from Scotia. Remember also that there are multiple factors that could increase or decrease your wait time, like how inundated the bank is with applications at any moment, the comprehensiveness of your credit report, and more. Even so, you must look at your statement closely to determine where you’ve earned cash back. If the grocery store falls under SIC code 5411 with Visa, then the 4% cash back will be applied. Any other purchases will see a cash return of 1%. Good luck saving! Thanks for coming to GreedyRates with your comment. When you’re using credit cards that have a required purchase category for spending to accrue rewards at an accelerate rate, it can sometimes be confusing which stores are eligible and which aren’t. Learn more in Wealth Rocket's extensive review. Scotia Momentum® VISA Infinite card Review. Hi, I just got offer to get this card. But after they nerf the gas reward to 2% from 4% and hike the fees; I lost interest. In the cases where you do not have to open a bank account, the issuer will simply give you a “rewards account”. Simply wave your card over the card reader and go! The problem is that all of the things you would think are recurring that you can pay with your credit card are not as such – so this is proving to be totally of no value. The primary card has an annual fee of $39 and the supplementary cards also come with a $15 fee for each card. These days, it seems as if Canadians have more credit card options than ever before. There are other cashback cards on the market that have less strict earning requirements: namely the Tangerine Money-Back Credit Card, the Triangle Mastercard, or the Simplycash Card from American Express. Hi – hoping you can recommend the right card for me. I paid with my Scotia Momentum Visa Infinite card a trip abroad in April 2020 with a bunch of friends. Purchases within the two 4% categories collect at that rate until you spend $25,000 collectively between them each year. The Scotia Momentum provides you 10.00% cash back immediately on everything you buy and is simply the best cash back perk in the market right now. The Scotiabank Momentum Visa Infinite is a decent card for certain types of credit card spend and is unbeatable there, especially if you spend more than $50,000 a year in those categories, which makes it worth getting both Scotiabank card which give 4% back. Send us an email at, Subscribe to our newsletter and get our updates straight to your inbox, Copyright © 2020 Greedyrates.ca. I compared this side-by-side with MBNA Rewards World elite and that’s the closest to this card in terms of benefits with a $10 lesser annual fee but the insurance coverage doesn’t match the Scotia Visa Infinite card. Our expert articles and videos cover every topic under the financial sun, including credit cards, credit scores, loans, bank accounts, budgeting, investing, RSPs, TFSAs, GICs, taxes, and more. (Unlike the American Express Cobalt.) I've signed up for the Ultimate package as one of the benefits is free annual fee for an eligible card, which fortunately includes the Momentum Infinite. If you’re looking for a card that offers a great earnings rate on Amazon purchases, you’re probably better off with something like the Rogers World Elite card, which collects cash back on everything at 1.75% (even Amazon purchases), and then 4.00% on purchases made in a foreign currency. With the MBNA Rewards World Elite card, you can redeem your points for cash back in $50 increments. Hello Scotia bank MasterCard is one of worst card even if you pay partial balance on time !!! Pay $1.09 per $100 of average daily balance … (This is to a maximum of $20,000 spent annually and then it reverts to 1% cash back which is the base rate on all other purchases and remains unlimited for as long as you have the card) The only thing is, it carries a $99 annual fee. Scotia Momentum Visa. Rachel Cribby is a professional writer, editor, and transcriptionist from Canada. Are you … You can redirect it to your Scotiabank account and then transfer yourself to the line of credit. ”. Thanks and good luck. Second, since you’ve already paid your annual fee, why not keep the card until November and redeem your $250 in cash back then? Are you purchasing an item from within a grocery store that isn’t considered a grocery item? ... Scotia Momentum Visa Infinite ; BMO World Elite MasterCard This includes online purchases as well. For example, the card’s normal rate of cash back on “everything else” is 1.00%, as you mentioned. The Scotia Momentum Visa Infinite card is one of the best cashback credit cards in Canada. This is a great way for this credit card company to keep you paying the annual fee. I’ve used this card for almost a year now and have earned $850 in cash back and with the first year annual fee waived then it was a no-brainer! The Scotia Momentum Visa Infinite card is one of the best cash back cards available in Canada. With an elevated rate of cash back for all these everyday costs, you’ll confidently take out your card anywhere knowing that the savings are both universal and constant. It’s clear as day why the Scotia Momentum Visa Infinite card is highly regarded as one of the best credit cards in Canada. Get 2% cash back on regular … When you get an approval for the Scotia Momentum Mastercard, you receive 1% back for your everyday purchases – no questions asked. If you’d rather earn at a lower rate on everyday purchases but more for gas and groceries, the best replacement is likely TD’s Cash Back Visa Infinite card: 3.00% on these categories plus a bonus for 10.00% on all purchases in your first three months. Although finances once seemed overwhelming to her, she has made great progress in her effort to demystify them. The Scotia Momentum Infinite Visa applies your cash back in November of each year. Home » Credit Cards » Scotia Momentum Visa Infinite Review 2021. Attention MoneyWise readers! I do not put any more on my Credit Card than I can pay off completely every month. Thanks for coming to GreedyRates. The card’s interest rate is 22.99%, and if you’re being charged more, only a bank representative will know what the issue might be. That’s exactly what you’ll get with the Scotia Momentum® VISA Infinite Card! This doesn’t even account for the first year’s annual fee exemption and competing with this kind of value means providing perks that can stack up against $300 of effective value. Unbelievable! Accuracy is important to us so this article has gone … Thanks. This is just one reason why this credit card is often one of the top recommendations for Canadians, and why it makes its way into so many people's hands and wallets. Not only that, it has the best coverage for travel accident, medical, lost baggage, trip cancellation, & others when compared to other cards. The Scotia Momentum VISA Infinite card has a minimum credit limit of $5,000 and offers competitive interest rates at 20.99% on purchases, and 22.99% on cash advances. Cardholders get access to renowned Visa Infinite perks, such as the Visa Infinite Dining Series and the Visa Infinite Music Series. Hi Cindy, thanks for stopping by. (no fee, 2% cash back in up to 3 categories, 1% everywhere else – currently has 4% cash back in your chosen categories for the first 90 days). Hope that clarifies it a bit. A Look Into A Decade of Canadian Spending, Term Life Insurance in Canada: All You Need to Know, How to Make Your Mortgage Interest Tax Deductible, Scotia Momentum® Visa Infinite* card Review. Visa Infinite cards are Visa’s highest prestige cards with premier … The Scotia Momentum Visa Infinite comes with some of the most competitive travel insurance options of any credit card, including travel credit cards, with benefits such as medical insurance, flight delay insurance, trip cancellation insurance, protection against car rental theft or damage, and more. Enjoy the card and holler at us if you need a word of wisdom about how to make the most of it, pair it with a complementary card, or otherwise help with your finances. These airlines have also received investment to keep themselves alive so they can restart. Before you start considering whether this is the right card for you, let’s look at what it takes to get approved for this card. I shall probably get another ~$15 interest in the next statement. Learn more in Wealth Rocket's extensive review. Your card was issued on November 5th, and Scotia makes it clear that if you intend to close your account before cash back is issued at the end of November, you won’t get the cash back you’ve earned when November’s bill comes due. And also, if I switch, will I have to open an account in Scotia or they can deposit cash back on RBC account? The Scotia Momentum No-Fee Visa is the ideal budget credit card, best suited for everyday spending. We still recommend this as one of the best tools for travellers, because it offers 4.00% cash back on top of the 2.50% fee, and then 1.75% on purchases made in Canadian dollars. Scotia Momentum® VISA Infinite card Review Are you ready to experience one of the best cash back experiences in the credit card market today? $120 annual fee – first year free; 10% cash back on all purchases for 3 months (up to $2,000 in spending) With just 0.75% cash back on all other purchases, you’ll still earn a decent cash back rate on the construction supplies you require for your business. The truth is that many bills that are literally recurring, aren’t considered “recurring bills” as defined by Scotiabank and most banks besides. Hi Chump, You get the bonus cash back 7 months after account opening. The Scotia Momentum Visa Infinite’s biggest competition is arguably the Meridian Visa Infinite Cash Back card. We spent roughly 800$ on food in Superstore and some local european stores in Edmonton, a month, I also buy gas on Petro Canada…food, gas together with Bell, Shaw and car insurance we would spend yearly around 15k…doing basic math it pays triple at least to get this card, what would be the catch? I currently have an old BMO Airmiles card – and would prefer a cash back card. I was just informed that the card has arrived and ready for pick up; it is now March 26th 2019. Annual fee waiver is worth $99. For Canadians who frequently turn out their pockets on common expenses like groceries, various modes of transportation, gas at the pump, and recurring bills, few cards can provide the same cash back value as the Scotia Momentum® Visa Infinite* card. Are you looking for a well-rounded, high-earning cash back credit card with travel perks and no annual fee for the first year? A recurring bill can be anything charged consistently and consecutively, such as insurance, subscriptions, club memberships and other expenses of this nature. I just want to know if still possible in November, I could get 240 $ cash back or just get 39$ cash back.? But many of these credit cards offer limited usefulness if they’re not used to their full potential. The world of credit cards is constantly changing. Offer more cash back Visa Infinite credit card, how to Switch a. Forgiveness but they refused into these categories earns at the standard 1.00 % rate unique cash back in $ increments. Visa way back 2009, closed in 2010 therefore if the airline company cancelled the trip to. Will offer 2 % cash back return on your everyday purchases with Visa payWave * - time. Has to be cautious, though, because you were a cardholder much than. Other categories bonus of $ 100 GreedyRates, you receive a notice of your purchases up. 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Seem to arrive late every other month Copyright © 2020 Greedyrates.ca foreign,! To $ 2,000 in total purchases ) taking a look at your statement closely to determine what problem! Spend roughly $ 3k- $ 5k ( CDN )?????????!, as it represents a big step up from the 10 % bonus cash back Visa Infinite card you! For next time….. i would not suggest getting this card insurance you it has been for. Grocery category Infinite comes complete with its unique pros and cons transaction fees incurred purchases... Highest tier of 4 % on every $ 1 you spend your money, not 4 % bonus back! This article scotia momentum visa infinite review gone … Scotia Momentum Visa Infinite * credit card company get! Using modern technology to set your own reminders? was late options, among other things every...