Scotia Momentum VISA Infinite Card Review

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Scotia Momentum VISA Infinite Credit Card

Scotia Momentum® VISA Infinite Credit Card possibly is the best cash back Credit Card you can find today. This Credit Card by Scotiabank, one of Canada’s biggest organizations offers solid 4% cash back on gas and grocery purchases. Furthermore, you can enjoy 2% cash back on recurring payments and drug store bills and all other eligible categories have cash back of 1%.

An important thing to remember at this point is that Scotia Momentum® VISA Infinite Credit Card comes with an annual fee. Yes, you do have to spend $99 every year to enjoy all the benefits this Credit Card gives you, but this isn’t a bad deal.

Interest Rate

19.99%

Annual Fee

First Year Free

Balance Transfer: 22.99%

Cash Advance: 22.99%

Sign-up Bonus

4% cash back on gas + groceries

 

What People Love About Scotia Momentum® VISA Infinite Credit Card

  • All applications made before February 29, 2016 will receive a $100 credit if $500 worth of purchases is made during the first three months.
  • Scotia Momentum® VISA Infinite Credit Card offers excellent cash back on basic categories. You can earn up to 4% cash back on gas and grocery purchases and this is a huge advantage. Recurring bill payments like your club membership and phone bills can help you earn 2% cash back. All other categories have 1% cash back. A small thing to keep in mind is that 4% cash back can only be earned up to $25,000 spent annually. Once you exceed the $25,000 annual limit, you will earn 1% cash back on all eligible categories as well as gas, grocery, drug store purchases and recurring payments.
  • All transactions made with Scotia Momentum® VISA Infinite Credit Card are secure as this credit Credit Card comes equipped with chip technology.

Comparing Pros and Cons

Positives:

  • Presently Scotia Momentum® VISA Infinite Credit Card offers the highest cash back for basic categories i.e. gas and groceries. You get 4% cash back with a maximum spend of $25,000 annually.
  • Because the Credit Card offers 2% cash back for recurring bills, you can use this opportunity and move all payments billed monthly onto the Scotia Momentum® VISA Infinite Credit Card and maximize your rewards
  • This Credit Card offers excellent insurance package including travel benefits. If the car you rent with your Scotia Momentum® VISA Infinite Credit Card gets stolen or damaged, you don’t have to worry as you will be covered with complimentary insurance. Remember that the rental must not exceed 48 days.
  • Travel insurance package you get with Scotia Momentum® VISA Infinite Credit Card includes accident coverage, emergency medical, flight delay, baggage delay, stolen baggage, car rental insurance, and trip interruption.
  • 20% discount on AVIS car rentals
  • 5% cash back on first $3,000 in purchases (limited time offer – continue reading to find out more).

Being a Scotia Momentum® VISA Infinite Credit Cardholder, you can get additional Scotia credit Credit Card protection by paying a small fee depending on the average daily balance of your credit Credit Card account.

As stated earlier, all purchases you make on your Scotia Momentum® VISA Infinite Credit Card are protected from accidental loss or damage. In addition, when you pay for your favorite items in full using your Scotia Momentum® VISA Infinite Credit Card, you get purchase security as well as extended warranty insurance.

The good thing about extended warranty insurance you get with Scotia Momentum® VISA Infinite Credit Card is that you can double the period of repair services up to a maximum of 12 months.

Negatives:

The least favorite things about Scotia Momentum® VISA Infinite Credit Card include the annual interest rate of 19.99%. Remember that the 21.99% rate you have to pay for cash advances and balance transfers is a bit on the higher side, but it is not an issue as long as you are punctual and make your payments in full by the due date.

You can also make the most of the interest-free 21 day grace period to avoid paying hefty interests.

The annual fee associated with Scotia Momentum® VISA Infinite Credit Card is another downside. Paying $99 annually isn’t the best feeling in the world; however, you would enjoy earning exciting cash back on basic spending. 

Limited Time Offer – 5% Cash Back

Yes, you have read it right. All new accounts opened by April 30, 2017 will get 5% cash back on all purchases up to $3,000. Once you reach $3,000, you will then earn cash back at regular rates i.e. 4% for grocery and gas and 2% for recurring payments and drugstore purchases.

Presently Scotia Momentum® VISA Infinite Credit Card has one of the best cash back rates on gas and groceries. The good thing is that the 4% cash back is here to stay. Yes, you can earn rewards at the rate of 4% for every dollar spent on gas and grocery bulls until you reach the $25,000 annual limit.

Another important thing is that Scotia Momentum® VISA Infinite Credit Card has a separate cap of $25,000 for recurring bills and drugstore purchases. This can translate into really huge savings if you consider that you can move your phone bills, your gym membership, your TV subscription as well as every other monthly payment that gets billed to your Scotia Momentum® VISA Infinite Credit Card.

Recurring payments as defined by Scotiabank include monthly payments billed to your Scotia Momentum® VISA Infinite Credit Card. These payments include insurance, memberships, subscriptions and telecommunication purchases. 

All other eligible purchases give you 1% cash back which is quite good as well. 

The Final Verdict

If you want to earn top rewards for your basic spending then Scotia Momentum® VISA Infinite Credit Card is the best Credit Card for you. Since you have to spend money on grocery, gas and recurring bills, you can switch to Scotia Momentum® VISA Infinite Credit Card and save money right from the start.

When you add the 4% cash back from gas and grocery with 2% cash back from the drugstore and recurring bills along with 1% cash back on other eligible categories, you would see that the $99 annual fee you pay is nothing compared to the amazing benefits you get. So what are you waiting for? Apply for Scotia Momentum® VISA Infinite Credit Card today to enjoy these amazing rewards.

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