Review of the Scotia Momentum Infinite Cash Back Credit Card
The Scotia Momentum Visa Infinite card is Canada’s richest cash back credit card. Cash back credit cards are the fastest growing category of rewards credit cards in Canada, because cash back is clear, transparent, easy to earn and easy to redeem. Scotia’s Momentum card delivers on all fronts.
The Scotia Momentum Visa Infinite card has a regular cash back rate of 4% on gas & groceries, 2% on pharmacy & recurring bills and 1% everywhere else! To make it even easier to hop on the bandwagon, Scotia is offering an *annual fee waiver for the first year, for new accounts opened by June 30th, 2018. For those who don’t want to compromise, Scotia recently enhanced its insurance package to make it comparable to premium travel cards, making it better than ever.
Cash Back Highlights
- *1st Year Annual Fee Waiver!
- 4% Cash Back at Gas & Groceries: The Momentum Infinite Visa card has the highest ongoing cash back earn rate on gas and groceries in Canada. It offers a rewards rate of 4% on gas and groceries capped at $25,000 in annual spend on those categories. There is no promotional period, the 4% rebate is there to stay. Any credit card spend on gas and groceries above $25,000 will earn 1% back. Considering that the average Canadian spends close to $6,000 on groceries and $2,600 on gas annually, that’s $350 in cash back on gas and groceries per year alone!
- 2% Cash Back at the Pharmacy and on Recurring Bills: Unlike many of the other best cash back credit cards in Canada, the Momentum Infinite also offers 2% back at the pharmacy and on recurring bills. There’s also a separate cap of $25,000 per year, after which you will earn 1% on all pharmacy and recurring bill payments. Recurring bills can actually be a huge savings when you consider that it includes your landline, cell phone, cable, internet, gym membership and anything else that gets automatically billed to your credit card. You’ll be able to put all of your recurring telecom, insurance, subscription and membership charges on the Scotia credit card and earn 2% cash back.
- 1% Cash Back everywhere: On top of the extras in gas, grocery, pharmacy and recurring bills, you’ll also get 1% cash back everywhere else with absolutely no caps on spend or earnings. That’s a phenomenal earn rate, considering that the Cap One Aspire card has just been reduced to a flat 1% earn rate on everything, without any bonus categories.
Cash Back Comparison
To help us determine how the Momentum Infinite card stacked up against other cash back credit cards in Canada, we wanted to add a little math to our analysis. Using our cash back calculator, we took a sample of someone who spent $300 on gas, $400 on groceries, $150 on recurring bills and $100 elsewhere per month. Here’s what we found:
|Cash Back With No Annual Fee in 1st Year||Cash Back With Annual Fee|
|Scotia Momentum Infinite||$384||$284|
|MBNA Smart Cash||$198||$198|
|RBC Cash Back||$132||$132|
|Capital One Aspire||$114||$114|
The proof is in the numbers. The average Canadian will earn more with the Scotia Momentum Infinite card than with any other cash back credit card in Canada. With no annual fee in the first year, there is absolutely every reason to get this credit card in your wallet for at least a year and start saving 4% on gas & groceries and 2% on pharmacy and recurring bills. No other credit card in Canada offers that value, cash back or otherwise.
This card is a no brainer for anyone who’s looking for 4% savings on gas & groceries, has individual annual income of $60,000 or a minimum household income of $100,000. With a lovely annual fee waiver of $99, there’s every incentive to give this card a try and see how much cash back it can earn you.
*This is a statement from Scotia regarding the promotion: We will waive the initial annual fee for the primary card and each additional supplementary card for the first year (the “Offer”). Offer applies to new Accounts only that are opened by June 30, 2018 (the “Offer End Date”). Any additional supplementary cards must be issued by June 30, 2018, to qualify for the offer. Offer applies only to new Scotiabank credit card accounts opened by the Offer End Date. Former or current Scotiabank credit cardholders that transfer from an existing Scotiabank credit card account or re-open a closed Scotiabank credit card account are excluded from this Offer. Offer may be changed or extended and cannot be combined with any other offer.
The preferred annual fee is $99 for the primary card and $30 for each additional supplementary card. Rates and fees are subject to change.