Scotia Momentum Mastercard Review

Purchase Intro Rate
Annual Fee
Purchase Interest Rate
Cash Advance Interest Rate
Min Personal Income Required
Recommended Credit Score
740 850 670 739 580 669 0 579
7.99% introductory interest rate on purchases for the first 6 months for new accounts opened by October 31, 2018.

1% cash back and no annual fee aren’t novel features in the Canadian credit card landscape, but they make for a solid basic offering. What’s more noteworthy is an impressively-low *7.99% promotional interest rate on purchases within the first 6 months of opening your account: one of the lowest interest rates you’ll find on any cash back card. Once you reach the 6-month promotional mark, interest rates rise to the standard 19.99%, effective for all unpaid charges and balances.

A hefty 22.99% interest rate is applied to all balance transfers, so we recommend instead using a card specifically designed for balance transfers if that’s where your interests lie.

Regular Cashback Structure

Earn 1% cash back on purchases made in eligible grocery stores, gas stations, drugstores and for automated monthly or regular billing, plus an additional 0.5% cash back on other eligible vendor purchases outside those categories.

Notable Perks

  • Peace of mind with 0% liability on all unauthorized credit card payments.
  • An additional card for multiple users on one account for simplified billing, with many of the cash back benefits and rewards of main account holders.
  • Contactless card technology for convenience.
  • Mastercard is accepted at Costco Wholesale warehouses in Canada. Amex and Visa are not.

Who’s the Card For?

The Scotia Momentum Mastercard’s low promotional interest rates and basic-but-welcome cash back structure offer a nice bundle for anyone who’s looking to grow their credit a bit and earn some cash back, without having to pay for the privilege. Its rewards and benefits aren’t overly lucrative for those keen on using their credit card for expenses over and above basic daily purchases, but it offers an ideal starting point for potential cardholders looking to build credit and earn along the way.

*This is a statement from Scotia regarding the promotion: The introductory 7.99% interest rate applies to purchases only. This rate applies when the new Scotiabank credit card account (“Account”) is opened and will then continue for 6 months from that date (“the Promotional Period”). After the Promotional Period, balances that were at 7.99% (including any unpaid balances) will increase to the preferred interest rate for purchases on your Account. Purchases exclude refunds, returns or other similar credits, payments, cash advances, balance transfers, Scotia Credit Card Cheques, interest, fees or other charges. Offer applies to new Accounts only that are opened by April 30, 2018. Offer may be changed or extended and cannot be combined with any other offer. Rates and fees are subject to change

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