Overview of the Scotiabank Momentum® VISA Card
Earning categories
On bills, gas, groceries, drug & pharmacy
1%On other purchases
Scotiabank Momentum® VISA Card details
- Welcome bonus
- get a 2.99% introductory interest rate on purchases and balance transfers for the first 6 months (19.99% on purchases/22.99% on cash advances including balance transfers after that; annual fee $39). Offer ends October 31, 2025.
- Annual fee
- $39
- Reward
- Earn 2% on bills, gas, groceries, drug & pharmacy, 1% on other purchases
- Average point value
- $1
- Balance transfer offer
- 2.99% per month for the first 6 months
- Purchase interest rate
- 19.99%
- Cash advance interest rate
- 22.99%
- Balance transfer interest rate
- 22.99%
- Minimum income
- $12K/yr
- Household income
- Any amount
- Recommended credit score
- 725+
- Network
- VISA
- Provider
- Scotiabank
- Card type
- Cash back
Detailed card summary
Benefits & features
- Get a 2.99% introductory interest rate on purchases and balance transfers for the first 6 months (19.99% on purchases/22.99% on cash advances including balance transfers after that; annual fee $39)¹
- Earn 2% cashback for every $1 you spend at eligible gas stations, grocery store, drug store purchases and recurring bill payments¹
- Earn 1% cashback on all other eligible cashback purchases¹
- Rates, fees, offers and other information are effective as of November 1, 2024. Subject to change.
How to redeem
Credit to statement balance annually in November
How to get approved
Eligibility
- Minimum income $12K/yr
- Household income Any
- Recommended credit score 725+
- You are a permanent Canadian resident and have reached the age of majority in the province in which you live.
Ratehub review
Natasha Macmillan
Despite charging no annual fee, The Scotiabank American Express stand out for its generous benefits and ranks among the best credit cards for rental car insurance in Canada, despite charging no annual fee. While the acceptance may be lower as an American Express, this card more than compensates with standard AMEX benefits and a solid welcome bonus, making it a great option for your wallet
Pros
- Comprehensive insurance package: This card includes three types of insurance – extended warranty, purchase protection, and mobile device. One notable coverage is mobile device insurance which is rare for a no annual fee credit cards.
- Access to American Express benefits: Despite not being issued by Amex, the card offers standard Amex benefits like Amex Offers and Front Of The Line, providing easy savings and early access to events.
- Solid welcome bonus for a no annual fee credit card
Cons
- Limited acceptance: Experience lower acceptance compared to other card networks, as the Scotiabank American Express is an Amex card.
- Insurance coverage constraints: While there is decent purchase protection insurance, this card has no travel insruance coverage.
Legal
1 Offer Description and Conditions: The Introductory 0% Balance Transfer Rate Offer (the “Offer”) applies only to eligible cash advances (including balance transfers and cash-like transactions) (collectively “Cash Advances”) subject to the conditions below. This introductory rate applies when the new Account is opened by October 31, 2025 and will continue for 6 months from date of Account opening (the “Promotional Period”). After the Promotional Period, the promotional 0% interest rate on any Cash Advances (including any that remain unpaid after the Promotional Period ends) will increase to the preferred interest rate on Cash Advances (currently 22.99%). A balance transfer fee of 2% of the amount of each balance transfer transferred during the Promotional Period applies. A $5 Cash Advance fee applies to all other Cash Advances.
If you don’t pay the minimum payment on your Account by the payment due date on your statement, two times in any consecutive 12-month period, you will lose the benefit of this promotional rate Offer and the interest rates that apply on any unpaid balance will increase to the standard annual interest rates that apply to your Account (preferred annual interest rates will increase to standard rates of 24.99% on purchases and 27.99% on Cash Advances). This Offer is subject to any available limit for Cash Advances on your Account. This Offer cannot be used to transfer a balance from another Scotiabank Account, or to make a payment or deposit to another Scotiabank Account.
Offer may be changed, cancelled or extended at any time without notice and cannot be combined with any other offers.
Eligibility and Exclusions: Individuals who are currently or were previously primary or secondary cardholders of a Scotiabank personal credit card in the past 2 years, including those that switch from an existing Scotiabank personal credit card, as well as employees of Scotiabank, are not eligible for the Offer. Subject to the above exclusions, Scotiabank small business credit cardholders are also eligible for the Offer.
Payment Allocation: In general, if you make a payment that exceeds the minimum payment on your statement, we will apply your payment on a proportionate basis among each group of billed charges on your Account. We group charges based on the interest rate that applies to the group of charges. Your payment cannot be applied to the balance(s) of your choice. See your credit card agreement for more information about how we apply payments to your Account.
Rates and Fees: The current annual fee is $39 for the primary card and $15 for each additional card. The current preferred annual interest rates for the Account are: 19.99% on purchases and 22.99% on Cash Advances. All rates, fees, features and benefits are subject to change.