Credit Card Review & Application

4.5

out of 5

- Earn 10% cash back on all purchases for the first 3 months (up to $2,000 in total purchases).1 Plus, no annual fee in the first year.◊ A welcome offer of up to $299.†
- 4% on eligible gas station and grocery store purchases
- 2% on eligible drug store purchases and recurring bill payments
- 1% cash back on all other eligible everyday purchases
- Rates, fees and other information are effective as of March 1, 2018. Subject to change.



Introductory APR: N/A*
Introductory Period: N/A
APR on Purchases: 19.99% *
Annual Fee: $99 Waived for the first year*
Card Issuer: Scotiabank
Card Network: VISA
Card Category: Consumer (Premium)
Card Type: - Co-Branded
- Instant Decision Card
- Reward Card
Credit Needed: Good*

When a great credit card offer comes along, the first thing we typically do is explore the perks and benefits, hoping there is enough that would justify carrying it. It means little if it offers no more than what we already have. That's one reason the Scotia Momentum VISA Infinite credit card is both an exceptional offer and in many ways, a unique culmination of the best of the best in terms of rewards and benefits.

Not only will your annual fee be waived for the first year, but you'll also enjoy 4 percent cash back on gas station and supermarket purchases, 2 percent on those recurring payments we all dread each month: our mortgages, auto payments, insurance premiums and more. For your other eligible purchases that don't qualify for the 3 or 4 percent cash back, they will bring 1 percent cash back. It's a winning solution and one that's been absent in recent years from some of the credit card networks.

And speaking of credit card networks, card members will not only carry a strong partnership between ScotiaBank and Visa, but you'll also enjoy the built-in features each offers. State of the art security technology is built into every credit card. Reporting a lost or stolen card is done quickly and with new cards sent immediately. With the backing of two of the most globally recognized financial brands, you're always in good hands.

Your good credit rating gets you started on the path to a better financial solution. A few other requirements include a minimum annual income requirement and there is an annual fee; though the rewards far outweigh the requirements.

A few of the premium program enhancements include access to exclusive offers you'll find nowhere else, the Visa Infinite complimentary concierge service, which is available around the clock and you'll enjoy access to Visa Infinite Luxury Hotel Collection. The Visa Infinite Dining Series is a strong motivation for many consumers due to the opportunities it presents at some of the most renowned Canadian restaurants.

You, your spouse and any accompanying dependent or minor children receive an automatic $1 million emergency medical coverage policy when you travel outside your province or Canada. You can opt for even more coverage, too. Please see the terms and conditions for details. Nothing is more frustrating than flight delays. You may be reimbursed for eligible reasonable living expenses you incur as a result of a delayed flight or a missed connection, provided the delay or cancellation lasts four hours or longer. Not only that, but delayed and lost baggage is covered when you use your Scotia Momentum card to purchase your airline tickets. Other coverage includes rental car collision/loss damage insurance and purchase security insurance. The terms and conditions can outline the details of these benefits.

You'll enjoy, at a minimum, a $5,000 credit limit. Any additional cards you add to your account have a reduced annual fee and you'll also appreciate the generous grace period. Balance transfers and cash advances are both allowed with this credit card offer.

Consumers want added convenience to their financial tools. With the Scotia Visa, you'll experience a new convenience. Visa payWave allows you to check out quicker simply by waving your card over the card reader in your favorite store. You're also eligible for My Mobile Wallet and the Visa Checkout is one of the best features this network offers. It's never been easier to get in, get out and get on your way - whether you're grocery shopping or rushing to get the little ones to ballet practice.

The Scotia Momentum Visa is an award winning financial product. It was rated the number one Cash Back Rewards Card by MoneySense and RateSupermarket named it the Best Cash Back Credit Card in 2014. We are proud of these accolades, but we know it's our customers who really drive the success of our credit card products. We invite you to visit the website where you can learn more about the offer, explore the benefits and read through the terms and conditions. Have questions? We have a great customer service team that's ready to provide assistance when you need it. You can even apply right from the website.


The review prepared by

Reward Types: - Gas Reward Cards
- Merchandise Reward Cards
- Universal Reward Cards
Reward Unit: Cash
Rewards: - 10% cash back on all purchases for the first 3 months (Terms apply)
- 4% on eligible gas station & grocery store purchases
- 2% on eligible drug store purchases & recurring bill payments
- 1% cash back on all other eligible everyday purchases
Expiration: None*
Yearly Limit: None*
Other Benefits: - Travel Emergency Medical Insurance
- Trip Interruption Insurance
- 25% AVIS Car Rentals discount
- Visa payWave
- VISA Infinite Enhancements
- Rental Car Collision/Loss Damage Insurance
*See Terms and Conditions of the card for more benefits
Comments: 1 You will earn 10% cash back (the “Offer”) on the first $2,000 in eligible purchases posted to your new Scotia Momentum® Visa Infinite* credit card account (the “Account”) beginning on the Account open date and ending 3 months after that date or when you reach the maximum cash back value of $200, whichever comes first (the “Offer End Date”). Eligible purchases include purchases (less any refunds, returns or other similar credits) but do not include payments, cash advances (including balance transfers, Scotia® Credit Card Cheques or cash-like transactions), interest, fees or other charges. After the Offer End Date, you will earn regular cash back on purchases at the regular cash back rate described in the Scotia Momentum Visa Infinite Cash Back Program (the “Program”) that applies to the Account (the “Cash Back Program Rate”). The 10% cash back rate for any category is made up of the sum of: (i) the regular Cash Back Program Rate (variable by categories as set out under the Program); and (ii) a “Bonus Cash Back Rate”. Cash back earned under this Offer will be credited to your Account in 2 instalments so long as your Account is open and in good standing at time of payout of each:
1. Bonus Cash Back Rate: The amount earned under the Cash Back Bonus Rate will be credited to your Account within 2- 3 months after the Offer End Date; and
2. Regular Cash Back Rate: The amount earned under your regular Cash Back Program Rate will be credited to your Account according to the regular cash back payment schedule as set out under your Program (November).

EXAMPLE: If the regular Cash Back Program Rate for the Gas Stations and Grocery Stores category is 4% then the Cash Back Bonus Rate will be 6% for that category so that you will earn a total of 10% on the amount of all eligible everyday purchases in that category until the Offer End Date. If you make $2,000 in eligible everyday purchases in the Gas Stations and Grocery Stores category, your cash back earnings will be credited to your Account as follows:
First, the Cash Back Bonus Rate of 6% x $2,000 = $120 will be credited to your Account within 2-3 months of the Offer End Date.
Secondly, the Cash Back Program Rate of 4% x $2,000 = $80 will be credited to your Account as per the regular cash back payment schedule (November).

The Account is considered in good standing if it is not delinquent (past due) or over limit and the Cardholder(s) is not in breach of the Revolving Credit Agreement that applies to the Account.

All other terms of the Scotia Momentum® Visa Infinite* Cash Back Program Terms and Conditions apply. Offer applies to a new Account only opened by April 30, 2019.
Former or current Scotiabank credit cardholders of any kind in the past 2 years, including those that transfer from an existing Scotiabank credit card account or re-open a closed Scotiabank credit card account, are not eligible for this Offer. All rates, fees, features and benefits are subject to change.
Offers may be changed, cancelled or extended and cannot be combined with any other offers.

◊ We will waive the initial annual fee for the primary card and each additional supplementary card for the first year. Offer applies to new Scotiabank credit card account (“Accounts”) only that are opened by April 30, 2019. Any additional supplementary cards must be issued by April 30, 2019 to qualify. Former or current Scotiabank credit cardholders of any kind in the past 2 years, including those that transfer from an existing Scotiabank credit card account or re-open a closed Scotiabank credit card account, are excluded from this offer.
The current annual fee is $99 for the primary card and $30 for each additional supplementary card.
The current preferred annual interest rates for the Account are: 19.99% on purchases and 22.99% on cash advances (including balance transfers, Scotia® Credit Card Cheques and cash-like transactions). All rates, fees, features and benefits are subject to change. Offers may change, be extended and cannot be combined with any other offers.

†Based on a $99 annual fee waiver in the first year and a potential cash back earning of up to $200 during the offer period.
Online Account Access: Yes
Introductory APR: N/A*
Applied Towards: Balance Transfer, Cash Advance
Introductory Period: N/A*
APR on Purchases: 19.99% *
Annual Fee: $99 Waived for the first year*
Grace Period: See Terms*
Min Credit Line: $5,000
Late Payment Fee: N/A*
Over Limit Fee: $29.00
Balance Transfer: Yes
APR Cash Advances: 22.99%
Additional Fees Foreign Currency Conversion: 2.50 %
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† Published on Mar 1, 2019. Information relating to the Scotia Momentum VISA Infinite Card may change without notice as a result we cannot guarantee the accuracy of details above. It is important you read the terms and conditions attached to a product before submitting the application.




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