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Scotia Momentum® No-Fee Visa Card
Credit cards

Scotia Momentum® No-Fee Visa Card

Updated 01.12.2022

About Scotia Momentum® No-Fee Visa Card

A Scotia Momentum® No-Fee Visa Card is a no-fee credit card with cash back earning opportunities. Although it doesn’t feature premium insurance coverages or exclusive benefits from Visa, this credit card can be a good option for clients looking for an affordable credit solution.

From time to time, there are special offers for a Scotia Momentum® No-Fee Visa Card at Scotiabank. With such offers, you can earn cash back at an accelerated rate when meeting the minimum spending requirements and get an introductory interest rate on balance transfers for a limited period.

Scotia Momentum® No-Fee Visa Card features

A Scotia Momentum® No-Fee Visa Card features a 19.99% interest rate on purchases and 22.99% — on cash advances. The annual fee for this credit card and each supplementary card issued equals zero. The minimum credit limit provided by a Scotia Momentum® No-Fee Visa Card is $500.

Purchases made with your Scotia Momentum® No-Fee Visa Card at gas stations, grocery stores, and drugstores and recurring bill payments will bring you 1% cash back. Purchases in all other eligible categories will bring you 0.5% cash back. 

With your Scotia Momentum® No-Fee Visa Card, you can save up to 25% off base rates when paying for car rentals at participating AVIS and Budget locations in Canada and the U.S.

The insurance coverages included in a Scotia Momentum® No-Fee Visa Card are purchase security and extended warranty insurance. The purchase security plan assumes 90-day coverage of eligible purchases made with your Scotia Momentum® No-Fee Visa Card in the event of loss, theft, or damage. The extended warranty plan doubles the period of the original manufacturer’s warranty, up to a maximum of one additional full year. You can also add optional Scotia Credit Card Protection to ensure coverage of your credit card balance and regular payments in case of unexpected life situations.

A Scotia Momentum® No-Fee Visa Card is eligible for the Scotia SelectPay™, which means you can divide the outstanding balance from eligible credit card purchases of $100 and more into 3, 6, or 12 fixed monthly installment payments. This way, you won’t have to pay interest on your SelectPay installment plan, just a total fee of 2%.

Pros and cons

Here are the advantages of a Scotia Momentum® No-Fee Visa Card:

  • A zero annual fee

  • Cash back earning opportunities

  • Interest-free grace period

  • Discounts for car rentals at AVIS and Budget

  • Eligibility for Scotia SelectPay™

Here are the disadvantages:

  • Few insurance coverages included

  • The lack of benefits from Visa

  • Minimum annual income requirements to apply

How to apply for a Scotia Momentum® No-Fee Visa Card

Scotiabank accepts applications for a Scotia Momentum® No-Fee Visa Card online, in person at a branch, and by phone.

To apply online, click the “Apply now” button next to the credit card description. If you have a Scotiabank online banking account already, you can save time on your application by signing in and filling out a shorter version of the form. If you are new to Scotiabank, click the “Start your application” button and fill out an extended application form with the following details:

  • Your title

  • Your first name

  • Your last name

  • Your date of birth

  • Your social insurance number (optional)

  • Your email

  • Your phone number

  • Your home address

  • Your employment status

  • Your field of work or industry

  • Your job title

  • Your employer

  • Your employer’s phone number (optional)

  • Your annual employment income

  • Your other annual income

  • Your monthly housing expenses

Once you do, review the provided information and click the “Continue” button. Then, create a PIN and choose a secret word. If you want to make your account paperless, add a supplementary cardholder, or apply for creditor insurance coverage, specify those aspects in your application as well. To finalize your application, agree with the terms and conditions and click the “Continue” button.

To qualify for a Scotia Momentum® No-Fee Visa Card, you must have a minimum annual income of $12,000.

How can I use my cash back rewards?

You can choose to deposit your cash back credits earned with your Scotia Momentum® No-Fee Visa Card into your Scotiabank chequing or Savings account (if you have any). Or, you can choose to credit your cash back reward to your credit card statement.
How to earn more cash back rewards?

Shopping at eligible merchants classified by Visa as “Grocery Stores & Supermarkets,” “Drug Stores & Pharmacies,” “Service Stations (with or without ancillary services),” “Automated Fuel Dispensers,” and “Recurring Payments” will bring you 1% cash back. 

If you haven’t set up recurring payments for any of your bills, you can do it either from your online banking account or by calling your service provider.

Issuing supplementary cards for family members will also help you accelerate the cash back earning process.

What part of the credit limit will the supplementary cardholder have access to?According to the Supplementary Card terms and conditions from Scotiabank, each supplementary cardholder will have access to the entire credit limit for the account.
Rate
i

Effective interest rate on the product

19.99% - 22.99%

Other Credit cards of Scotiabank

Financial product
Amount
Rate
20.99% - 22.99%

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