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Scotia Momentum® Visa Card
Credit cards

Scotia Momentum® Visa Card

Updated 01.12.2022

About Scotia Momentum® Visa Card

A Scotia Momentum® Visa Card is an affordable credit card with a minimum credit limit of just $500 and a relatively low annual fee. This credit card provides cash back earning opportunities, though it doesn’t feature premium insurance coverages or exclusive benefits from Visa.

Occasionally, Scotiabank announces special offers for a Scotia Momentum® Visa Card. With such offers, you can get an introductory interest rate on balance transfers for a limited period.

Scotia Momentum® Visa Card features

A Scotia Momentum® Visa Card features a 19.99% interest rate on purchases and 22.99% — on cash advances. The annual fee for the primary credit card of this type is $39 and for each supplementary card — $15.

For every dollar spent with your Scotia Momentum® Visa Card on gas stations, for the grocery store, drug store purchases, and recurring bill payments, up to the $25,000 maximum threshold, you will earn 2% cash back. After you have reached the $25,000 annual spend maximum, your cash back on these spending categories will be 1%. Purchases in all other eligible categories will bring you 1% cash back. 

Scotia Momentum Visa Card holders can save up to 25% when paying for car rentals at participating AVIS locations and participating Budget locations in Canada and the U.S.

As for insurance coverage, a Scotia Momentum Visa Card provides purchase security and extended warranty protection. A purchase security insurance ensures 90-day coverage for the purchases made with your credit card in case of theft, loss, or damage. With an extended warranty, you get the original manufacturer’s warranty doubled for up to 1 more year. 

A Scotia Momentum® Visa Card qualifies for the Scotia SelectPay™ program. With SelectPay™, you can divide the outstanding balance from eligible credit card purchases of $100 and more into 3, 6, or 12 fixed monthly installment payments and pay no interest on your plan, just a low monthly fee.

Pros and cons

The advantages of a Scotia Momentum® Visa Card are:

  • A low 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® Visa Card

You can apply for a Scotia Momentum® Visa Card online, in person at your local Scotiabank branch, or 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, sign in to it and proceed with an application from your personal area. Otherwise, click the “Start your application” button and fill out the 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

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. After that, agree with the terms and conditions and click the “Continue” button.

Applying for a Scotia Momentum® Visa Card requires you to have a minimum annual income of $12,000.

What are the limitations of cash back rewards with a Scotia Momentum® Visa Card?

You can earn cash back only on eligible purchases made with your Scotia Momentum® Visa Card. Cash advances, balance transfers, Scotia Credit Card Cheques, returns, refunds, payments, fees, interest payments, or service and transaction charges aren’t eligible transactions for earning cash back.

To earn 2% cash back, you must make purchases at merchants classified as “Grocery Stores & Supermarkets”, “Drug Stores & Pharmacies”, “Service Stations (with or without ancillary services)”, “Automated Fuel Dispensers and Recurring Payments” by Visa.

Does Scotiabank provide purchase security and extended warranty protection insurance?Scotiabank is not an insurer providing the purchase security and extended warranty protection coverages included in a Scotia Momentum® Visa Card. The Manufacturers Life Insurance Company and its wholly owned subsidiary First North American Insurance Company provide these insurance coverages.
Can I check my cash back balance from the Scotiabank app?You can keep track of the cash back and reward points you’ve earned from the Scotiabank app. Launch the app and select the account you need from the app’s Home screen.
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%

Top offers of the February 2023

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