Scotia Momentum® Visa Card: interest rates, available limits, cashback, and bonuses. Complete terms and conditions for obtaining a credit card. Application and issuance process online or at a bank branch. Key features.
Min 500 $
Credit Limit
19.99 %
APR for Shopping
from 700
Credit Score
Product Details
Cash back
Purchases
2 %
APR
APR for Cash Advances
22.99
General Info
Credit Limit
Min 500 $
Required documents
ID, Proof of income, Proof of residence
Fees
Balance Transfers
5 $
Cash Advances
5 $
Annual Fee
39 $
Foreign Transactions
2.5 %
Returned Payment
48 $
The Scotia Momentum® Visa Card is designed to provide robust cash rewards on everyday essential purchases while maintaining a low annual fee and offering a competitive introductory interest rate on balance transfers. Earn 2 times the cash rewards on everyday essential purchases such as gas, groceries, and bills. This means you'll earn double the cash back compared to regular purchases, making it ideal for those who spend frequently on these categories.
Key Features
Cash Back Rewards. Earn up to 2% cash back on eligible purchases made at gas stations, grocery stores, and drug stores. Additionally, earn cash back on recurring bill payments, providing a robust way to earn rewards on essential purchases and regular expenses.
Annual Fee. The card carries an annual fee of $39, which is billed annually to the cardholder's account. This fee is relatively low compared to other cash back credit cards, making it a cost-effective choice for those looking to maximize rewards without high upfront costs.
Minimum Credit Limit. The Scotia Momentum® Visa Card offers a minimum credit limit of $500. This ensures accessibility for a wide range of credit profiles, from those establishing credit for the first time to individuals with established credit histories.
Interest Rates. Enjoy a competitive interest rate of 19.99% on purchases. This rate applies to any outstanding balances not paid in full by the due date on the monthly statement. It allows cardholders to manage their finances responsibly while benefiting from cash back rewards on eligible purchases.
Pros and Cons
Pros
No Welcome Bonus. While there is currently no welcome bonus offered with the card, the focus is on long-term rewards rather than initial incentives.
Up to 2% Cash Back on Purchases. Earn up to 2% cash back on eligible purchases at gas stations, grocery stores, drug stores, and recurring bill payments. This reward structure can significantly benefit those who spend frequently on these categories.
2.99% Introductory Balance Transfer Rate. Enjoy a low introductory interest rate of 2.99% on balance transfers for the first 6 months after account opening. This can be advantageous for consolidating higher-interest debts from other cards onto the Scotia Momentum® Visa Card, potentially saving on interest costs.
Cons
Limited Insurance Coverage. The card offers limited insurance coverage compared to premium credit cards. This may include fewer types of travel insurance or lower coverage limits for purchase protection and extended warranty.
Annual Cash Back Payout. Cash back rewards are paid out annually as a statement credit. While this ensures a lump sum of cash back at the end of each year, it means rewards accrue over time and are not immediately accessible for redemption throughout the year.
How to Apply for a Scotia Momentum® Visa Card
Visit the Scotiabank Website. Open your web browser and go to the official Scotiabank website.
Navigate to the Credit Cards Section. Locate and click on the "Credit Cards" section on the main navigation menu. This is usually found at the top of the homepage.
Select Scotia Momentum® Visa Card. In the list of available credit cards, find and click on the Scotia Momentum® Visa Card. This will take you to the card's detailed information page.
Click on "Apply Now". Look for the "Apply Now" button on the Scotia Momentum® Visa Card information page. Click on it to start your application process.
Choose Application Type. If you are not currently a Scotiabank customer, you will be prompted to choose whether you want to apply as a new customer. Select the appropriate option.
Agree to Terms and Continue. Read through the terms and conditions presented. If you agree, check the box indicating your agreement and click on the "Continue" button to proceed with the application.
Fill Out the Application Form. Complete the online application form with accurate information. You will typically need to provide details such as your full name, contact information, date of birth, Social Insurance Number (SIN), employment details, income, and any existing financial obligations.
Review Application. Before submitting, carefully review all the information you have entered to ensure it is accurate and up to date. Mistakes or incomplete information may delay your application.
Submit Your Application. Once you are satisfied that the application form is complete and accurate, click on the "Submit" button to send your application to Scotiabank for review.
Confirmation and Follow-Up. After submitting your application, you may receive a confirmation screen indicating that your application has been successfully submitted. Additionally, Scotiabank may contact you via email or phone for further verification or to notify you of the status of your application.
Wait for Approval. Scotiabank will review your application, including your credit history and financial information. If approved, you will receive your Scotia Momentum® Visa Card by mail, along with any additional instructions.
Infographic
Eligibility Requirements
Age and Residency. Applicants must be at least the age of majority in their province or territory of residence in Canada. They must also be Canadian residents with a valid Canadian address.
Bankruptcy Status. Applicants should not have declared bankruptcy within the past 7 years. This criterion ensures that applicants have maintained financial stability and responsibility over an extended period.
Minimum Annual Personal Income. Applicants need to demonstrate a minimum annual personal income of $12,000. This income requirement helps ensure that cardholders have the financial capacity to manage credit responsibly and meet repayment obligations.
Credit Bureau Report. As part of the application process, applicants are required to permit the issuer to access their credit bureau report. This report is used to assess the applicant's credit history, including factors such as payment history, credit utilization, and overall creditworthiness.
Reasons You May Be Denied a Scotia Momentum® Visa Card
Low Credit Score. Your credit score is a measure of your creditworthiness. If your score is low, it may indicate to the credit card issuer that you're a higher-risk borrower. As a result, they may deny your application.
Insufficient Income. Credit card issuers want to ensure that you have the means to repay your debts. If your income doesn't meet their minimum requirements, or if they believe that your debt-to-income ratio is too high, they may deny your application.
Negative Information on Your Credit Report. This can include things like late or missed payments, bankruptcies, or charge-offs. These types of negative marks can make credit card issuers wary of lending to you.
Too Many Recent Credit Inquiries. When you apply for a credit card, it results in a hard inquiry on your credit report. If you have too many of these inquiries in a short period, it can make it appear as though you're desperate for credit, which can lead to a denial.
Not Meeting the Card's Specific Requirements. In the case of the Scotia Momentum® Visa Card, there are specific income requirements that applicants must meet. If you don't meet these requirements, your application may be denied.
How to Pay Off My Scotia Momentum® Visa Card Debt
On the Web
Log In to Your Scotiabank Account. Open your web browser and navigate to the Scotiabank website. Log in to your account using your username and password.
Access Your Credit Card Account. Once logged in, navigate to your Accounts page. Select your Scotia Momentum® Visa Card account from the list of accounts.
Make a Payment. Locate and click on the option to "Make a payment" for your credit card account.
Choose Payment Details. Select the account from which you want to make the payment (e.g., your Scotiabank savings or checking account). Enter the payment amount you wish to pay towards your Scotia Momentum® Visa Card. Choose the date for the payment to be processed.
Confirm Your Transfer. Review the payment details to ensure accuracy. Click "Continue" or a similar button to confirm the transfer of funds to pay off your credit card debt.
In the Mobile App
Open the Scotiabank Mobile App. Launch the Scotiabank mobile app on your smartphone or tablet.
Navigate to Your Credit Card Account. From the app's home screen, select your Scotia Momentum® Visa Card account.
Initiate a Payment. Look for an option labeled "Pay" or similar and tap on it.
Select Payment Source. Choose the account from which you want to make the payment (e.g., your Scotiabank savings or checking account).
Enter Payment Amount. Enter the amount you wish to pay towards your Scotia Momentum® Visa Card debt.
Complete the Payment. Follow the prompts to slide or confirm to complete the payment transaction.
Editorial Opinion
The Scotia Momentum® Visa Card offers a straightforward cash back rewards structure with up to 2% cash back on essential purchases like gas, groceries, and recurring bills, coupled with a competitive introductory balance transfer rate. While it lacks a welcome bonus and includes limited insurance benefits, its low annual fee and accessible minimum income requirement make it appealing for those seeking to earn rewards on everyday spending without high upfront costs. Overall, it caters well to individuals looking to consolidate debts and earn consistent cash back, provided they can maximize spending in the designated categories.
What is the introductory balance transfer rate and how long does it last?
New cardholders enjoy a 2.99% introductory interest rate on balance transfers for the first 6 months after account opening.
How often are cash back rewards paid out?
Cash back rewards are paid out annually as a statement credit.
What are the eligibility requirements to apply for the Scotia Momentum® Visa Card?
Applicants must be at least the age of majority in their province or territory, Canadian residents with no bankruptcy in the past 7 years, and demonstrate a minimum annual personal income of $12,000. They must also grant permission for the issuer to access their credit bureau report during the application process.
Purchases
Credit Limit
Required documents
