Scotia Momentum® Visa Infinite 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.
20.99 %
APR for Shopping
from 700
Credit Score
cash back 10 %
Welcome Bonus
Product Details
Cash back
Gas
2 %
Purchases
up to 4 %
APR
APR for Cash Advances
22.99 %
General Info
Required documents
ID, Proof of income, Proof of residence
Welcome Bonus
cash back 10 %
Fees
Balance Transfers
5 $
Cash Advances
5 - 7.50 $
Annual Fee
120 $
Foreign Transactions
2.5 %
Late Payment
25.99 %
The Scotia Momentum® Visa Infinite Card offers an attractive rewards structure designed to maximize cash back on everyday spending. Cardholders can earn a generous 10% cash back on all purchases for the first 3 months, providing a significant boost during the introductory period. After this initial period, the rewards continue with 4% cash back on groceries and recurring bills, making it ideal for those who spend regularly on essentials like food and utilities. Additionally, the card offers 2% cash back on gas and daily transit purchases, catering to commuters and drivers alike. For all other purchases, cardholders earn 1% cash back, ensuring that every spending category is rewarded, albeit at a lower rate compared to groceries, bills, gas, and transit.
Key Features
Earn 10% Cash Back. Applies to all purchases made within the first 3 months of card membership. Cash back is earned on up to $2,000 in total purchases during this period. The maximum cash back earned is $200.
No Annual Fee for the First Year. Cardholders do not pay the annual fee of $120 in the first year. Supplementary cards for authorized users are also exempt from annual fees during this period.
Annual Fee. After the first year, an annual fee of $120 applies. This fee covers the primary cardholder's account.
Minimum Credit Limit. The card comes with a minimum credit limit of $5,000. This limit may vary based on the applicant's creditworthiness and financial profile.
Pros and Cons
Pros
High Cash Back Introductory Offer. Earn 10% cash back on all purchases for the first 3 months, up to $2,000 in spend. This provides significant rewards during the initial period.
Tiered Cash Back Rewards. Up to 4% cash back on purchases, including 4% on groceries and recurring bills, 2% on gas and daily transit, and 1% on everything else. This tiered structure maximizes cash back potential on essential spending categories.
Comprehensive Insurance Coverage. Includes 11 types of insurance, such as travel medical insurance, trip interruption/cancellation insurance, rental car collision insurance, and purchase security.
Cons
High Income Requirements. Requires a personal income of $60,000 or a household income of $100,000 to qualify. This may limit eligibility for some individuals who do not meet these income thresholds.
Annual Cash Back Payout. Rewards are paid out once per year as a statement credit. This means cardholders receive their cash back in a lump sum at the end of each year, rather than more frequently throughout the year.
How to Apply for a Scotia Momentum® Visa Infinite 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 Infinite Card. In the list of available credit cards, find and click on the Scotia Momentum® Visa Infinite 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 Infinite 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 Infinite Card by mail, along with any additional instructions.
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Eligibility Requirements
Age and Residency. You must be at least the age of majority in your province or territory of residence. You must be a Canadian resident with no history of bankruptcy within the past 7 years.
Minimum Annual Personal Income. You must have a minimum annual personal income of $12,000.
Income or Asset Requirements. To qualify, you must meet one of the following criteria: have at least $60,000 in annual personal income, $100,000 in annual household income, or $250,000 in assets under management.
Reasons You May Be Denied a Scotia Momentum® Visa Infinite 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 Infinite 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 Infinite 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 Infinite 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 Infinite 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 Infinite 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 Infinite Card debt.
Complete the Payment. Follow the prompts to slide or confirm to complete the payment transaction.
Editorial Opinion
The Scotia Momentum® Visa Infinite Card stands out in the competitive landscape of cash back credit cards with its robust rewards program, offering up to 4% cash back on essential categories like groceries and gas. While the card's high income requirements and annual fee after the first year may deter some potential applicants, its comprehensive insurance coverage and introductory 10% cash back offer for the first 3 months provide compelling incentives for frequent spenders. Overall, for individuals who can maximize its benefits through regular use in its designated categories, the Scotia Momentum® Visa Infinite Card represents a strong option in the realm of cash back credit cards.
Is there an annual fee for the Scotia Momentum® Visa Infinite Card?
Yes, there is an annual fee of $120, which is waived for the first year, including for additional cards.
How often are cash back rewards paid out on the Scotia Momentum® Visa Infinite Card?
Cash back rewards are paid out annually as a statement credit. This lump-sum payment includes all accumulated cash back earned throughout the year.
What additional perks does the Scotia Momentum® Visa Infinite Card offer?
Cardholders enjoy benefits such as purchase security and extended warranty protection on eligible purchases, as well as access to Visa Infinite perks such as exclusive offers on travel, dining, and entertainment.
Gas
Required documents
Welcome Bonus
