SCOTIA MOMENTUM VISA INFINITE CREDIT CARD REVIEW [UPDATED 2019]
If you love cash back rewards, then you’ll want to get your hands on the Scotia Momentum Visa Infinite credit card. It offers one of the best cash back rewards programs available in Canada.
With this credit card from Scotiabank, cardholders receive 4% cash back on gas and grocery purchases, 2% cash back when shopping at drug stores, 2% cash back on recurring bill payments, and 1% cash back on everything else that’s charged to the card. With such a high cash back rate, and multiple ways to earn cash back of 2% and 4%, it doesn’t take long for the rewards to add up.
The high percentage of cash back is what separates the Scotia Momentum Visa Infinite card from other cash back credit cards in Canada. In fact, MoneySense magazine named the Scotia Momentum Visa Infinite the number one cash back rewards credit card for 2017.
- Ability to earn 4% cash back on grocery and gas purchases
- No annual fee for the first year
- Access to hotel room upgrades, concerts, restaurants, and travel insurance
- An annual fee of $99 kicks in after the first year
- Need to have an annual income of at least $60,000 to qualify for this credit card
- Must maintain a credit limit of at least $5,000 on the card
The ability to earn 4% cash back on gas and grocery purchases is what distinguishes the Scotia Momentum Visa Infinite credit card. However, the card does come with a special promotional offer.
New cardholders have the $99 annual fee waived for the first year. That’s nearly $100 back in your pocket and it means that it won’t cost you anything to own and use this credit card for the first year. The annual fee will be applied to the card every 12 months after the first year.
The annual fee of $99 kicks in after the first 12 months that you own the Scotia Momentum Visa Infinite credit card, and there is also a fee of $30 for each supplementary card taken out. So if you plan to give a second Scotia Momentum Visa Infinite card to your spouse or kids, keep in mind that it will cost you.
The annual fee might be a turn off for some people. But it’s less than the annual fees of between $150 and $500 that are charged on other credit cards – many of which do not offer as generous a rewards program as the Scotia Momentum Visa Infinite card.
The annual percentage rate (APR), or interest charged, on the Scotia Momentum Visa Infinite card is the standard 19.99% on purchases and 22.99% on cash advances, balance transfers, and Scotia credit card cheques. These are the interest rates charged on most credit cards today in Canada.
And while not the lowest interest rates around, the ability to earn 4% cash back on major purchases such as groceries and gas might help justify the hefty annual percentage rate (APR).
The approval requirements are where things get interesting with the Scotia Momentum Visa Infinite credit card. This is because the approval requirements for this card are quite onerous and could preclude many people from acquiring it.
According to Scotiabank, people wanting the Scotia Momentum Visa Infinite credit card must have an annual income of at least $60,000 or a minimum household income of $100,000. Plus, you must maintain a minimum credit limit of $5,000 on this card.
These requirements are much more stringent than on most Canadian credit cards that simply require applicants to be at least 18 years old, and a Canadian citizen with a clean credit report. So be forewarned, if you don’t have a strong income, don’t bother applying for the Scotia Momentum Visa Infinite credit card.
As with most credit cards, the Scotia Momentum Visa Infinite comes with several bonus features, most of which are tied to travel. With this credit card, you get a variety of insurance designed to protect you in the event of a medical emergency, car accident, or lost luggage while traveling.
You can also get automatic room upgrades and free hotel room Wi-Fi with this card at select hotels, and around-the-clock concierge service and access to select music concerts, restaurants, and winery tours. No matter how you look at it, this is a high-class credit card.
WHO SHOULD NOT GET THIS CARD
If you want a credit card that has no annual fee and low interest rates, then the Scotia Momentum Visa Infinite card is not for you.
The ability to earn significant cash back rewards with this card is great. But it comes at a cost in the form of an annual fee and fairly high interest. Plus, as mentioned, this is not a credit card for people with incomes below $60,000 a year.
If your annual salary is below that level, you won’t qualify for this particular credit card.
ALTERNATIVE CARD: THE AMERICAN EXPRESS SIMPLYCASH PREFERRED CREDIT CARD
The American Express SimplyCash Preferred credit card is worth comparing to the Scotia Momentum Visa Infinite credit card. This is because the American Express SimplyCash Preferred is also a cash back rewards card.
It offers 2% cash back on all purchases and no limit to the amount of cash back you can accumulate. The 2% cash back rate is less than the 4% on groceries and gas provided by the Scotia Momentum Visa Infinite card, but that 2% applies to any and all purchases.
Also, the 4% cash back provided by the Scotia Momentum credit card applies to the first $25,000 you spend annually at gas stations and grocery stores. So in that sense, the amount of cash back you can earn with the Scotia Momentum Visa Infinite card is capped.
The annual fee for both cards is the same at $99, but there’s no fee charged for supplementary credit cards taken out with the American Express SimplyCash Preferred card.
If you’re someone with a good salary who wants a high-end credit card that provides maximum cash back benefits, then the Scotia Momentum Visa Infinite is the card for you. Few other cash back rewards credit cards offer more ways to accumulate rewards than this card.
Just remember that there are strings attached in the form of an annual fee, interest rates that are on the high side, and a minimum income requirement.
The opinions provided in this article are those of the author and do not constitute investment advice. Readers should assume that the author and/or employees of Grizzle hold positions in the company or companies mentioned in the article. For more information, please see our Content Disclaimer.