The Scotia Momentum Visa Infinite Card is a premium cash back credit card offered by Scotiabank, tailored for Canadian residents seeking to maximize rewards on routine expenditures. Operating on the Visa network, this card provides elevated cash back rates on categories like groceries, gas, and recurring bill payments, making it an attractive option for households aiming to optimize their spending.
In this article, we’ll delve into a comprehensive analysis of the card, exploring its primary features, eligibility criteria, key benefits, relevant limitations, potential drawbacks, and the application process. This practical guide aims to equip you with the necessary insights to determine if this card truly aligns with your specific financial objectives.
Main features of the Scotia Momentum Visa Infinite Card
The Scotia Momentum Visa Infinite Card offers a tiered cash back structure: 4% on eligible grocery store purchases and recurring bill payments, 2% on gas and daily transit, and 1% on all other eligible purchases. New cardholders can benefit from a welcome offer of 10% cash back on all purchases for the first three months (up to $2,000 in total purchases), and the annual fee of $120 is waived for the first year. The card also includes comprehensive travel insurance and mobile device protection.
Requirements for approval
To qualify for the card, applicants must be Canadian residents who have reached the age of majority in their province or territory. A minimum personal annual income of $60,000 or a household income of $100,000 is currently required for eligibility. Additionally, a consistently good to excellent credit score is typically necessary for successful approval.
Benefits of the Scotia Momentum Visa Infinite Card
The Scotia Momentum Visa Infinite Card provides substantial cash back rewards, particularly for households with significant spending on groceries and recurring bills. Beyond cash back, cardholders gain access to Visa Infinite benefits, including concierge services, luxury hotel privileges, and exclusive dining experiences. The card also offers robust insurance coverage, such as travel emergency medical insurance, trip cancellation and interruption insurance, and rental car collision coverage.
Exclusive highlight
A standout feature of the card is its high cash back rate of 4% on recurring bill payments, encompassing expenses like utilities, streaming services, and subscriptions. This elevated rate on recurring payments is relatively uncommon among credit cards, providing cardholders with an opportunity to maximize rewards on consistent monthly expenses.
Disadvantages and points of attention of the credit card
While the Scotia Momentum Visa Infinite Card offers impressive cash back rates, it comes with certain limitations. The annual fee of $120, although waived for the first year, may be a consideration for some users. Additionally, the elevated cash back rates apply only up to an annual spending cap of $25,000 in each of the 4% and 2% categories; beyond these thresholds, the cash back rate drops to 1%.
Application process explained
Applying for the card is straightforward. Prospective cardholders can apply online through the Scotiabank website, by phone, or in person at a Scotiabank branch. The application requires personal and financial information, including income details and employment status. Upon submission, Scotiabank will assess the application, and if approved, the card will be mailed to the applicant’s address.
Who should consider the Scotia Momentum Visa Infinite Card?
The Scotia Momentum Visa Infinite Card is ideal for individuals and families with substantial spending on groceries, gas, and recurring bills, aiming to maximize cash back rewards. Its comprehensive insurance coverage and Visa Infinite perks also make it suitable for those seeking added travel and purchase protections. However, potential applicants should consider the annual fee and spending caps on elevated cash back categories. For those whose spending aligns with the card’s reward structure and who can meet the income requirements, the card offers significant value and benefits.
