Talk to any person with knowledge about Canadian credit cards and they’ll tell you that the Scotia Momentum Visa Infinite card is the best cash back credit cards in Canada. What makes this card so popular is the fact that the rewards are simple, easy to earn, and even easier to redeem which makes it an appealing card for families and big spenders.
You’ll earn a cash back rate of 4% on groceries & recurring bill payments, 2% on gas and transit, and 1% on all other purchases. It’s worth noting that this card often has a welcome bonus of 10% cash back on all purchases for 3 months and the annual fee of $120 is waived for the first year. Read my Scotia Momentum Visa Infinite review now to find out why it’s one of the best Scotiabank credit cards in Canada.
Scotia Momentum Visa Infinite benefits
- $120 annual fee – Waived for the first year
- 10% cash back on all purchases for the first 3 months (up to $2,000 in total purchases)
- 4% cash back on groceries and recurring payments
- 2% cash back on gas and daily transit
- 1% cash back on all other purchases
- Mobile device insurance
- Travel insurance
- Purchase security
- Extended warranty
The Scotia Momentum Visa Infinite card has a standard earn rate of 4% cash back on groceries and recurring bill payments; 2% cash back on gas and transit purchases; and 1% cash back on all other purchases which is incredible. Best of all, this card frequently has a promotion where you’ll earn 10% cash back on all purchases for the first three months.
Even though you get a high earn rate for multiple categories, there is a spending cap of $25,000 for both the 4% and 2% categories. Once you reach that amount, your reward rate drops down to 1%.
Any additional purchases will earn you 1% cash back with no caps on spending. The cash back you earn is paid out once a year during your November statement. Waiting until November to get paid out will likely annoy a lot of people, but think of it as extra money which will help you through the holidays.
Mobile device and trip cancellation insurance is a nice touch, but I think people will be more interested in the included purchase protection and extended warranty. As long as you charge the full amount of your purchases to your Scotia Momentum VISA Infinite card, your purchases and covered from theft, loss and damage for 90 days. And, your manufacturers’ warranty is doubled up to one additional year.
Overall it’s not hard to see why even with a yearly fee that the Scotia Momentum VISA Infinite is a popular card. However, if you want to add a supplementary user, it’s $50 per person, annually.
Scotia Momentum Visa Infinite travel insurance benefits
- Travel medical – $1,000,000 coverage up to 15 days
- Trip interruption – $2,000 per insured person (max $10,000 per trip)
- Trip cancellation – $1,500 per insured person (max $10,000 per trip)
- Flight delay – $500 per trip for eligible expenses for all insured travellers after a delay of 4 hours
- Delayed and lost baggage – $500 per trip for eligible expenses for all insured travellers after a delay of 4 hours
- Travel accident – $500,000 covering common carriers including airplanes, cruise ships, trains or buses
- Rental car collision / loss damage insurance – $65,000/48 days
For a cash back card, the included travel insurance is quite impressive. Travel medical is good for 15 days if your under the age of 65 and it applies no matter what. For the rest of your travel insurance to be valid, you need to charge all of your travel expenses to your Scotia Momentum VISA Infinite card.
The included trip interruption, flight delay and lost baggage insurance is pretty standard but one thing you want to pay close attention to is the trip cancellation policy. Although $1,500 per person with a maximum of $10,000 per group is normal, it’s also not exactly a lot. Flights alone could be worth more than $1,500. I don’t consider this a deal breaker, but for some people, it may well be.
How the Scotia Momentum Visa Infinite compares to others
The Scotia Momentum Visa Infinite’s biggest competition is arguably the Meridian Visa Infinite Cash Back card. With the Meridian card, you’ll earn 4% cash back on gas and groceries, 2% on pharmacy and utility bills, and 1% on all other purchases. Many would say the Merdian earn rate is better, but it really comes down to what you do your spending on. That said, the Meridian card does have a lower annual fee and better travel insurance.
Another one of the best cash back credit cards in Canada that you could compare it to is the Tangerine World Mastercard. With the Tangerine card, you get to choose up to three categories that will earn you 2% cash back while all other purchases earn you 0.5% cash back. This is clearly lower than what the Scotia Momentum Visa Infinite and Meridian Visa Infinite Cash Back card offer, but this card has no annual fee which will appeal to many people.
Cash back credit cards have become incredibly valuable over the years as travel rewards can sometimes be restrictive. With cash back, you don’t need to worry about black out dates, seat availability or taxes. You’ll just collect your cash back and be able to spend it on whatever you want. It doesn’t get much easier than that.
It should be pretty obvious that my Scotia Momentum VISA review is positive. It’s one of the best no-fee cash back card available and I’d argue it’s an excellent choice as a “travel rewards” card. Although the cash back is easy to redeem, it’s only paid out once a year in November as a statement credit or deposited directly into your personal chequing or savings account if you bank with Scotia.
Minimum application requirements
- You’re a Canadian citizen or are a permanent resident
- You have a minimum annual personal gross income of $60,000
- You haven’t declared bankruptcy in the past 7 years
- You’re at least the age of majority in your province or territory
- Your home address matches your credit report home address