Scotiabank
No annual fee, earn up to 5% cashback for 3 months, plus introductory 0% interest on balance transfers. Simple eligibility. Flexible for Canadians and newcomers.
Scotiabank’s no annual fee credit card lineup is ideal for Canadians seeking strong everyday rewards without extra costs. The Scotia Momentum® No-Fee Visa* Card and the Scotiabank American Express® Card both offer competitive rates, useful rewards, and accessible application options.
For the Scotia Momentum No-Fee Visa Card, you get 5% cashback for your first 3 months (up to $2,000 in purchases), making it appealing for new cardholders. Regular purchase interest rates are 19.99%, with cash advances at 22.99%. There’s a special 0% introductory interest on balance transfers for six months (2% fee applies).
How to Apply
Applying is straightforward. Existing Scotiabank clients simply sign in to online banking and start the application process. New customers can start online, while newcomers to Canada should visit a branch for in-person assistance and verification.
Key Benefits
No annual fee means you keep more money each year. Earning 5% cashback for the first three months can add up quickly if you plan to use your card for everyday spending.
Scotiabank credit cards are widely accepted and come with access to additional benefits like interest-free grace periods and easy online management tools.
Potential Drawbacks
After the first three months, the cashback rate drops, so the highest earning potential is only available for a limited time. Interest rates are typical, but not exceptional for those carrying balances.
Some cards lack embedded insurance, and consistent high balances will lead to costly interest charges unless paid in full each cycle.
Our Verdict
For most Canadians wanting to build credit and earn rewards while avoiding fees, Scotiabank’s no annual fee cards are a sensible choice. If you keep your balance paid, the offer shines.
