Scotiabank
Earn 10% cash back for three months on up to $2,000. No annual fee in year one. Regular rate 20.99% on purchases. Strong for everyday savings.
The Scotiabank Momentum Visa Infinite stands out in Canada for its high introductory cash back offer—10% on all purchases for the first three months, up to $2,000 in spending. This translates to a potential $200 cash back, which is competitive among cash back cards. What makes this card especially enticing is the waived annual fee for the first year, even on additional authorized cards. After the initial period, the standard cash back rates and a purchase interest rate of 20.99% apply. Additionally, as a Visa Infinite card, cardholders may be eligible for added perks and insurance benefits typically reserved for premium products.
Step-By-Step: How to Apply
Applying for the Scotiabank Momentum Visa Infinite is straightforward. First, check that you meet the eligibility requirements, particularly the minimum income needed. Then, complete the online application, providing your financial and identification details. If you already bank with Scotiabank, you can streamline your application by signing in to online banking. Finally, await approval—most applications are processed quickly, and your credit card will be mailed upon acceptance.
Major Pros: Why Consider This Card?
The standout benefit is the generous 10% introductory cash back for three months. For Canadian families and individuals with regular purchases, this can amount to significant savings early on. Another big plus is the first-year annual fee waiver. This allows new cardholders to experience the benefits and rewards structure without an upfront cost, making it easier to evaluate if the card fits their needs long-term.
Major Cons: What to Watch Out For
The higher standard interest rate of 20.99% on purchases is worth noting, making this card less ideal for those who might carry a balance. Additionally, to qualify, there is a minimum annual income requirement. Those not meeting this threshold may not be eligible, limiting access for some applicants.
Verdict: Who Should Get the Momentum Visa Infinite?
If you’re looking for a high cash back offer and valuable benefits with no first-year fee, this card delivers. However, it’s best suited for those with good credit who pay balances off monthly and will maximize cash back rewards. If you fit these criteria, this Scotiabank card is an excellent choice for your wallet.
