Scotiabank
Get 10% cash back on all purchases for 3 months ($2,000 max). Enjoy no annual fee in the first year. Regular rate: 20.99% purchases.
The Scotiabank Momentum Visa Infinite Card stands out among Canadian cash back credit cards. For the first three months, you can earn a highly attractive 10% cash back on all purchases, up to $2,000. After this period, you’ll continue to collect up to 4% on groceries and recurring bills, making everyday spending more rewarding. Additionally, there is no annual fee for the first year – a prime benefit for budget-conscious applicants. Regular annual fee resumes at $120, while the purchase interest rate is 20.99%, and 22.99% for cash advances.
How to Apply: Step-by-Step
To apply, begin by confirming your eligibility; applicants usually need at least $60,000 personal or $100,000 household income. Existing Scotiabank clients can apply through online banking; new customers may apply through the main website or by visiting a branch if new to Canada. Fill out the secure application form, provide your financial and employment details, and review disclosure terms. Submit your application for a quick decision, often within minutes.
Major Pros
A major advantage of this card is the generous 10% introductory cash back offer, perfect for new users looking to maximize returns in the first three months. Another benefit is the first-year annual fee waiver, allowing you to test the card’s features and rewards with minimal risk before committing to ongoing fees.
Potential Drawbacks
On the downside, the high regular annual fee may not appeal to infrequent users or lower spenders. In addition, after the welcome period, the top earning rates move down, and there is a minimum income requirement, which may exclude some applicants.
The Verdict
With its strong introductory cash back, first-year fee waiver, and ongoing rewards, the Scotiabank Momentum Visa Infinite is a smart pick for Canadians with higher regular spending looking to get significant value back from their everyday purchases. Assess your annual spending to ensure long-term benefits outweigh costs.
