Scotia Momentum Cash Back Credit Card: 10% Back and No Fee for Year 1

The Scotia Momentum Visa Infinite Card offers a standout welcome bonus: 10% cash back on all purchases for the first three months, up to $2,000 in spend. There’s also no annual fee for the first year, which is a rare and valuable perk, especially for those seeking to maximize rewards at the outset. Regular interest rates sit at 20.99% for purchases and 22.99% for cash advances. The typical annual fee after the first year is $120, though supplementary cards are included at no extra cost—making this card a compelling choice for those wanting a lucrative start and flexibility for family members.

How to Apply for the Scotia Momentum Visa Infinite

Applying for this card is straightforward. Applicants begin by confirming eligibility, which usually means meeting an income requirement of at least $60,000 personal or $100,000 household annually. You don’t need to be an existing Scotiabank client, but if you are, you can speed up the process by signing into your online banking account. If you’re new to Canada within three years, applications typically happen in-branch. Be prepared to provide personal and financial details, such as proof of income and identification. Approval decisions are usually quick, so you can start earning rewards without much delay.

Pros of the Scotia Momentum Visa Infinite Card

One of the biggest draws is the extra-high 10% cash back for the first three months, covering essentials like groceries, gas, and recurring bills. Another major plus is the first year’s annual fee waiver, which allows new users to try the card with zero up-front cost. The card also includes purchase protection and travel insurance, giving extra value beyond just rewards on spending. The minimum income requirement is clear and competitive, positioning the card well for Canadian professionals.

Cons of the Scotia Momentum Visa Infinite Card

The ongoing annual fee of $120 after the first year may deter some users who want a no-fee card. Interest rates on carried balances are also in the standard range (not exceptionally low), so carrying a balance over months is costly. The welcome cash back is capped at $2,000 in purchases, so high spenders may bump up against the maximum quickly. Additionally, the card may not be ideal for those who prefer travel points or non-cash-back rewards.

Verdict

For Canadians who want a powerful start on cash back rewards and a chance to earn back significant value in the first year, the Scotia Momentum Visa Infinite Card is a top contender. It’s best suited for disciplined spenders who pay their balances monthly, maximizing cash back and perks without being hit by interest or annual fees initially. The card stands out most for the welcome bonus, fee waiver, and flexible coverage for family members.