Scotia Momentum® No-Fee Visa* Card Review
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Recommended Credit Score:
670 900
Average to Excellent
$0
Welcome Bonus Value
$0
Annual Fee
19.99%
Purchase Interest Rate
NA
Min Personal Required
Scotia Momentum®  No-Fee Visa* Card
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My Rate Compass Rating: star star star star star_outline (4)
Bank Name:Scotiabank
Network Type:VISA
Scotia Momentum® No-Fee Visa* Card
Welcome Bonus
Annual Fee
$0
Scotia Momentum®  No-Fee Visa* Card
Card Details

Scotia Momentum® No-Fee Visa* Card Review

Earn 5% cash back on all purchases for the first 3 months (up to $2,000 in total purchases).
 Plus, get a 1.99% introductory interest rate on balance transfers for the first 6 months (22.99% after that; annual fee $0)

Great reasons to get this card for your everyday purchases

Gas Stations

1%

Grocery Stores

1%

Drug Stores

1%

Recurring Bill Payments

1%

Plus earn 0.5% cash back on all other eligible purchases.

Insurance
  • Priority airport services No
  • Airport lounge access No
  • Concierge service No
  • Balance protection(Optional) Yes
  • Purchase Security & Extended Protection Insurance NO
  • Flight delay insurance,Baggage Insurance No
  • Vehicule rental insurance No
  • Travel accident insurance No
  • Travel medical insurance No
Fees and Eligibility
Fees
  • Annual Fee: $0
  • Additional Card Fee: $0
  • Purchases Interest Rate: 19.99%
  • Cash Advance Interest Rate: 22.99%
Eligibility
  • You're a Canadian resident
  • You've reached the age of majority in your province or territory
Recommended Credit Score:
670 900
Average to Excellent
Our Rating
My Rate Compass Rating: star star star star star_outline (4)
Rating Methodology: My Rate Compass's ratings are determined by our editorial team. Our editors rate credit cards objectively based on the benefits and features the credit card offers, interest rates, the fees, and how a credit card compares with other cards in its category. Credit card rating methodology
Editorial Guidelines: Learn more about our editorial guidelines here.
Pros and Cons

Save on car rentals

As a Scotia Momentum No-Fee Visa Cardholder, you can save up to 25% off base rates at participating AVIS locations and at participating Budget locations in Canada and the U.S. when you pay with your Scotia Momentum No-Fee Visa card.

Save time at the checkout

Tap your Scotia Momentum No-Fee Visa* Card or your smartphone for quick easy payments.

Get a Supplementary Card

Add an additional Supplementary Cardholder to your Scotia Momentum? No-Fee Visa* Card Account. One account, multiple cards. Added benefits! Get an additional card for a friend or family member.

Editor's Review

The Scotia Momentum® No-Fee Visa* Card is a convenient card that can be accessed by anyone, even by new residents of Canada who have no credit history. This no-fee card gives you some amazing offers, Earn 5% cash back on all purchases for the first 3 months (up to $2,000 in total purchases). Plus, get a 1.99% introductory interest rate on balance transfers for the first 6 months. After this initial period, you'll pay around 22.99% interest.

 

This card gives you 1% on all eligible purchases, including groceries, gas, bill payments and drugs. The minimum credit limit is $500, so you can quickly request $1,000 in the first month and only pay back $79 in interest.

 

This card from Scotiabank is an excellent addition to any Canadian resident who wants a steady rate on their regular purchases without having to pay an annual fee. You can earn cashback effortlessly on hydro, phone payments or monthly rent.

 

Of course, you can also use the Scotia Momentum® No-Fee Visa* Card to save up to 25% on car rentals. Order a supplementary card for free and enable your spouse or partner to save their own 1% when going to the store, when travelling by car or when paying the monthly bills.

1 Offer Description and Conditions: The 5% Cash Back and Introductory 1.99% Rate Offer (the “Offer”) applies only to new Scotia Momentum No-Fee Visa credit card accounts (“Accounts”) that are opened by October 31, 2021 and is subject to the below terms and conditions. All other terms and conditions of the Program Terms continue to apply. Offer may be changed, cancelled or extended at any time without notice and cannot be combined with any other offers.

Eligibility and Exclusions: Individuals who are currently or were previously primary or secondary cardholders of a Scotiabank retail credit card in the past 2 years, including those that switch from an existing Scotiabank retail credit card, as well as employees of Scotiabank, are not eligible for the offer. Subject to the above exclusions, Scotiabank small business credit cardholders are eligible for the Offer.

5% Cash Back Offer Conditions: You will earn 5% cash back on the first $2,000 in eligible purchases you spend on your new Account within the first 3 months of the Account open date (the “Promotional Period”). Eligible purchases include purchases (less any refunds, returns or other similar credits) but do not include payments, cash advances (including balance transfers, Scotia® Credit Card Cheques or cash-like transactions), interest, fees or other charges. After the Promotional Period, you will earn regular cash back on eligible purchases at the regular cash back rate (the “Cash Back Program Rate”) described in the Scotia Momentum No-Fee Visa Cash Back Program Terms and Conditions (the “Program Terms”). The 5% cash back rate for any category is made up of the sum of: (i) the regular Cash Back Program Rate (variable by categories as set out under the Program Terms); and (ii) a “Cash Back Bonus Rate”.

Cash back earned under this Offer will be credited to your Account in 2 instalments so long as your Account is open and in good standing at time of payout of each:
1. Bonus Cash Back: The amount earned under the Cash Back Bonus Rate will be credited to your Account within 7 months from the Account open date; and
2. Regular Cash Back: The amount earned under your regular Cash Back Program Rate will be credited to your Account according to the regular cash back payment schedule as set out under the Program Terms.

The Account is considered in good standing if it is not delinquent (past due) or over limit and the Cardholder(s) is not in breach of the Revolving Credit Agreement that applies to the Account.

EXAMPLE: If the Regular Cash Back Program Rate for the Groceries and Recurring Payments category is 1% then the Cash Back Bonus Rate will be 4% for that category so that you will earn a total of 5% on the amount of all eligible everyday purchases in that category during the Promotional Period. If you make $2,000 in eligible everyday purchases in the Groceries and Recurring Payments category, your cash back earnings will be credited to your Account as follows:
(1) the Cash Back Bonus earnings of $80 (4% x $2,000) (which will not be tracked on your monthly statements), will be credited to your Account within 7 months from the Account open date, and (2) the Regular Cash Back earnings of $20 (1% x $2,000) (which will be tracked on your monthly statements), will be credited to your Account as per the regular cash back payment schedule (i.e., November).


Introductory 1.99% Rate Offer Conditions: The introductory 1.99% interest rate applies only to eligible purchases subject to the conditions below (the “Offer”). This rate applies when the new Scotia Momentum No-Fee Visa credit card account (“Account”) is opened by Ocoeber 31, 2021 and will continue for 6 months from date of Account opening (the “Promotional Period”). After the Promotional Period, purchase balances at the promotional rate of 7.99% (including any unpaid balances) will increase to the preferred interest rate for purchases (currently 19.99%). If you don’t pay the minimum payment on your Account by the payment due date on your statement, two times in any consecutive 12-month period, you will lose the benefit of this promotional rate Offer and the interest rates that apply on any unpaid balance and purchases will increase to the standard annual interest rates that apply to your Account (currently 24.99% on purchases and 27.99% on cash advances (including balance transfers, Scotia® Credit Card Cheques and cash-like transactions)). Eligible purchases include purchases (less any refunds, returns or other similar credits) but do not include payments, cash advances (including balance transfers, Scotia® Credit Card Cheques or cash-like transactions), interest, fees or other charges.


In general, if you make a payment that exceeds the minimum payment on your statement, we will apply your payment on a proportionate basis among each group of billed charges on your Account. We group charges based on the interest rate that applies to the group of charges. Your payment cannot be applied to the balance(s) of your choice. See your credit card agreement for more information about how we apply payments to your Account.

Rates and Fees: There is currently no annual fee for the primary card and no fee for each additional supplementary card.
The current preferred annual interest rates for the Account are: 19.99% on purchases and 22.99% on cash advances (including balance transfers, Scotia® Credit Card Cheques and cash-like transactions).
All rates, fees, features and benefits are subject to change.