The Scotia Momentum® Mastercard®* Credit Card is a versatile credit card designed to offer substantial benefits for everyday purchases. Whether you’re fueling up at gas stations, stocking up on groceries, or managing recurring payments, this card provides a valuable 1% cash back on eligible purchases.

With no annual fee and a competitive introductory interest rate, it’s an appealing option for those looking to maximize rewards while managing their expenses efficiently. Scotiabank has tailored this card to suit various financial needs, ensuring convenience, security, and rewards that make every purchase more rewarding.

Let’s delve into the key features and benefits of the Scotia Momentum Mastercard Credit Card to see if it’s the right fit for you.

Main Information About the Credit Card

The Scotia Momentum® Mastercard®* Credit Card offers a range of features designed to enhance your financial experience. Here are the main highlights:

• Cash Back Rewards: Earn 1% cash back on eligible gas, grocery, drug store purchases, and recurring payments, and 0.5% on all other eligible purchases.
• No Annual Fee: Enjoy the benefits of the card without worrying about an annual fee.
• Introductory Interest Rate: Benefit from a 7.99% introductory interest rate on purchases for the first six months (20.99% thereafter).
• Additional Perks: Access discounts on accommodations through Booking.com and other Mastercard exclusive offers.

How Does the Annual Fee Work?

One of the most appealing aspects of the Scotia Momentum® Mastercard®* Credit Card is that it comes with no annual fee. This means cardholders can enjoy all the benefits of the card without worrying about an additional yearly cost. The absence of an annual fee makes this card accessible to a wider range of individuals, particularly those who are cost-conscious or new to credit cards.

How Is the Credit Limit Determined?

The credit limit for the Scotia Momentum® Mastercard®* Credit Card is determined based on several factors, including the applicant’s credit history, income, and overall financial situation. Scotiabank assesses these factors to establish a credit limit that aligns with the cardholder’s ability to manage debt responsibly. For this card, the minimum credit limit is set at $500.

Advantages of the Scotia Momentum® Mastercard®* Credit Card

The Scotia Momentum® Mastercard®* Credit Card offers numerous advantages:

• No Annual Fee: Enjoy the benefits of the card without an annual charge.
• Cash Back Rewards: Earn 1% cash back on eligible gas station, grocery store, drug store purchases, and recurring payments, and 0.5% on all other eligible purchases.
• Introductory Interest Rate: Benefit from a 7.99% introductory interest rate on purchases for the first 6 months.
• Booking.com Rewards: Receive up to 7% off on eligible accommodations booked through Booking.com when using this Mastercard.
• Secure Payment Method: Provides a secure way to make everyday purchases and build credit history.

Highlighted Advantage: Cash Back Program

The standout feature of the Scotia Momentum® Mastercard®* Credit Card is its cash back program. Cardholders earn 1% cash back on eligible purchases at gas stations, grocery stores, drug stores, and recurring payments.

All other eligible purchases earn 0.5% cash back. This straightforward rewards structure allows users to easily accumulate savings on their everyday spending, providing tangible financial benefits over time.

Disadvantages

While the Scotia Momentum® Mastercard®* Credit Card offers many benefits, it also has some drawbacks:

• High Standard Interest Rates: After the introductory period, the interest rate on purchases is 20.99%, which can be high for those who carry a balance.
• Higher Interest Rate on Cash Advances: The interest rate for cash advances is 22.99%, which is relatively high.

Highlighted Disadvantage: High Standard Interest Rates

One of the primary disadvantages of this card is the high standard interest rate of 20.99% on purchases after the initial 6-month introductory period. For cardholders who tend to carry a balance, this high interest rate can lead to significant costs over time, making it less suitable for those who do not pay off their balance in full each month.

Who Can Apply for This Card?

To apply for the Scotia Momentum® Mastercard®* Credit Card, applicants must meet the following criteria:

• Age Requirement: Must be at least the age of majority in their province or territory.
• Residency: Must be a Canadian resident.
• Credit History: Generally, a good to excellent credit score is required.
• Income: Applicants must have a stable source of income.
• Other Requirements: A valid Social Insurance Number (SIN) and necessary identification documents.

How to Apply for the Scotia Momentum® Mastercard®* Credit Card

Applying for the Scotia Momentum® Mastercard®* Credit Card is a straightforward process and can be done through various methods:

Applying Online

• Visit the Scotiabank Website: Go to the official Scotiabank website.
• Find the Credit Card Section: Navigate to the credit cards section and select the Scotia Momentum® Mastercard®* Credit Card.
• Fill Out the Application Form: Complete the online application form with your personal, financial, and employment information.
• Submit the Application: Review your details and submit the application. You may receive an instant decision or be contacted for further information.

Applying via the Mobile App

• Download the Scotiabank App: Ensure you have the Scotiabank app installed on your mobile device.
• Log In or Sign Up: Log into your Scotiabank account or create a new one if you’re a new customer.
• Navigate to Credit Cards: Go to the credit cards section and select the Scotia Momentum® Mastercard®* Credit Card.
• Complete the Application: Fill out the necessary information and submit your application through the app.

Applying In-Person

• Visit a Scotiabank Branch: Locate and visit your nearest Scotiabank branch.
• Speak with an Advisor: Discuss your interest in the Scotia Momentum® Mastercard®* Credit Card with a Scotiabank advisor.
• Provide Necessary Documents: Present your identification and any required financial documents.
• Submit Your Application: Complete the application process with the help of the advisor.

In conclusion, the Scotia Momentum® Mastercard®* Credit Card offers a host of benefits, particularly for those who appreciate cash back rewards and no annual fee. While it has some drawbacks, such as high standard interest rates, its advantages make it a compelling option for many consumers.