The Scotia Momentum® Visa Infinite* Card stands out as one of the best cash back cards in the market today. With an impressive array of features and benefits, this card has earned numerous awards, including the 2023 MoneySense Best Cash Back Card. Not only does it offer substantial cash back rewards on everyday purchases, but it also comes with comprehensive travel and mobile device insurance. Let’s dive into the details and see what makes this card a top choice for many.
Main Information About the Credit Card
The Scotia Momentum® Visa Infinite* Card is meticulously designed to offer exceptional value, convenience, and a plethora of benefits to its users. This premier credit card provides an impressive cash back program that allows cardholders to earn substantial rewards on their everyday purchases. Additionally, the card includes comprehensive travel insurance, ensuring peace of mind during trips by covering various potential issues such as trip cancellations, interruptions, and medical emergencies abroad.
Moreover, the Scotia Momentum® Visa Infinite* Card features new mobile device insurance, offering protection for smartphones and tablets against loss, theft, or damage. This added layer of security is particularly valuable in today’s digital age, where mobile devices are integral to daily life. Overall, this card is a well-rounded option for individuals seeking to maximize their rewards, enjoy extensive insurance coverage, and benefit from the convenience and security provided by a top-tier credit card.
How Does the Annual Fee Work?
The Scotia Momentum® Visa Infinite* Card has an annual fee of $120. However, as part of a special offer, the annual fee is waived for the first year, including for supplementary cards. This can be an attractive feature for new cardholders who want to experience the benefits of the card without an upfront cost. Additionally, for those who maintain a Preferred Package or Ultimate Package with Scotiabank, there is an opportunity to receive an annual fee waiver on select credit cards.
How is the Credit Limit Determined?
Scotiabank determines the credit limit for the Scotia Momentum® Visa Infinite* Card based on various factors, including the applicant’s credit history, income, and financial standing. The minimum credit limit for this card is $5,000. This process ensures that the cardholder receives a limit that aligns with their financial capacity and usage patterns.
Advantages of the Credit Card
The Scotia Momentum® Visa Infinite* Card offers a multitude of advantages that cater to diverse spending habits and needs. Here are some key benefits:
- 4% Cash Back on Groceries and Recurring Payments: Earn 4% cash back on every dollar spent at grocery stores and on recurring bill payments.
- 2% Cash Back on Gas and Daily Transit: Receive 2% cash back for every dollar spent on gas and daily transit purchases.
- 1% Cash Back on All Other Purchases: Earn 1% cash back on all other purchases with no cash back limit.
- Travel Insurance: Comprehensive coverage that includes emergency medical insurance, trip cancellation, and interruption insurance.
- Mobile Device Insurance: Coverage for new mobile devices against theft, loss, and damage.
Highlighted Advantage: Cash Back Program
The cash back program of the Scotia Momentum® Visa Infinite* Card is one of its standout features. With a generous 4% cash back on groceries and recurring payments, 2% on gas and daily transit, and 1% on all other purchases, cardholders can accumulate significant rewards quickly. This program is especially beneficial for those who have high grocery or recurring bill expenses, as it provides a substantial return on these essential spending categories.
Disadvantages
While the Scotia Momentum® Visa Infinite* Card offers numerous benefits, there are some disadvantages to consider:
- Annual Fee: After the first year, the card carries an annual fee of $120.
- High-Interest Rates: The card has a 20.99% interest rate on purchases and 22.99% on cash advances.
- Income Requirement: A minimum annual income of $60,000 or household income of $100,000 is required to qualify for the card.
Highlighted Disadvantage: Annual Fee
The primary disadvantage of the Scotia Momentum® Visa Infinite* Card is its annual fee of $120. While the fee is waived for the first year, it becomes a recurring cost in subsequent years. This fee can be a deterrent for some potential cardholders, especially those who prefer no-fee cards or who may not use the card enough to justify the expense.
Who Can Apply for This Card?
To apply for the Scotia Momentum® Visa Infinite* Card, applicants must meet the following criteria:
- Minimum Age: Applicants must be at least 18 years old.
- Income Requirement: A minimum annual income of $60,000 or a household income of $100,000, or minimum assets under management of $250,000.
- Credit History: A good credit history is typically required, and applicants must not have a negative credit standing.
How to Apply for the Scotia Momentum® Visa Infinite* Card
Applying for the Scotia Momentum® Visa Infinite* Card is straightforward and can be done through various channels, including online, via the mobile app, or in-person at a Scotiabank branch.
Through the Website
- Visit the Scotiabank Website: Go to the Scotiabank credit cards page.
- Select the Card: Find the Scotia Momentum® Visa Infinite* Card and click on “Apply Now.”
- 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.
Through the Mobile App
- Download the Scotiabank Mobile App: Ensure you have the app installed on your smartphone.
- Log In or Register: Log into your Scotiabank account or register if you are a new user.
- Navigate to Credit Cards: Go to the credit cards section and select the Scotia Momentum® Visa Infinite* Card.
- Complete the Application: Fill out and submit the application directly through the app.
In-Person at a Branch
- Locate a Scotiabank Branch: Find your nearest Scotiabank branch using the online locator tool.
- Visit the Branch: Go to the branch and meet with a Scotiabank advisor.
- Fill Out the Application Form: Complete the application form with the help of the advisor.
- Submit the Application: Submit the form and any required documentation.
In summary, the Scotia Momentum® Visa Infinite* Card offers substantial cash back rewards and comprehensive insurance benefits, making it a top choice for many consumers. However, the annual fee and income requirements may be a consideration for potential applicants. By understanding the features, advantages, and application process, you can make an informed decision about whether this card is the right fit for your financial needs.
