Credit Cards

Cancelling Scotiabank's Momentum Visa Infinite and keeping the cashback

  • Last Updated:
  • Sep 10th, 2021 12:05 pm
Tags:
None
[OP]
Member
Aug 6, 2019
477 posts
946 upvotes
Ottawa

Cancelling Scotiabank's Momentum Visa Infinite and keeping the cashback

So it's my first time holding card and my first year is coming up in November. I am going to cancel this card because one, I never got my 10% bonus cashback on the first $2000 purchase and two, I don't want to be paying for the annual fee.

My problem is that their cashback payout is in November, coinciding with my first year. Will they give it out when I cancel it? I don't have any other accounts with Scotia other than a car loan.
7 replies
Deal Fanatic
Nov 22, 2015
5866 posts
5390 upvotes
I believe you forfeit any accumulated cashback if you cancel the card
[OP]
Member
Aug 6, 2019
477 posts
946 upvotes
Ottawa
Where do they pay out the cashback to? I'm guessing back to the card itself? Then the most I can would be to pay off the annual fee with the Cashback and continue using the card as is?
Deal Guru
Dec 5, 2006
10669 posts
5675 upvotes
Markham
gizmokrap wrote: Where do they pay out the cashback to? I'm guessing back to the card itself? Then the most I can would be to pay off the annual fee with the Cashback and continue using the card as is?
They deposit as credit balance to your credit card in November,not sure whether you can require to send cheque

They will forfeit the cash back if you canceled before November statement

Might be you can ask them to downgrade to no fee momentum card and confirm whether you can keep cash back

https://www.scotiabank.com/ca/en/person ... -card.html
Sr. Member
Dec 22, 2007
969 posts
588 upvotes
Mississauga
before you cancel out of spite figure out out how much cashback you have and if your still ahead based on those numbers then why cancel? also what are you going to replace it with.

my cashback on recurring and grocery is close to $400 at this point
[OP]
Member
Aug 6, 2019
477 posts
946 upvotes
Ottawa
DeletedMemories wrote: before you cancel out of spite figure out out how much cashback you have and if your still ahead based on those numbers then why cancel? also what are you going to replace it with.

my cashback on recurring and grocery is close to $400 at this point
I am ahead for sure. Cashback will cover the annual fee. The spite is on the fact I've never received my bonus 10% cashback and yearly payout :/. That being said I may still keep it, I don't know for sure yet.
Sr. Member
Dec 22, 2007
969 posts
588 upvotes
Mississauga
gizmokrap wrote: I am ahead for sure. Cashback will cover the annual fee. The spite is on the fact I've never received my bonus 10% cashback and yearly payout :/. That being said I may still keep it, I don't know for sure yet.
I know when Scotia fails it fails hard but escalate while being polite. I don't remember when I signed up if It was with %10 but its a decent card for recurring bills and grocery atleast
Sr. Member
Feb 28, 2014
672 posts
799 upvotes
gizmokrap wrote: So it's my first time holding card and my first year is coming up in November. I am going to cancel this card because one, I never got my 10% bonus cashback on the first $2000 purchase and two, I don't want to be paying for the annual fee.

My problem is that their cashback payout is in November, coinciding with my first year. Will they give it out when I cancel it? I don't have any other accounts with Scotia other than a car loan.
Assuming you never held another Scotiabank credit card before, escalate to Scotia about the missing welcome bonus.

If you don't want to pay the annual fee anymore, just have them downgrade the card to their regular cashback card and then after the cashback gets paid out, if you really don't want the card anymore, then cancel it out.

Top