Credit Cards

Scotia Momentum MasterCard

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  • Apr 11th, 2017 7:38 am
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Dec 28, 2007
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Scotia Momentum MasterCard

I got a notice with my bill today, it looks like as of June 1, 2017, Scotia is removing the no 2.5% forex fee. :( Looks like I'll have to cancel this card and apply for the Amazon Visa. I think the Amazon card is the only free card left with no forex fee. I wonder how many old Sears Financial account holders they are going to lose over this move.
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Apr 24, 2017
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No grandfathered? Now I just hope Scotia will never get the Amazon Visa's portfolio from Chase.

Chase, please stay in Canada. Please...
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jackrabbit000 wrote: Grandfathered until June 1, 2017.
Pretty bad news for Canadians. Is the foreign $ transaction cost really that hard to swallow? Rogers MC used to be a no-fx card, but it seems the cost was too much for them and they started to charge 2.5% fx fee in less than one year. Why is no Canadian bank willing to waive 2.5% fx fee on credit cards, except for Chase? It is a pretty interesting topic.
📱 Telus: $30/25GB Peace of Mind Plan + 1000 International minutes
💳 Credit card combo (2-7.5% return): AmEx + Scotiabank + CIBC + MBNA
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Sep 21, 2016
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At least Rogers will still rebate the fee. But still, it's not the same as not charging it upfront, is it?
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yangj08 wrote: At least Rogers will still rebate the fee. But still, it's not the same as not charging it upfront, is it?
Rogers actually reduced the cash back from 1.75% (1.75% - 0 fx) to 1.5% (4% - 2.5% fx) for foreign purchases, definitely not the same.
📱 Telus: $30/25GB Peace of Mind Plan + 1000 International minutes
💳 Credit card combo (2-7.5% return): AmEx + Scotiabank + CIBC + MBNA
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I received a letter last week informing of Changes to the Scotia Momentum MasterCard. As of June 1, 2017, there will be a 2.5% foreign currency fee.

Before then, when Sears sold to their credit card to Scotia from Chase they grandfathered the no forex fees. Now they have dropped that feature.
Have a nice day!


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Jul 18, 2011
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yup. notied that as well. Cya Scotia. Will probably go for the Marriott one. Any promo going for that one?
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LonesomeDove wrote: I received a letter last week informing of Changes to the Scotia Momentum MasterCard. As of June 1, 2017, there will be a 2.5% foreign currency fee.

Before then, when Sears sold to their credit card to Scotia from Chase they grandfathered the no forex fees. Now they have dropped that feature.
Not a surprise. It's also a grandfathered product, no longer sold. I wouldn't be surprised to see 1% rewards end entirely. I also wouldn't be surprised to see them have substantially wound down or written off the entire former Sears branded and private label credit card portfolio within the next several years.

If you thought the TD acquisition and integration of MBNA Canada was handled poorly - that's nothing. Scotiabank has, apparently, migrated its former Sears card customers to Scotia OnLine but not added cards to existing Scotia OnLine profiles and they have no solution other than to "create another Scotia OnLine profile." Lame. I like to be loyal but I've told my mom & dad to cancel their cards forthwith, use Amazon.ca Rewards Visa for international point-of-sale transactions and, with the changes to Tangerine's credit card, I'd like to find them a decent card with 1.5-2% cash back rewards with no annual fee besides PC Financial World Elite MasterCard. :)

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Doug
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girl9394 wrote: yup. notied that as well. Cya Scotia. Will probably go for the Marriott one. Any promo going for that one?
Not sure its adoption rate but, with Marriott buying Starwood, while they're going to keep the separate rewards programs going, with Chase Canada's likely eventual complete exit from Canada, I wouldn't be surprised to see American Express Canada add Marriott to its co-branded American Express credit/charge cards in Canada, alongside Starwood Preferred Guest. :)

Amazon.ca Rewards Visa could go either way - and may well lose its "no FX fee" - my "bet" would be on either Synchrony Financial Canada or, less likely, Desjardins picking it up.
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Jun 18, 2003
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Port Moody
I wonder what happened to MBNA 2% cashback with annual fee waived (not just 1st year promotion )--- that was the best card when it comes to cashback
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Without the no Forex fee the credit card is not worth having. It is 1% for gas, groceries, and drug stores and .05% for everything else. One of the worst returns for credit cards.
Have a nice day!


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Dec 21, 2007
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LonesomeDove wrote: Without the no Forex fee the credit card is not worth having. It is 1% for gas, groceries, and drug stores and .05% for everything else. One of the worst returns for credit cards.
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My two main credit cards are now grandfathered.

MBNA 2% Cash Back MC w/ No Annual Fee
Chase Amazon.ca Visa

Here's hoping they don't ruin them.

Edit: Accidentally put 0% CB instead of 2% CB
Last edited by Octavius on Apr 9th, 2017 9:58 pm, edited 1 time in total.
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Octavius wrote: MBNA 0% Cash Back MC w/ No Annual Fee
0% cash back card is a keeper.
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McMaggot wrote: 0% cash back card is a keeper.
Whoops! Meant 2% Cash Back w/ no annual fee. Fixed post.
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Octavius wrote: My two main credit cards are now grandfathered.

MBNA 2% Cash Back MC w/ No Annual Fee
Chase Amazon.ca Visa

Here's hoping they don't ruin them.

Edit: Accidentally put 0% CB instead of 2% CB
For me also grandfathered cards.

Cap1 WE travel - technically not a cash back card but it is so easy to redeem as cash... I use presto so I always have something to redeem at 2% rate

Amazon visa - probably going away. Was looking at fido MC to replace but I like having 1 visa and 1 MasterCard when I travel.

The MBNA RWE doesn't have the insurance coverage compared to cap1. $20 a year is well worth it for me.

In today's market, I don't know what I would go for. The only way to maximize rewards is multiple card shuffling. Which is annoying as hell. I used to do that but since getting cap1 card, I dropped all the other ones.

Probably what makes the most sense is Scotia 4% gas/grocery, 2% on drugstore/recurring bills. And tangerine 2% in 3 opposing categories. Scotia for all non category spending at 1%. then a third fido MC for forex stuff.

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