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[Scotia Momentum VISA Infinite card] Scotia Momentum VISA Infinite FYF + 10% back on $2k (first 3 months) + $60 GCR

Deal Fanatic
User avatar
Jul 15, 2005
7376 posts
399 upvotes
Toronto
Would I be applicable for the 10% cashback bonus if I switch from the Scotia Visa infinite to this?
Sr. Member
Dec 12, 2007
606 posts
217 upvotes
Toronto
So what i read because the deadline to apply is by nov 1,2020 then that means there’s no way to get the regular cash back before the annual fee hits

Does this mean we just get the bonus and forfeit the regular cash back by cancelling before November?

Is anyone seeing it the way I do?
Newbie
Nov 5, 2011
87 posts
49 upvotes
Markham
Presents wrote: Offer details
To qualify for the 10% cash back and annual fee waiver offer, make sure to:
1. Open a new customer Scotia Momentum® Visa Infinite* credit card account by November 1, 2020.
2. Use your new card to make everyday eligible purchases and earn 10% cash back on the first $2,000 you spend in your first 3 months from account opening.

We’ll credit your account in 2 instalments:
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
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 (i.e., November).
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 offers.

Some observations:
  • GCR has a sign-up bonus of $60
  • Some people have reported receiving the welcome bonus despite owning a Scotiabank credit card within the last two years. YMMV.
  • Bonus cash back may take up to 7 months to be credited to your account but many people reported receiving it earlier.
  • Regular cash back is credited to the account in the program schedule in November. If you sign up for the card prior to November with no intention to keep the card, it is best to spend the full $2,000 before November and cancel once you receive your regular cash back in November plus bonus cash back within 7 months (before the annual fee is charged).
May I know "GCR" is refering to this site?

https://www.greatcanadianrebates.ca

If so, may I know if anyone joined? Is it legit and safe? Where is the rebate coming from? That's $60 cash back.
Sr. Member
Nov 14, 2004
964 posts
301 upvotes
I signed up for this last year but apparently missed the cutoff by a day so never picked up my card and instead cancelled it.

Would I be eligible this time?
Deal Addict
Sep 2, 2014
1635 posts
502 upvotes
Richmond Hill, ON
This is a good card.
The problem is the timing. The cash back is paid out in November. If you want to cancel the card after the 1st year FYF, the best time to apply is November.
Deal Fanatic
User avatar
Apr 29, 2008
6890 posts
3152 upvotes
Montreal
MrBigNose wrote: This is a good card.
The problem is the timing. The cash back is paid out in November. If you want to cancel the card after the 1st year FYF, the best time to apply is November.
Edit :

the bonus on top of regular percentage (to get total of 10%) might be paid up to 7 months after

« 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 »

You can cancel card after you get bonus cash back

(It’s not paid in November once a year).

However, my understanding: card should be not used after November 2020 bill if you don’t intend to pay annual fee in September 2021.
Last edited by cashinstinct on Sep 1st, 2020 9:30 pm, edited 3 times in total.
Deal Addict
Sep 2, 2014
1635 posts
502 upvotes
Richmond Hill, ON
cashinstinct wrote: If you only want 10% cashback On first $2,000 and want to do churning, timing is good to get cashback soon.
Maybe you can apply at the end of October. After the cash back is paid out, call in to cancel and ask them to refund the annual fee. Not sure if this is feasible...
Deal Addict
Jul 22, 2019
1019 posts
1125 upvotes
I remember I had this card, and it was something stupid in November where I could cash out? This kinda sucks and ruins it for many people. Well I guess the churners hehe.

Any other good suggestions out there in terms of cards?
Sr. Member
User avatar
Jun 22, 2009
872 posts
228 upvotes
Kitchener
$120 annual fee... Now I need to think if it worth switching from my Rogers Elite...
Rob_EV wrote: Seems like a substandard rewards card. MBNA Rewards World Elite is better (2% on everything), $50 GCR signup bonus plus $250 bonus points ($2000 spending in 90 days and paperless billing), secondary card is free. No first year free though.
No political messaging in sigs
Newbie
Nov 28, 2019
15 posts
12 upvotes
Zhopa wrote: $120 annual fee... Now I need to think if it worth switching from my Rogers Elite...
I wasn't going to say anything but Rob_EV did intrigue me with his post too, and honestly in the end, the MBNA itself is a substandard card UNLESS you buy a lot of non daily necessities and you casually drop tens of thousands of dollars on items that normally doesn't have a bonus modifier to them like ebay in Canadian currency. I did just use his numbers though, so if the numbers on the actual website is different, my calculation would differ.

If you compare the MBNA card directly with the scotia bank momentum promotion only for the FIRST YEAR in regards to cash back (Scotiabank cash back (200$ + 60$ GCR) vs MBNA (250$ + 50$ GCR - 120$ Annual fee), the MBNA will only break even (i.e. start making more money than the momentum card) if you purchase 8000$ worth of items in the non target categories of Scotiabank momemtum.

If you have the Rogers World Elite, the MBNA is even more of a joke after the first year promotion because you will need to spend $24,000 annually before the MBNA card starts making half a cent more per dollar against the Rogers World Elite. If you have that much available spend per year, you probably can continuously churn through multiple card's promotions annually and make significantly more cashback than to dump them all in a flat rate 2% card with a 120$ annual fee. However, if you want something simple that gives a flat rate 2%, the MBNA is really good for that...but IMO the mandatory annual fee sort of kills the card since Rogers Word Elite is free.
Newbie
Dec 25, 2019
15 posts
1 upvote
so BNS employees will not qualify this offer then? :facepalm:
Sr. Member
User avatar
Jun 22, 2009
872 posts
228 upvotes
Kitchener
Thanks metamon for such great post!

I do spend quite a lot per year (travelling with kids - pre-COVID) but I HATE jumping from card to card...

I used to have Scotia Infinite momentum till they raised their annual fee.

I guess golden days are gone... (as we were told at work by new boss)
metamon wrote: If you have that much available spend per year, you probably can continuously churn through multiple card's promotions annually and make significantly more cashback than to dump them all in a flat rate 2% card with a 120$ annual fee. However, if you want something simple that gives a flat rate 2%, the MBNA is really good for that...but IMO the mandatory annual fee sort of kills the card since Rogers Word Elite is free.
No political messaging in sigs
Deal Addict
Jan 22, 2009
2911 posts
770 upvotes
$120 annual fee is prorated. So even you receive the bonus after 1 year and you cancel right away, you won't be paying the full $120. Let's say you cancel the card in the end of 13th month, you will be paying $12. Compare to $200, $12 is nothing.

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