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

sports1 wrote: ↑ Going to need more DPs on this...anyone with an existing Scotia card (non-Momentum Visa) who got the WB CB?

wra45mon wrote: ↑Sounds like FYF does not apply if you had a card in last 2 years either.

hdub8817 wrote: ↑ I’m interested to know too. I have the gold amex but I’ve been waiting for the 10% promotion to come back.

I've had the Scene Visa for years. Got this card a few months ago, can confirm I received the FYF + 10% CB

I’m thinking of canceling mine, large family here and the yearly cash back is significant.

I’m just not happy with the increased yearly fees, im back and forth if I like only getting the cash back once a year and it’s like a savings account or it pisses me off.

I thought the Meridian infinite was now the best cash back card, has better travel insurance, cheaper yearly rate, and I think a better cash back on something, I always say I’m going to switch in November and then I’m late and then I’m stuck again until the next year!

I make decent income, significantly higher than the minimum income requirement for the card. However, I have multiple mortgages (one mortgage each for primary and rental properties) and they did not approve this card saying income does not support household expenses.

metamon wrote: ↑ 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.

I put about $50-60k through my card per year. I don't buy gasoline anymore (2 EVs) and tend to do the majority of grocery shopping at Costco and don't go out to restaurants much. The extra 0.5% above the Rogers WE card makes sense if you spend more than $24k per year.

braveblade wrote: ↑ $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.

Since when? BNS employee here and never ever heard of that!

poppy1337 wrote: ↑ I suppose the $25K 4% limit on this case is met by GstDigs alone. Do you use this card for anything else? It would give 1% once you are over 25K.

Yes, groceries and reoccurring, but use it for most purchases now really.

Zhopa wrote: ↑ 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)

Glad my post helped!

If you do spend a lot, it depends what you're looking for and what bank you are parking your money in, because some banks also give you a credit card rebate if you have a more expensive package. Therefore, you can see if the extra money parked in the account is worth the cost of the card (unless you have enough investments that you don't even need any money parked in a zero interest account like chequing). If you spend only in specific categories, getting the annual fee free Tangerine Card would also give you 2% in 2-3 categories while you can use your Rogers Card for everything else. Travel cards are more tricky because most of them have annual fees due to the perks they give when traveling, such as travel insurance, free currency exchange or lounge access. So depending on what you want, the card that fits your style can vastly differ.

Rob_EV wrote: ↑ I put about $50-60k through my card per year. I don't buy gasoline anymore (2 EVs) and tend to do the majority of grocery shopping at Costco and don't go out to restaurants much. The extra 0.5% above the Rogers WE card makes sense if you spend more than $24k per year.

That's why I would say the MBNA card is still good but for very specific scenarios that I think only a minority of members of RFD would be able to maximize on. Not only do you need to spend more than 24k against the Rogers WE card, but you need to also consider if the majority of your spend doesn't fall in one of Tangerine's 2% Credit Card categories. I totally understand if you spend in multiple categories it will become a headache to track the purchases, but otherwise if 50%+ of your spend falls in for example "Home Improvement", then getting the Tangerine card would save you the 120$ versus the MBNA. If your local costcos are categorized as groceries (mine are), then Tangerine card would be more favorable too. Honestly the MBNA would have probably been the best overall CC out there if it wasn't for the mandatory unavoidable 120$ annual fee. However that fee caps the minimum spending requirement to be 24k in non tangerine related categories that the Rogers WE need to cover, making it unlikely most members here would ever meet.

How can I check if my Costco is categorized as grocery store?

metamon wrote: ↑ If your local costcos are categorized as groceries (mine are), then Tangerine card would be more favorable too.

My spendings pretty much the same. So what card do you use? (Sorry didn't get it from your post)

Rob_EV wrote: ↑ I put about $50-60k through my card per year. I don't buy gasoline anymore (2 EVs) and tend to do the majority of grocery shopping at Costco and don't go out to restaurants much. The extra 0.5% above the Rogers WE card makes sense if you spend more than $24k per year.

is the cashback on this better than the scotia gold amex? gold amex shows better cashback

Wizkies wrote: ↑ is the cashback on this better than the scotia gold amex? gold amex shows better cashback

If you have a lot of recurring bills or payment, this card is miles better. And, this is Visa so not limited like Amex.
I can confirm that if you never had any momentum lines of credit cards you will get the bonus. This is confirmed by the agent over the phone.

I'm going to try to get this card just for GetDigs. 9% return (for first $2000) and then 3% return on paying rent?

Sign me up!

Zhopa wrote: ↑ My spendings pretty much the same. So what card do you use? (Sorry didn't get it from your post)

MBNA Rewards World Elite

Zhopa wrote: ↑ How can I check if my Costco is categorized as grocery store?

I did some research for you and based on your other posts, I think your best bet would be using Rob_Ev's MBNA rewards elite, especially if your spending habits are very similar. It beats the headache of testing cards out or if the reward structures change; a flat rate of 2% (but in points) is excellent if you want to shop without constantly doing math to find the most preferable card. If you surpass 24,000$ in spending easily like Rob_EV who spends 50k to 60k, the MBNA would net you approximately 125$-300$ more per year, making it an easy choice.

Thanks guys, really appreciate replies!

Rob_EV wrote: ↑ MBNA Rewards World Elite

metamon wrote: ↑ the MBNA would net you approximately 125$-300$ more per year, making it an easy choice.