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

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.

I got declined some reason applying online......would i still get the bonus if i call through to inquire and get approved?

Honestly, **** Scotiabank and their hassle

I got the card from TD, it was literally yes or no over the phone

Even though I meet the income from the job I been working since April, because I am contractor they want to see 2 years worth...

My paystub has last name, first name. My application has first name, last name.

Rep was unsure if it was the same person...

Can someone clarify whether "minimum assets under management of $250,000" means assets under Scotiabank management or can I show an equity statement from another brokerage as well?

Kasakato wrote: ↑ My paystub has last name, first name. My application has first name, last name.

Rep was unsure if it was the same person...

Yep, hardly to decide:)

Just got my MBNA WE card...

It says "cash redemption is at the rate of 120 points per $1"...
Only travel redemption gives you 100 per $1.

Is it new? Then it's not 2% cash back! It's 1.67%, hmm...

Rob_EV wrote: ↑ The extra 0.5% above the Rogers WE card makes sense if you spend more than $24k per year.

metamon wrote: ↑ Glad my post helped!

Zhopa wrote: ↑ Just got my MBNA WE card...

It says "cash redemption is at the rate of 120 points per $1"...
Only travel redemption gives you 100 per $1.

Is it new? Then it's not 2% cash back! It's 1.67%, hmm...

Amazon or other gift cards can be purchased around 102 points per $1. Using this strategy, it's only about 1.96% CB. I'm not going to whine about a 0.04% difference (I don't do much travelling, so I probably won't use it there).

Zhopa wrote: ↑ Just got my MBNA WE card...

It says "cash redemption is at the rate of 120 points per $1"...
Only travel redemption gives you 100 per $1.

Is it new? Then it's not 2% cash back! It's 1.67%, hmm...

I can't say too much if it's new because Rob_EV uses it, not me, but it says so MBNA Rewards Page here: https://www.mbna.ca/en/credit-cards/rew ... astercard/

I think I subtly mentioned it before in my posts that the 2% comes in a form of points, which typically comes with restrictions. Sorry I did not elaborate, but once again I just calculated the cards worth, I don't really have the card in use so I did not check too into details the restrictions the card had :/ However, based on your post that you travel, even if you spend 60,000$ on this card, you would have roughly 1200$ in travel points which for a family for traveling should not cover the entirety of the trip.

A general rule of thumb is that any card that give points instead of cashback won't give you a 1 to 1 ratio of cashback vs redemption for other stuff...otherwise they might as well just give you cashback since it's the most flexible way for redemption.

Edit: Rob_EV's answered even faster than me, yeah the gift card route is really not bad and it's very close to cash at this point. If you don't like the points deal, you can cancel before one year and you're still net positive from the annual fee using gift cards ( 245$ from the points in sign up bonus + 50$ GCR cash back - 120$ = $175 net positive). Remember to do paperless statements for 5000 points!

I applied online yesterday and got rejected right away.
I put my income above 60k but not sure why the rejected.

Any luck for those who were able to approve for the card after being rejected once ?

Thanks for the reply!!!

Will definitely look into different redemption options - didn't know about them

Stay safe!

Rob_EV wrote: ↑ Amazon or other gift cards can be purchased around 102 points per $1. Using this strategy, it's only about 1.96% CB. I'm not going to whine about a 0.04% difference (I don't do much travelling, so I probably won't use it there).

Thanks for the post!

That was my first thought too

Will see how it goes.

Stay safe!

metamon wrote: ↑ If you don't like the points deal, you can cancel before one year and you're still net positive from the annual fee using gift cards ( 245$ from the points in sign up bonus + 50$ GCR cash back - 120$ = $175 net positive). Remember to do paperless statements for 5000 points!

Awesome card, terrible Customer services.

This guy explained me something 2 times but I didn't understand at all, so he was clearly upset he had to repeat. I said I still didn't understand and he asked me to go to the branch. I agreed with him and said thanks. Surprisingly after the formal goodbye has said "assh#$#le".

He said that loud and clear.

I was more surprised than upset and called again. They promised me the supervisor would call but I never had this call.

For the record I was very calm and speaking slowly cause of my accent, and didn't disrespect the guy.

Their application process is pretty involved. They really check into incomes etc - not only did they ask for a letter from my employer stating my income and proof of employment, they called HR to verify that the letter was legit. I guess they are being extra careful. Already spent an hour on hold (over two calls) to verify more stuff - at this point I'm ready to give up - tired of jumping through hoops.

Applied a week ago on Wednesday in bank. The guy who helped me said they wanted to verify some info, and I'll hear by Friday or the following Monday for sure. That's 2-3 business days. It's now been 6 business days and still heard nothing.

They told me to wait a week. It had been 5 business days and I called yesterday and got put through to their credit people. Someone clearly working from home handled it and processed it while I was on the phone. Seems like nothing had happened the rest of the time. She reviewed the documents I had uploaded, approved me and it was done. It's active in online banking but I have to wait for the card in the mail.

(I had applied online last Wed night and am already a banking customer.)