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

Deal Addict
User avatar
Aug 30, 2005
2443 posts
416 upvotes
GTA
I got declined some reason applying online......would i still get the bonus if i call through to inquire and get approved?
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Jr. Member
User avatar
Sep 5, 2018
136 posts
38 upvotes
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...
Deal Expert
Mar 25, 2005
21629 posts
2391 upvotes
My paystub has last name, first name. My application has first name, last name.

Rep was unsure if it was the same person...
Newbie
Dec 22, 2017
13 posts
9 upvotes
Ottawa
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?
Deal Fanatic
Dec 5, 2006
8311 posts
3758 upvotes
Markham
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:)
Sr. Member
User avatar
Jun 22, 2009
872 posts
228 upvotes
Kitchener
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!
No political messaging in sigs
Deal Fanatic
Sep 10, 2008
6489 posts
4505 upvotes
Kitchener
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).
Newbie
Nov 28, 2019
15 posts
12 upvotes
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!
Newbie
Jul 29, 2019
87 posts
86 upvotes
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 ?
Sr. Member
User avatar
Jun 22, 2009
872 posts
228 upvotes
Kitchener
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).
Last edited by Zhopa on Sep 17th, 2020 9:17 am, edited 1 time in total.
No political messaging in sigs
Sr. Member
User avatar
Jun 22, 2009
872 posts
228 upvotes
Kitchener
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!
No political messaging in sigs
Newbie
Sep 2, 2015
71 posts
30 upvotes
Qu
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.
Member
Apr 27, 2003
496 posts
27 upvotes
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.
Where's the beef?
Sr. Member
Jan 4, 2014
970 posts
362 upvotes
Kitchener, ON
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.
Sr. Member
May 16, 2003
574 posts
78 upvotes
GTA
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.)
-Sean

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