Expired Hot Deals

Scotia Momentum VISA Infinite card

ScotiaBank Momentum VISA Infinite FYF (inc additional cardholder) + 10% back in first 3 months

Deal Addict
Oct 27, 2012
2533 posts
4137 upvotes
SF Bay Area
Scotia can be super weird with granting credit. They declined me for a Visa TWICE early last year when I have a 110K Professional LOC and 30K ULOC with them, the latter of which I was pre-approved for many years ago.

Then one day they sent me a pre-approval for some crappy Value Visa with a limit of 20K. I asked if it could be applied to a better Visa and they said no. I went in branch and applied for the Scotia Gold AMEX anyways and was approved for 15K. Even after that I was able to accept the initial pre-approval. I moved all of the limit over to the ULOC immediately and shut the card down.
Deal Addict
Apr 13, 2017
2623 posts
1241 upvotes
GTA
ozzie16 wrote: Scotia can be super weird with granting credit. They declined me for a Visa TWICE early last year when I have a 110K Professional LOC and 30K ULOC with them, the latter of which I was pre-approved for many years ago.

Then one day they sent me a pre-approval for some crappy Value Visa with a limit of 20K. I asked if it could be applied to a better Visa and they said no. I went in branch and applied for the Scotia Gold AMEX anyways and was approved for 15K. Even after that I was able to accept the initial pre-approval. I moved all of the limit over to the ULOC immediately and shut the card down.
Yes. I was actually pre-approved for the same card couple of years ago, but didn’t take at that time as I was churning other cards. My financial situation has actually improved since then (higher income, higher credit score etc), but they declined.
Deal Addict
Feb 10, 2018
1462 posts
971 upvotes
ozzie16 wrote: Scotia can be super weird with granting credit. They declined me for a Visa TWICE early last year when I have a 110K Professional LOC and 30K ULOC with them, the latter of which I was pre-approved for many years ago.

Then one day they sent me a pre-approval for some crappy Value Visa with a limit of 20K. I asked if it could be applied to a better Visa and they said no. I went in branch and applied for the Scotia Gold AMEX anyways and was approved for 15K. Even after that I was able to accept the initial pre-approval. I moved all of the limit over to the ULOC immediately and shut the card down.
Ask them to move some of your ULOC limit to open Scotia Infinite.
Deal Addict
Oct 27, 2012
2533 posts
4137 upvotes
SF Bay Area
EDL67134234 wrote: Ask them to move some of your ULOC limit to open Scotia Infinite.
I'm aware I could do it. Maybe after I'm done looting the BMO 10% back. Point of my post was to say that Scotia is weird - to go from declined to pre-approved for a high limit within a few months.
Sr. Member
Dec 28, 2010
810 posts
343 upvotes
Toronto
now that scotia is a no-go, even thou no good reason given.
anyone know a good card offer to use to pay CRA dues - perhaps using plastiq or paysimple? ...in these times, any cashback or signup offers would be great.
Deal Addict
Feb 10, 2018
1462 posts
971 upvotes
ozzie16 wrote: I'm aware I could do it. Maybe after I'm done looting the BMO 10% back. Point of my post was to say that Scotia is weird - to go from declined to pre-approved for a high limit within a few months.
Makes sense.

I got rejected at east twice for Scotia Infinite, but they sent me a preapproval for a Unsecured Line of Credit. Go figure.
Deal Addict
Apr 13, 2017
2623 posts
1241 upvotes
GTA
Presents wrote: I called in about this for a different reason (I was declined because my individual income was not high enough for our household expenses and I mentioned our household income is more than enough to pay for household expenses) and the rep told me to apply by phone with a joint application for them to consider household income. I did not bother going forward with this.

I have yet to rely on household income for a card, but I know when I applied for other cards they had a box for household income so I thought this was odd as well.
Don’t understand their decision. Some people with barely 60k income qualified. Many with double that income don’t qualify.

Applying at branch would be any better just after rejection ?
Member
Jul 7, 2016
401 posts
807 upvotes
headleygrange wrote: Don’t understand their decision. Some people with barely 60k income qualified. Many with double that income don’t qualify.

Applying at branch would be any better just after rejection ?
Me neither. My junior staff was approved and does not make $60,000. There are other options so I will probably go with another bank's 10% offer.
Deal Addict
Oct 27, 2012
2533 posts
4137 upvotes
SF Bay Area
headleygrange wrote: Don’t understand their decision. Some people with barely 60k income qualified. Many with double that income don’t qualify.

Applying at branch would be any better just after rejection ?
Actually applying in branch might be better indeed. The rejections I got were for applying online.
Member
Jul 7, 2016
401 posts
807 upvotes
ozzie16 wrote: Actually applying in branch might be better indeed. The rejections I got were for applying online.
With so many 10% offers out there, if you're going for the 10% promotion only, I personally would just apply for a different card unless you have a strong reason to be with Scotia, plan to keep the card beyond the $2K, or already did the promos at the other banks. The only thing Scotia really had going for it was GCR (so applying in person negates this). Scotia remits the cash back within 7 months so the timing is not too clear. Edit: looks like people are getting it posted it well before 7 months

- BMO Cash Back World Elite: Also a MC (works at merchants that only accept MC, such as Costco), redeem as you earn, auto club
- TD Cash Back Infinite: Redeem as you earn (increments of $25), auto club
- CIBC Dividend Infinite: Annual redemption (in December I believe), but you have 4 months to spend the $2K instead of 3 months
Last edited by Presents on Jun 26th, 2020 12:48 am, edited 2 times in total.
Deal Addict
Apr 13, 2017
2623 posts
1241 upvotes
GTA
Presents wrote: With so many 10% offers out there, if you're going for the 10% promotion only, I personally would just apply for a different card unless you have a strong reason to be with Scotia, plan to keep the card beyond the $2K, or already did the promos at the other banks. The only thing Scotia really had going for it was GCR (so applying in person negates this). Scotia takes up to 7 months to remit the cash back which is probably the least attractive among the four offers.

- BMO Cash Back World Elite: Also a MC (works at merchants that only accept MC, such as Costco), redeem as you earn, auto club
- TD Cash Back Infinite: Redeem as you earn (increments of $25), auto club
- CIBC Dividend Infinite: Annual redemption (in December I believe), but you have 4 months to spend the $2K instead of 3 months
I'm trying to get the Scotia for the 4% grocery and recurring bill payments.

Already have TD CB Infinite (1st year expiring), just applied for CIBC Aerogold, BMO is good for the 10%, but other benefits already covered for me elsewhere (1.5% in Cap1, auto club from Canadian tire).
Deal Addict
Apr 13, 2017
2623 posts
1241 upvotes
GTA
I went to a branch to understand why I was denied with very good score + decent income (much higher than minimum 60k requirement).

Advisor said - they calculate total monthly payments / total income. However, when calculating monthly payments they take the entire amount of mortgage, property tax etc, even though your spouse pays half of that. But they only consider your annual income in the above calculation. If the ratio is higher than 50%, application is denied.

So, I’ll never get this. Lol .
Member
Jan 10, 2009
306 posts
354 upvotes
toronto
That can't be right unless they've recently changed their conditions. My current mortgage payment is more than 50% of my actual monthly income from my job (although I've been aggressively paying it down with double payments) and I was able to get the cc no prob. Maybe ask another advisor?
headleygrange wrote: I went to a branch to understand why I was denied with very good score + decent income (much higher than minimum 60k requirement).

Advisor said - they calculate total monthly payments / total income. However, when calculating monthly payments they take the entire amount of mortgage, property tax etc, even though your spouse pays half of that. But they only consider your annual income in the above calculation. If the ratio is higher than 50%, application is denied.

So, I’ll never get this. Lol .
Deal Addict
Aug 4, 2006
3264 posts
2023 upvotes
Toronto
FYI don't apply behind a VPN, it will reject you without reason.
Deal Addict
Apr 13, 2017
2623 posts
1241 upvotes
GTA
grasshopper902 wrote: That can't be right unless they've recently changed their conditions. My current mortgage payment is more than 50% of my actual monthly income from my job (although I've been aggressively paying it down with double payments) and I was able to get the cc no prob. Maybe ask another advisor?
Advisor said this is new rule since COVID . I’ve multiple mortgages (on multiple properties) and my ratio is higher than 50%. Anyways, I was approved for CIBC, PC WE, Triangle WE on the same day.

Not sure if anyone ever got pre-approved for this card ?
Newbie
Jul 3, 2019
2 posts
anyone know the best credit card that has instant approval and has decent cashback or rewards? Need to use for a big purchase 2k+ by today
[removed for signature violation, do not repost]
Member
Dec 25, 2010
495 posts
73 upvotes
Vancouver
anyone know the best credit card that has instant approval and has decent cashback or rewards? Need to use for a big purchase 2k+ by today
#Mushrooms
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User avatar
Dec 11, 2005
8649 posts
1355 upvotes
TO
Presents wrote: With so many 10% offers out there, if you're going for the 10% promotion only, I personally would just apply for a different card unless you have a strong reason to be with Scotia, plan to keep the card beyond the $2K, or already did the promos at the other banks. The only thing Scotia really had going for it was GCR (so applying in person negates this). Scotia takes up to 7 months to remit the cash back which is probably the least attractive among the four offers.

- BMO Cash Back World Elite: Also a MC (works at merchants that only accept MC, such as Costco), redeem as you earn, auto club
- TD Cash Back Infinite: Redeem as you earn (increments of $25), auto club
- CIBC Dividend Infinite: Annual redemption (in December I believe), but you have 4 months to spend the $2K instead of 3 months
Oh so scotia won't pay out this year in Nov if I were to get this card now? I mean right now may be best since it's 3 months to spend - is it 7 months from the date of app ? I'm reading the terms and it says Nov statement
Achieva Financial /KOHO / STACK (0% FX Fee) /Tangerine / EQ Bank member / I use Plastiq for paying bills with my CC

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Member
Jul 7, 2016
401 posts
807 upvotes
headleygrange wrote: I went to a branch to understand why I was denied with very good score + decent income (much higher than minimum 60k requirement).

Advisor said - they calculate total monthly payments / total income. However, when calculating monthly payments they take the entire amount of mortgage, property tax etc, even though your spouse pays half of that. But they only consider your annual income in the above calculation. If the ratio is higher than 50%, application is denied.

So, I’ll never get this. Lol .
grasshopper902 wrote: That can't be right unless they've recently changed their conditions. My current mortgage payment is more than 50% of my actual monthly income from my job (although I've been aggressively paying it down with double payments) and I was able to get the cc no prob. Maybe ask another advisor?
This is consistent with my application. My experience below. Rationale I was provided was my individual income was not enough for my household expenses.

TransUnion: 800+
Well above the income requirement. Household income covers household expenses, obviously.
Presents wrote: I called in about this for a different reason (I was declined because my individual income was not high enough for our household expenses and I mentioned our household income is more than enough to pay for household expenses) and the rep told me to apply by phone with a joint application for them to consider household income. I did not bother going forward with this.

I have yet to rely on household income for a card, but I know when I applied for other cards they had a box for household income so I thought this was odd as well.
Member
Jul 7, 2016
401 posts
807 upvotes
TorontoEh wrote: Oh so scotia won't pay out this year in Nov if I were to get this card now? I mean right now may be best since it's 3 months to spend - is it 7 months from the date of app ? I'm reading the terms and it says Nov statement
Sorry I may have been mistaken. If it is an annual payout in November then perhaps I read the 7 month timing back in April (which makes sense - I was analyzing the cards when this promo expired in April but got extended).

Not relevant for this promo, but if this gets extended again it does mean if you do not want the AF hit you need to spend the entire $2K before November (which should not be a problem for this promo given the 3 months will pass before November). People applying closer to the payout date will need to be careful (e.g. CIBC last year).

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