[Scotiabank] Scotia Momentum Visa Infinite: Earn 5% Cash Back for the first 3 months

Wow i got this card 3 weeks after the promo came out -____-

You must have a minimum annual income of $60,000 or a minimum household income of $100,000.

$ 99 annual fee... Not even First Year Free = not hot for me.. Thanks OP anyway..

jigz787 wrote: ↑ $ 99 annual fee... Not even First Year Free = not hot for me.. Thanks OP anyway..

I guess they replaced the promo. I got this card last month and both cards were free (normally 99$ + 29$). The free card offer was a better deal then this incremental discount on your first 3K.

No free card no deal

CIBC's current offer on their cash back visa infinite is much better. 4% in all categories on first $5k spend, FYF = $200
Scotia's offer is 5% on $3k = $150, - $99 annual fee = $49.

Kiraly wrote: ↑ CIBC's current offer on their cash back visa infinite is much better. 4% in all categories on first $5k spend, FYF = $200
Scotia's offer is 5% on $3k = $150, - $99 annual fee = $49.

Yes, I agree. I shared the CIBC offer here, too.
But it seems that people here don't like it....

Kiraly wrote: ↑ CIBC's current offer on their cash back visa infinite is much better. 4% in all categories on first $5k spend, FYF = $200
Scotia's offer is 5% on $3k = $150, - $99 annual fee = $49.

The CIBC offer is better for the max cash back bonus but it is sadly only available for people who are approved for their first CIBC credit card. No churners!

The newest Scotia Momentum VISA Infinite offer is ok but it is not even worth $49 when you factor in the normal cash back rates.
The real spend bonus is 1% in additional to the normal 4% for Gas & Grocery, which = $30 for 3K spend.
The real spend bonus is 3% in additional to the normal 2% for Drug Stores & Recurring Bill Payments, which = $90 for 3K spend.
The real spend bonus is 4% in additional to the normal 1% everything else, which = $120 for 3K spend.
For most people the old Scotia offer which appears quite often would be better with FYF and no spend bonus.
The only way the new offer is better is if you spend 3K on the normal 1% category, which gives $120 spend bonus - $99 fee = $21.

is 5% cash back on all purchases and bill payments for 3 mths? or just for gas and grocery?

This card sucks, you have to pay your annual fee to get your cash back which almost negates the fact you get cashback unless you spend a ton on this card. It sounds better than it is. That said if you have a business or just spend a lot you can probably make it worth your time.

pagefaultca wrote: ↑ This card sucks, you have to pay your annual fee to get your cash back which almost negates the fact you get cashback unless you spend a ton on this card. It sounds better than it is. That said if you have a business or just spend a lot you can probably make it worth your time.

I did the rough math comparing this card to costco's capital one.
Even after paying the fees for two cards (130$) I would still come out on top by using the momentum as my primary card.
Ie. All purchases except costco and restaurants go on this card.

It's the Gas and groceries discounts that are pretty big if you have 2 cars and a family (4%).
That being said, it's worth mentioning that the costco card has a better discount on restaurants (+3%).

Add on travel medical out side Canada (15 days)

Although the promotion isn't that good, the card is the best on the market to me. It's better than the CIBC cashback card in the 2% category (recurring & drug stores vs. Tim Hortons & Telus). I signed up the scotia card with free annual fee and decided to keep it after a year.

HZH wrote: ↑ Although the promotion isn't that good, the card is the best on the market to me. It's better than the CIBC cashback card in the 2% category (recurring & drug stores vs. Tim Hortons & Telus). I signed up the scotia card with free annual fee and decided to keep it after a year.

For your usage, how does this compare to the top rated (by MoneySense) MBNA Rewards World Elite?

It works out to 2% cashback on *all* purchases with no limits and no expiry.
Even with the $89 annual fee (they used to have a first year free offer), and since we funnel all purchases to this card, works out for my family to give the most cash back compared to other cards.

This card is great. I have had it for quite a few years now. You can get a lot of extra value by purchasing gift cards at gas stations or grocery stores. For example, even though No Frills does not take Visa, you can go to Superstore/Fortinos/Loblaws and just purchase PC giftcards and get 4% cashback on them to use at No Frills. Restaurants can also be boosted to 4% cashback the same way since lots of restaurants offer giftcards. Electronics can be boosted to 4% using amazon/bestbuy giftcards. Netflix can be boosted to 4% instead of the typical 2% recurring by using Netflix giftcards... etc. You get the point.

Just don't go into a grocery store / gas station and buy 500 dollars worth of giftcards on the card alone. They may deny you use of a credit card for that (it has happened before). Spread out your gift card purchases on your typical grocery store/gas station runs and you should be ok.

Also, be careful of the terms of the extended warranty coverage of the credit card. I have a feeling if you buy giftcards with the card, then use the giftcard to purchase merchandise, they might say extended warranty does not apply because you did not directly purchase the merchandise on the card.

chewy101 wrote: ↑ Also, be careful of the terms of the extended warranty coverage of the credit card. I have a feeling if you buy giftcards with the card, then use the giftcard to purchase merchandise, they might say extended warranty does not apply because you did not directly purchase the merchandise on the card.

You can be sure you don't have any extended warranty coverage if you use a giftcard to purchase merchandise.

pagefaultca wrote: ↑ This card sucks, you have to pay your annual fee to get your cash back which almost negates the fact you get cashback unless you spend a ton on this card. It sounds better than it is. That said if you have a business or just spend a lot you can probably make it worth your time.

You don't need to spend a lot to make paying the $99/year worth it. If you spend more than $412.50/month on gasoline and groceries, you'll come out farther ahead by using this card and paying the fee, than by using a card that gets you only 2% on those categories. I spend a lot more than that on gas and groceries, so this card is totally worth it for me.

The only thing I buy with this card that's not gas and groceries is airline tickets, because the insurance coverage is much better than any other card I have.

There's no doubt that the MBNA world elite is the better card in most cases. Most people just don't want to go out of their way to buy gift cards and have to worry about converting 1% purchases to 4%. With the flat rate 2% card, you just use it whenever and will come out ahead.

Card has $10 less annual fee w/ $100 sign up bonus. Being able to use Cashback monthly is great too or just save it up. It's been rated the #1 cash back card in Canada for obvious reasons.

Diggingupbones wrote: ↑ There's no doubt that the MBNA world elite is the better card in most cases. Most people just don't want to go out of their way to buy gift cards and have to worry about converting 1% purchases to 4%. With the flat rate 2% card, you just use it whenever and will come out ahead.

Card has $10 less annual fee w/ $100 sign up bonus. Being able to use Cashback monthly is great too or just save it up. It's been rated the #1 cash back card in Canada for obvious reasons.

Another plus of the MBNA card is free additional users. Scotia charges 20 or 30 I think. For our situation using both the MBNA and Scotia cards is definitely worth it regardless.