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TD Cashback Infinite Visa vs Scotiabank Momentum Visa Infinite?

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  • Apr 18th, 2021 10:50 pm
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[OP]
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Aug 6, 2019
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Ottawa

TD Cashback Infinite Visa vs Scotiabank Momentum Visa Infinite?

Hi all, currently I have Costco Capital One as my main cashback card, which now I realise isn't the best one, I'm thinking of replacing it with either of those two cards.

I like TD one for the following reasons;
1. I already have TD account which can waive the annual fee (and already have TD First Class Travel Visa Infinite which is also my oldest card)
2. I can replace the Travel Visa card with the Cashback one for ease and keeping my credit score
3. A lot of my recurring bills are on my current TD card so it shouldn't be too much of a hassle to switch over
4. Better travel insurance ($2mil vs $1mil, $1000 per insured person vs $500 for all the persons in single trip for baggage loss)

I like Scotiabank for the following reasons:
1. 4% cashback on the recurring bills vs 3% (but $120 annual fee would off set this?)
2. Travel accident insurance
3. Trip cancellation and trip interruption insurance

A good contender would be Tangerine money back credit card for no annual fee and flexible two category 2% cashback.

If you guys have any suggestions other than these, more the merrier!
Last edited by gizmokrap on Nov 4th, 2020 1:42 pm, edited 1 time in total.
25 replies
Deal Addict
Feb 4, 2019
1900 posts
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BC
Call TD credit cards and do a product switch from your FCT to the CB VI.
You'll get the welcome offer (10% on $2000) and you'll keep the same card number so you won't have to change your recurring payments and you'll get 3% on them without any effort on your side.
Deal Fanatic
Dec 5, 2006
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Markham
How much difference between 4% vs 3% for you annually Technically you can get fee waived in scotiabank as well.

But what's the difference from reward perspective before annual fee?
[OP]
Member
Aug 6, 2019
437 posts
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Ottawa
smartie wrote: How much difference between 4% vs 3% for you annually Technically you can get fee waived in scotiabank as well.

But what's the difference from reward perspective before annual fee?
For Scotiabank wouldn't i have to have certain amount in a chequing account to have the fee waived?

For the difference before annual fee is applied, based on $880 purely spent on recurring bills and accounting for service fees for each type of bills, I'd get about $170 annually for TD and $275 for Scotia. So it's $105 difference which is $5 short of covering annual fee.
Deal Fanatic
Dec 5, 2006
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Markham
gizmokrap wrote: For Scotiabank wouldn't i have to have certain amount in a chequing account to have the fee waived?

For the difference before annual fee is applied, based on $880 purely spent on recurring bills and accounting for service fees for each type of bills, I'd get about $170 annually for TD and $275 for Scotia. So it's $105 difference which is $5 short of covering annual fee.
Then stay with TD and do product switch. Remember, scotiabank will do hard inquire in bureau and add one trade line in your bureau which might drop your score
[OP]
Member
Aug 6, 2019
437 posts
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Ottawa
smartie wrote: Then stay with TD and do product switch. Remember, scotiabank will do hard inquire in bureau and add one trade line in your bureau which might drop your score
I probably will. Do you have another suggestion for cashback card other than these two?
Deal Guru
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May 8, 2009
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Going to the Moon
TD CT is the more pleasant bank of the two to deal with.

$880/month on recurring? I'm taking no way to further reduce your bills? Anyway, for that amount yes it's worth chasing an accelerator. Are you certain that all of that $880/month would be eligible for the accelorator? Is it entirely telecommunications and insurance?
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Deal Addict
Oct 13, 2006
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Burnaby
Also keep in mind the TD card is more flexible when it comes to redeeming, the Scotiabank is only once per year.
[OP]
Member
Aug 6, 2019
437 posts
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Ottawa
I decided to go with the TD Cashback. Thanks for the feedback fellas
[OP]
Member
Aug 6, 2019
437 posts
898 upvotes
Ottawa
titaniumtux wrote: TD CT is the more pleasant bank of the two to deal with.

$880/month on recurring? I'm taking no way to further reduce your bills? Anyway, for that amount yes it's worth chasing an accelerator. Are you certain that all of that $880/month would be eligible for the accelorator? Is it entirely telecommunications and insurance?
It was a pretty high estimate so it'd be around half of that.
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Going to the Moon
gizmokrap wrote: It was a pretty high estimate so it'd be around half of that.
Then say $440/month or $5280/yr
  1. at 2% cashback, that's $105.60
  2. at 3% cashback, that's $158.40
  3. at 4% cashback, that's $211.20

Just churn a few cards per year and that accelerator becomes irrelevant.
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Deal Guru
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Considered Meridian CU Cash Back Visa Infinite? Combines the best of Scotia and TD cash back cards:
4% grocery
4% gas
2% recurring utility bill
2% drugstore
superior insurance package including travel medical
Redeem cash back any time, any amount $50 or greater. No waiting until the end of the year
$99 annual fee; $21 less than the other two. Easily the best $99 I spend all year. In fact it's my only keeper card with any annual fee.
Last edited by Kiraly on Nov 11th, 2020 4:43 pm, edited 1 time in total.
Member
Jan 14, 2017
429 posts
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Kiraly wrote: Considered Meridian CU Cash Back Visa Infinite? Combines the best of Scotia and TD cash back cards:
4% grocery
4% gas
2% recurring bill
2% drugstore
superior insurance package including travel medical
Redeem cash back any time, any amount $50 or greater. No waiting until the end of the year
$99 annual fee; $21 less than the other two. Easily the best $99 I spend all year. In fact it's my only keeper card with any annual fee.
I think Meridian changed 2% on recurring bills to utility bills. I called Calabria and they told me that recurring and utility are not the same thing. It is now the choice between TD and Scotia for me.
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Feb 28, 2014
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Vasyllaw wrote: I think Meridian changed 2% on recurring bills to utility bills. I called Calabria and they told me that recurring and utility are not the same thing. It is now the choice between TD and Scotia for me.
I had the card when it was launched, it was never changed, it was launched with 2% on utilities and no it's not "recurring bills". It's literally utility bills like power and what not.
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Jan 14, 2017
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deltatux wrote: I had the card when it was launched, it was never changed, it was launched with 2% on utilities and no it's not "recurring bills". It's literally utility bills like power and what not.
Did not know that, was using Meridian for groceries and gas only. Now need to decide which is better TD or Scotia.
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Vasyllaw wrote: Did not know that, was using Meridian for groceries and gas only. Now need to decide which is better TD or Scotia.
If you just compare groceries and recurring, then certainly scotiabank momentum infinite is better

But do you have paystubs handy?
Member
Jan 14, 2017
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smartie wrote: If you just compare groceries and recurring, then certainly scotiabank momentum infinite is better

But do you have paystubs handy?
Yes, I know Scotia very well. I have my Amex Gold with them. I agree with you, TD is more flexible and Scotia pays once a year - this is only one of the downside I see.
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deltatux wrote: I had the card when it was launched, it was never changed, it was launched with 2% on utilities and no it's not "recurring bills". It's literally utility bills like power and what not.
Thanks my bad. Meridian pays 2% on my Fido bill and all my other recurring bills are utility bills, so I never noticed the difference.

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