Scotiabank Momentum Visa Review

Cash back rewards credit cards are growing in popularity as consumers realize they can get money back by using a credit card instead of cash or debit on their every day purchases.  The Scotia Momentum Visa and Scotia Momentum Visa Infinite are great options for people who want to earn cold-hard cash back on their daily spending.

Scotia Momentum Visa

The Scotia Momentum Visa was recently named one of the best cash back credit cards on the market.  Cardholders receive 2% cash back for purchases at grocery stores, gas stations, drug stores, and recurring bill payments up to $25,000 annually.  All other purchases are eligible for 1% cash back.  This card has a $39 annual fee.

– 2% cash back on all eligible gas station, grocery store, drug store purchases and recurring bill payments.
– 1% cash back on all other eligible purchases
– annual fee of $39

The Scotia Momentum Visa also comes in the following options, depending on your level of spending:

Scotia Momentum Visa Infinite

– 4% on eligible gas station and grocery store purchases
– 2% on drug store purchases and recurring bills
– 1% cash back on all other eligible purchases
– annual fee of $99

Sign up for this card here

How To Redeem Your Cash

The Scotia Momentum VISA cash back program is an annual program. Your rewards accumulate each month, beginning each year with your December statement, and are awarded at the end of each 12 month period as a credit on your November statement.

Your total cash back, year to date, will be shown on each monthly statement.

How Much Cash Back Will I Earn?

To maximize my rewards, I put every purchase that I can on my credit card (and then pay it off each month).  I also set-up automatic bill payments with my credit card so that my cable, cell phone and utility bills are all helping me earn cash rebates.

I spend approximately $2,600 per month on my credit card, including $650 combined at the drug store, gas station and grocery store.  Let’s take a look at what my potential cash rebate will be from the Scotia Momentum Visa in the first year:

2% rebate on drug store, gas and grocery purchases – $252
1% rebate on all additional purchases – $186

Total cash rebate in first year = $438 minus the $39 annual fee = $399

I was also curious to see what the cash back rebate would be if I used the Scotia Momentum Visa Infinite.  Based on my level of spending I would receive $606 cash back per year, minus the $99 annual fee, for a total annual rebate of $507.

Final thoughts

I like that the Scotia Momentum Visa offers a 2% rebate on recurring bill payments and even on drug store purchases.  That sets this card apart from its competitors, and is better than the Scotia Moneyback Account, the cash back debit card that does not allow cardholders to earn rebates on automatic bill payments.

Unfortunately the 2% cash back on groceries, gas, and prescriptions is not as lucrative as my current card, the MBNA Smart Cash MasterCard, which offers 2% cash back in those categories (and 5% for the first 6 months).

However, even after the large annual fee, the Scotia Momentum Visa Infinite gives me a better return after the first year by about $50.  I’ll have to keep my eye on this card and look into switching after my first year is up with the Smart Cash card.

Sign up for the Scotia Momentum Visa Infinite here – (link)


  1. Be'en on November 6, 2011 at 3:17 pm

    I am in Toronto and the utilities (Enbridge, Hyro and Water) companies are refusing to charge the recurring bills to my credit card. They insist on charging my checking account. At least that was the case the last time I tried.

    • Mike on November 10, 2011 at 11:13 am

      @Be’en – I have a tough time getting my utility bills paid by credit card too. Good news is that my insurance company finally accepted c/c payments.

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