Scotiabank Momentum No-Fee Visa Card: Everything You Need to Know
The Scotia Momentum® No-Fee VISA* card is a popular option among people seeking a practical card for everyday use. In this article, we’ll give you a run-through of everything you need to know about the card. This will help you determine whether it’s right for you.
Fast Facts: Scotiabank Momentum No-Fee Visa Card
The Scotiabank Momentum No-Fee Visa Card offers two primary benefits that make it attractive for those on a budget.
First, as the name suggests, there is no annual fee involved with the Scotia Momentum No-Fee Visa Card. Secondly, it offers a reasonable cashback rate of 1% for qualifying purchases in the following categories:
- gas stations
- drug stores
- recurring bills
- grocery stores
A 0.5% cashback rate is offered on other eligible purchases, excluding:
- purchase returns
- cash advances
- balance transfers
- credit card cheques
- credit vouchers
- interest charges
- service charges
Other Crucial Information
The Scotiabank Momentum No-Fee Visa Card has two interest rates: 19.99% is what you’ll pay for purchases, while 22.99% is the interest rate for balance transfers, Scotia Credit Card Cheques, and cash advances.
This is well within the average range for credit card interest in Canada.
The minimum credit limit is $500.
Other Perks of the Scotiabank Momentum No-Fee Visa Card
Optional Balance Insurance
Scotia Credit Card Protection is an optional benefit of this card. With it, Scotiabank will make payments towards your credit card balance in the case of lost income. If you die, they will also pay your credit card balance in full up to a maximum of $50,000.
Conditions apply and you would be wise to carefully research this offer to ensure you really need it. It will cost you $1.09 monthly per $100 of your daily credit card balance, plus sales tax. That may be worth it should you find yourself with a large amount of credit card debt and unsure you will retain the future capabilities to pay it off.
Car Rental Savings
The Scotiabank Momentum No-Fee Visa Card offers a savings rate on rental cars of up to 25% at select AVIS and Budget locations. This offer applies within Canada and the United States. You must pay with this credit card and use the discount code provided with your membership.
With this credit card, you are permitted to receive a supplementary card that accesses the same account and benefits. Transactions made with the supplementary card are distinguished from those on your primary card via your online statement.
Digital wallets and mobile payments are becoming popular and are now considered great alternatives to Paypal. Many stores today offer payment via smartphone. Only certain credit cards support this feature, however. The Scotia Momentum No-Fee Visa Card is one of them, thankfully. This can make shopping much more convenient and offers the security benefits of whatever digital wallet you are using. Compatible digital wallets include:
- Visa payWave
- Visa Checkout
- Apple Pay
- My Mobile Wallet
Downsides of the Scotia Momentum No-Fee Visa Card
The primary downside of this credit card is that its maximum cashback rate is 1%. This lower rate is typical of no-fee cards. The ScotiaGold Passportâ® VISA* card, for example, offers a maximum cashback rate of 5% but comes with an annual fee of $110.
A good alternative, if you’re looking for something more reasonably-priced, is the Scotia Momentum® No-Fee VISA* card. It offers similar benefits to the Scotiabank Momentum No-Fee Visa Card -- only with a maximum cashback rate of 2% and an annual fee of $39.
Another downside is the lack of extended purchase and travel insurance that it comes with. Again, this is characteristic of no-fee credit cards. If you would like a credit card that supplements your purchase warranty and offers travel insurance, prepares to pay for it.
The Bottom Line
The Scotia Momentum No-Fee Visa Card is a great option for those seeking a free credit card that offers cashback, supplemental card privileges, digital access, and discounts on car rentals.
With a minimum required income of $12,000 annually, it makes for a solid credit card for casual or first-time users.
You can apply for it in three ways; online, by phone, or in person. With a low minimum credit limit, even those with less-than-stellar credit are likely to be approved.
If you’re seeking a more comprehensive credit card that offers greater cashback rewards and travel perks, you’d be better off looking elsewhere within Scotiabank’s suite of cards.
Frequently Asked Questions
Does Scotiabank Momentum Visa have travel insurance?
The Scotiabank Momentum Visa Card does not offer travel insurance. Other cards from the bank, like the Scotia Momentum® VISA Infinite* card, do -- but it will cost you a yearly fee.
What do I need to get a credit card at Scotiabank?
To receive a credit card from Scotiabank, you generally need to:
- prove you’ve been employed for the past three months
- if you are self-employed, provide bank statements, tax returns, and other documents proving your income
- offer identification
- provide two of these:
- telephone bills
- electricity bills
- disclosure of your assets, credit card debt, and other loans
Does Scotiabank offer a secured credit card?
Scotiabank does offer secured credit cards. However, unless your credit is truly in the dumps, you’d be better off choosing a no-fee credit card like the Scotiabank Momentum No-Fee Visa Card.