The Scotia Momentum® Visa Infinite* card is widely known to be one of the best credit cards in Canada, and rightfully it is praised for having the well-developed cash back program and various perks. For anyone who wants to get the highest return on their usual spending, this card provides high cash back on groceries, utility bills, gas, and other day to day expenses.

However, one of the best things standing out with the Scotia Momentum ® Visa Infinite * card is that it comes with an incredible promotion that could be very interesting to most users in the first year of activating their card.

This offer is good for purchases equal to $2,000 or less and is valid only for new card holders, New cardholders will get 10% back for the first 90 days that they use the card and the first year of using the card no annual fee will be charged.

Key information about the Scotia Momentum® Visa Infinite* card

The main features of the Scotia Momentum® Visa Infinite* card are a great cash back program and other bonuses. This cash rewards card lets the users effectively earn cash back in the grocery store, recurring bills pay, and subscriptions. Additionally to that, there is a grace period on the purchase for interest charged on the purchased item and insurance that includes travel insurance and insurance for new mobile devices.

How does the annual fee work?

You must remember that the Scotia Momentum® Visa Infinite* card has an annual fee of $120, but you can waive it if you use the card’s features actively. However, the introduction of the annual fee and additional card fees are not applicable if the client is a holder of at least one Classic or higher credit card, the first year of use of which is free.

How is the credit limit determined?

The credit limit in the Scotia Momentum® Visa Infinite* card depends on the applicant’s credit, income and other credit records. However the most basic credit limit is fixed at $ 5, 000. These factors are considered by the bank when granting an authorization request to ensure they offer a proper credit line that matches the user’s reimbursement competence. This careful evaluation assists in portraying a good credit relation between the bank and the card holder.

Credit card benefits 

• Cash back on groceries and recurring payments: Earn 4% cash back on every $1 spent on grocery store purchases, recurring bill payments, and subscription services, maximizing savings on essential expenses.
• Cash back on gas and transit: Earn 2% cash back on gas purchases and daily transit expenses, providing significant rewards for frequent travelers and commuters.
• Cash back on all other purchases: Earn 1% cash back on all other purchases with no limit on the amount of cash back you can earn, ensuring rewards on every dollar spent.
• Comprehensive travel insurance: Benefit from extensive travel insurance coverage, including trip cancellation/interruption, flight delay, and emergency medical insurance, offering peace of mind during travels.
• Mobile device insurance: Receive coverage for new mobile devices against theft, loss, or damage, protecting your investment in your smartphone or tablet.
• Interest-free grace period: Enjoy a grace period on purchases, allowing for interest-free borrowing if the balance is paid in full each month, helping to manage finances effectively.

Cash back program

It lacks some of the flashy perks that can be found in other credit cards but it is well-equipped with a powerful cash back plan. Notably, you get 4% cash back on purchases at grocery stores, for recurring bills and subscription services, it is particularly good if your household spends a lot on groceries and subscriptions.

Also, the 2% cash back on gas and daily commute/travel charges is enough to attract small commuters/frequent travelers. The 1% cash back on all other purchases feature avails the users to gain points in every dollar spent making the overall value of the card to be considered high.

Disadvantages

• Annual fee: After the first year, the card carries an annual fee of $120.
• High-interest rates: Interest rates are 20.99% on purchases and 22.99% on cash advances, which can be costly if balances are not paid in full each month.
• Income requirement: A minimum annual income of $60,000 or a household income of $100,000 is required, limiting accessibility for lower-income individuals.

Highlighted disadvantage

There is, however, one flaw inherent to the Scotia Momentum® Visa Infinite* card that should be acknowledged as a disadvantage: there are rather high interest rates. With a purchase interest rate of 20, 99% and cash advance rate of $22. 99% more than the price of the item, the costs become steep for consumers who don’t clear their bills every month. Such a high cost of borrowing underlines the significance of proper credit management and timely payments’ avoiding overly costly credit.

Who can apply for this card?

To apply for the Scotia Momentum® Visa Infinite* card, applicants must meet certain criteria: they must be over the legal drinking age in area of residence in province or territory, be of minimum 19 years, Have gross annual income of $60000 or Household income of $100000, and Credit history must be good and no material adverse notation on their credit report. Also, The card is issued only to those individuals who reside in Canada hence satisfying the residency clause of the applicant.

How to apply for the Scotia Momentum® Visa Infinite* card

By visiting the Website

Scotia Momentum® Visa Infinite* card can be applied for directly through the internet and the process is quite easy. To begin with, you have to log in to the Scotiabank – official website and go to the credit cards’ page.

Go there, locate the Scotia Momentum® Visa Infinite* card, read through its details, and then click on the ‘Apply Now’ button to fill in an application. This means that on the application form you have to provide name, address at present and at permanent address, date of birth, social insurance number, place of work/reporting, and income.

Complement all the information collected so that there are no further distortions likely to slow the process. After filling the application, always ensure you go through the application and correct all the wrong information before submittin. Once you have submitted your application, Scotiabank takes some time, perhaps days to consider your application.

They will determine your credit worthiness with the information you avail to the various lenders. If the application is successful, you will get a confirmation and the new card will be sent to you. To start using your card and obtaining benefits and rewards that comes with it, you should follow activation steps that will be stated in the packet or documents that came with the card.

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