The Scotia Momentum® Visa card* is one of the more general-purpose credit cards out there that provides decent cash-back bonuses on purchases made on groceries, gasoline and on everything in between and that is why it is perfect for those who want to get the most of their money. Comparatively affordable with an annual fee of $95 and an attractive 0% introductory APR for balance transfers this card provides its users with lots of value this year.

Whether you are interest in having a credit card which can give you cash back on your meat and potatoes type of spending habits, supermarket, gas station, or even on regular monthly bills then Scotia Momentum Visa card could well be the card of your choice.

Key information about the Scotia Momentum® Visa* card

The Scotia Momentum® Visa* card is also unique for its basic, no-nonsense approach to cash-back rewards. For the gas stations, grocery stores, drugstores, as well as the everyday kinds of purchases that require equal and constant payments to be processed, cardholders stand to benefit from up to 2% cash back.

How does the annual fee work?

The Scotia Momentum® Visa* card comes with the following fees; this card has an annual fee of $39. This fee is charged annually and, compared to other credit cards in the same category, it is quite reasonable. The fee charged on the card is among the key considerations for the raw potential of the card to offer high value to the users.

How is the credit limit determined?

In regards to the Credit Limit of the Scotia Momentum® Visa* card, this depends with the credit scores, your income, and your financial situation. When you apply for the card then the bank evaluates these factors to arrive at a rightful credit limit that must be at least $500.

Credit card benefits 

• High cash-back rate: Earn 2% cash back on purchases at gas stations, grocery stores, drugstores, and on recurring bill payments.
• Introductory balance transfer offer: Benefit from a 2.99% interest rate on balance transfers for the first six months, helping you save on interest payments.
• Flexible payment options with Scotia SelectPay™: Break down large purchases into manageable installments with low interest rates and no installment plan fees.
• Comprehensive insurance coverage: Includes purchase protection and extended warranty, offering peace of mind on your purchases.
• Low annual fee: A competitive $39 annual fee, which is relatively low compared to other rewards cards, making it cost-effective for everyday use.
• Supplementary cards available: Add additional cardholders for just $15 per year, allowing you to consolidate family spending and maximize cash-back rewards.

The cash-back program

The best of all incentives that come with the Scotia Momentum® Visa* card has to be the cash back plan. The ability to receive 2% cash back on necessary categories such as groceries, gas and bills are a unique aspect that could translated into real savings for the cardholder. This reward structure is good mostly for those persons who actually make frequent purchases in these categories of products since the cash back growth rate is quite fast.

Disadvantages

• Interest rates: After the introductory period, the interest rate on balance transfers and cash advances rises to 22.99%, which can be high for those who carry a balance.
• Annual fee: Although relatively low, the $39 annual fee may be a drawback for some users, especially those who prefer no-fee cards.
• Limited cash-back categories: The 2% cash-back rate is only available for specific categories, which might limit the rewards for users with different spending habits.

High post-introductory interest rate

The only negative of the Scotia Momentum® Visa* card is the high interest rate that is charged after the first year of use of the card. While the 2. That only offers a 99% balance transfer rate for the first six months, after which the rate goes up to 22%. hiking to as high as 99% afterward, this can be very expensive to consumers with a balance on the credit card.

Who can apply for this card?

The Scotia Momentum® Visa* card is available to individuals who meet specific eligibility criteria. To apply, you must:

• Be of legal age: You must be at least 18 years old, or the age of majority in your province or territory.
• Have a good credit history: A solid credit history is crucial for approval, as the bank evaluates your creditworthiness based on your past financial behavior.
• Provide proof of income: You may be required to provide documentation of your income to assess your ability to manage the credit limit.
• Not have negative credit: The card is not typically available to individuals with a history of significant financial delinquencies or a poor credit score.

How to apply for the Scotia Momentum® Visa* card

Online application process

Now, Scotia Momentum® Visa* card application is easily done online and you can do it right from the comfort of your home. First the user has to visit the official Scotiabank web-site and in the main menu go to the “Credit Cards” section. Once there, scroll down through the list of products and , selecting Scotia Momentum® Visa* card, which will take you to the page with the description of the product and the list of its distinctive features.

After that, users queue to the “Apply Now” button which begins the application procedure. You will be asked to complete a registration form where you will be required to provide your full names, address and phone numbers.

Further you will have to furnish some of your financial statements like income, employment details etc., to enable the bank or the financial institution decide on the credit worthiness of the candidate. After filling the form, it is recommendable to go through every entry made to minimize the chances of making mistakes.

When you are happy with the details that you have entered, you can apply when you click on the relevant button. Once you have filled in the application details and have submitted this information to the bank, you will have the opportunity to wait for the answer which will be given generally, within 2-3 business days.

If given the green light, Your Scotia Momentum® Visa* card will be delivered to you and you’ll be able to use your card as soon as you have activated it. This makes it possible to apply for the card without having to attend a branch, and all this is done through the internet.