The Scotia Momentum® Mastercard® credit card* is designed for individuals seeking a simple yet rewarding way to manage their everyday purchases. Offering cash back on essential spending categories like gas, groceries, and drugstore purchases, this card ensures that your routine expenses translate into tangible benefits.

This credit card is ideal for individuals who are just starting to build their credit or those who want a cost-effective option to manage their finances. Its cash back structure and user-friendly features make it an appealing choice for everyday use without the worry of high fees. Let’s dive into the key features and benefits of this credit card to see if it’s the right fit for your needs.

Key information about the Scotia Momentum® Mastercard®* credit card

The Scotia Momentum® Mastercard® credit card* offers a straightforward and reliable rewards program. Cardholders earn 1% cash back on all eligible purchases at gas stations, grocery stores, drugstores, and recurring payments. For other purchases, the cash back rate is 0.5%.

This structure is designed to reward users for their essential spending while still offering benefits for other purchases. Additionally, with no annual fee and a 7.99% introductory interest rate on purchases for the first six months, it offers financial flexibility for those who might occasionally carry a balance.

How does the annual fee work?

The Scotia Momentum® Mastercard® credit card* has no annual fee, making it a cost-effective option for individuals who want to avoid the burden of yearly charges. Many credit cards charge fees for access to rewards programs, but this card provides cash back benefits without any upfront costs. This makes it especially appealing for those who prefer a simple card without hidden fees or complex pricing structures.

Furthermore, the lack of an annual fee means that you can continue to earn rewards on everyday spending without having to worry about whether the value of those rewards offsets the cost of holding the card. For people focused on minimizing costs, this card offers significant value.

How is the credit limit determined?

The credit limit for the Scotia Momentum® Mastercard® credit card* is determined by Scotiabank based on a variety of factors, including your credit score, income, and overall financial health. When you apply for the card, the bank assesses your creditworthiness and assigns a limit that reflects your financial profile. The minimum credit limit for this card is $500, though higher limits may be available depending on your individual circumstances.

Credit card benefits 

• 1% cash back on essential purchases: Earn 1% cash back on gas, groceries, drugstore purchases, and recurring payments.
• 0.5% cash back on other purchases: Get rewarded with 0.5% cash back on all other eligible purchases, ensuring all your spending earns rewards.
• No annual fee: Enjoy the benefits of the card without any yearly fees, making it a cost-effective option for everyday use.
• 7.99% introductory interest rate: Take advantage of a 7.99% interest rate on purchases for the first six months, offering flexibility for short-term financing.
• Booking.com discount: Get up to 7% off accommodations when you prepay with your Scotia Momentum® Mastercard®* on Booking.com.
• Supplementary cards at no extra cost: Add additional cardholders for free, allowing family members to help you earn cash back on their purchases.

Cash back on essential purchases

The standout feature of the Scotia Momentum® Mastercard® credit card* is its cash back program, which rewards cardholders with 1% cash back on everyday purchases such as gas, groceries, drugstore items, and recurring payments.

These are common spending categories for most people, making it easy to earn rewards without changing your spending habits. Whether you’re filling up your tank, buying groceries, or paying a monthly subscription, this card ensures that you get rewarded for your routine expenses.

Disadvantages

• Lower cash back on non-essential purchases: The card only offers 0.5% cash back on purchases outside of the core categories (gas, groceries, drugstores, recurring payments), which may be less attractive for those who spend more in other areas.
• Higher standard interest rate: After the introductory period, the interest rate jumps to 20.99% on purchases, which can be high for those who carry a balance.
• Limited premium perks: Unlike some premium credit cards, this one doesn’t offer travel insurance, airport lounge access, or concierge services, making it less appealing to frequent travelers or those seeking luxury benefits.

Lower cash back on non-essential purchases

One notable downside of the Scotia Momentum® Mastercard® credit card* is the lower cash back rate of 0.5% on non-essential purchases. While the card excels in providing rewards on everyday expenses like gas and groceries, it offers limited rewards for spending in other areas. For individuals who frequently make purchases outside these categories, this could be seen as a limitation.

Who can apply for this card?

The Scotia Momentum® Mastercard® credit card* is available to a wide range of individuals, provided they meet certain basic eligibility requirements. These include:

• Income: While there is no explicit income threshold mentioned, your financial situation will be evaluated as part of the application process.
• Age: You must be at least 18 years old (19 in some provinces).
• Creditworthiness: You should have a good credit history and meet Scotiabank’s credit score requirements.

How to apply for the Scotia Momentum® Mastercard®* credit card

Applying online

The fastest and easiest way to apply for the Scotia Momentum® Mastercard® credit card* is through Scotiabank’s website. You can simply visit the card’s page and click on “Apply Now” to start the application process.

You will be required to fill in personal details such as your name, address, income, and employment information. Once submitted, Scotiabank will assess your eligibility and provide a decision within minutes.

In-person application

If you prefer a more personal approach, you can apply in person by visiting a Scotiabank branch. A bank representative will help you fill out the necessary forms and answer any questions you might have. You can also book an appointment to discuss your financial needs and whether this card is the right option for you.

By phone

Another convenient way to apply is by calling Scotiabank’s customer service line. A representative will guide you through the application process, collect your information, and submit your application for approval. In conclusion, the Scotia Momentum® Mastercard® credit card* offers a great balance of rewards and affordability.

With no annual fee, solid cash back on everyday spending, and a competitive introductory interest rate, it’s a valuable tool for those looking to make the most of their routine expenses without incurring significant costs. However, its limitations in premium benefits and lower rewards on non-essential purchases may make it less appealing to those seeking more luxury features.

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