Scotia Momentum® Mastercard®

8.5/10

Interest Rate

19.99%

Annual Fee

$0

Balance Transfer

19.99%

Card Type

Cashback, Travel Rewards

7.99% introductory interest rate on purchases for the first 6 months (19.99% after that)

Advantages of the Scotia Momentum® Mastercard®*

  • 7.99% introductory interest rate on purchases for the first 6 months (19.99% after that)
  • Cash back on everyday spending with no annual fee
  • 1% cash back on eligible gas station, grocery store and drug store purchases and recurring bill payments
  • 0.5% cash back on all other eligible everyday purchases
  • Rates, fees and other information are effective as of Jul 2, 2020. Subject to change.

Maximize your cash back rewards by adding a friend or family member as a supplementary cardholder to your account at no extra cost. These purchases made by the supplementary cardholder are easily identified on your statement. Also, to ensure you are reaping the full benefits of what this card has to offer, It’s good to keep in mind you need to make sure you’re paying off your balance in full and on time each month to maintain in good standing and collect the cash back program.

8.5 Total Score
Scotia Momentum® Mastercard® Review

PROS
  • No Annual Fee
  • The 7.99% introductory interest rate on purchases for the first 6 months makes it the most attractive interest rate on a no fee credit card in Canada for 2020
  • No credit history prerequisite
  • There is no limit on the amount of cash back you can recieve
  • As a Scotia Momentum Mastercard cardholder you have access to zero liability protection for coverage incase of theft or fraudulent charges on your account.
  • By adding a friend or family member to your as a supplementary cardholder (at no extra cost) you can amplify earning potential on those cash back rewards.
  • Accessing the 1% cash back retailers is made easy because of the expansive list of grocery stores, pharmacy and gas stations chains that qualify as acceptable merchants for the 1% cash back reward. These include, but are not limited to: Gas: Esso, Canadian Tire, Esso, Pioneer, Sunoco, Superstore Gas Bar Chevron, CO-OP Gas Bars Husky, Irving Oil & Loblaw Gas Bars. Grocery Stores: A&P, Food Basics, Fortinos, Highland Farms, Longos, No Frills, Price Chopper, Sobeys, Superstore, Save on Foods, Presidents Choice & Zehrs. and Drug Stores: IDA, Jean Coutu, London Drugs, No Frills Drugs, Pharma Plus Pharma Prix, Rexall Drug Store, & Shoppers Drug Mart
  • 1% Cash Back on Recurring payments such as insurance, phone bills and gym memberships.
CONS
  • This card is not advantageous for those who find themselves spending a lot of money on flights, hotels and other travel expenses. You'd be best suited with a travel rewards card to earn points redeemed for flights, hotels and other travel related expenses
  • No medical insurance for travel outside of Canada
  • The cash back is accumulated each month over a 12 month period and is applied to as a credit on your November statement so you can only redeem once a year
  • Because there is no annual fee, the earning potential on cash back is only 1%, whereas if you were interested in earning more cash back on every purchase, for only $35 annual fee you could increase the cash back to 2% with the Scotia Momentum® Visa* Card or to really level up, you could earn 10% cash back on all purchases with the Scotia Momentum® Visa Infinite* Card for a $120 annual fee
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