On the market for a new credit card and you don't know where to start? Well, you've come to the right place!
There are tons of credit cards on the market with each bank having an average of three available credit cards that you can sign up for. It's no surprise that choosing a new card can be incredibly overwhelming, let alone understanding what the perks are of each card.
We'll help you to understand the various cards on the market to help you find just the right fit to leave you with fewer questions than when you started.
Keep reading on to explore the Scotia Momentum Visa Infinite, a credit card provided by Canadian bank Scotiabank, to help you decide if this card is right for you.
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Scotia Momentum Visa Infinite Features
Take a look at your spending habits and chart out what type of expenses you end up spending the most money on. If you're someone who spends most of your money on groceries, recurring bill payments, and transportation to get you around town, then the Scotia Momentum Visa Infinite is probably the right fit for you.
With one of the best cashback programs available on the market for those most spent items, you will benefit the most from having this card to take advantage of the best free money back for you.
Usually, the annual cost for the credit card is $120. Those individuals who have never been cardholders in the past two years will be able to take advantage of having their fees waived on the Scotia Momentum Visa Infinite.
Currently, Scotiabank is offering a great welcome offer where your card fees are waived for the first year. If you need to get an additional card for your partner or anyone else in your household, it is an added cost of $50 annually for a secondary holder.
Once the introductory offer is completed, you will have to pay the annual fee. The bonus is that the cashback program available on this card will basically have annual free paid for by itself.
Additionally, the minimum credit limit you can apply for on this card is $5,000, with an interest rate of 20.99% on purchases and 22.99% on cash advance.
Those Who Will Benefit The Most
The Scotia Momentum Visa Infinite will benefit those who make a lot of purchases that fall under qualification for cash back, and for those who purchase their travel arrangements via credit card.
The Momentum Visa offers a large variety of insurance coverages more favorable towards those who travel often so that they do not need to purchase any additional insurance with their own personal carriers.
Those individuals who spend most of their money on grocery store purchases and recurring bill payments will find greater use on this card. Additional individuals who make use of public transportation, taxi, Uber, and Lyft to get around town, as well as anyone who is looking to make a big electronic purchase will get the most usage out of this card.
The targetted bracket are those who make $60,000 minimum a year in either a single or family household to qualify.
Cashback Breakdown
The Scotia Momentum Visa Infinite offers a comprehensive cashback plan ranging from 1-4% money back from purchases. The cashback that has been accumulated over the year, will be applied as a credit to the last bill of the year (November or December depending on your cycle).
The options are endless with what you can choose to do with your purchases! Most people choose to use their cashback to shop for Christmas presents as it is considered 'free money' that you make from your purchases year-round.
4% Cashback Tier
The biggest chunk of cashback will come from grocery store purchases and any recurring bill payments that will be coming off of the card. These purchases will be able to qualify for 4% cashback. Recurring bills are defined as subscription payments, insurance payments, various memberships like Netflix, any other similar purchases.
This 4% is capped at a limit of $25,000 spent, at which point the 4% will be lowered to 1% cashback until the following year when it will reset again at 4%.
2% Cashback Tier
Purchases of gas, public transport, taxis, and rideshares qualify for 2% cashback with the Momentum Visa. This means bus ticket purchases, Uber, Lyft, trains, and subways are all included as part of the transport purchases.
If you're someone who tends to use public transport to get around town, this might be lucrative for you. The best part? This also works for UberEats purchases as well, which means the food deliveries you make on days you don't want to cook get you 2% back.
1% Cashback Tier
Any purchase that doesn't fall into the 4% or 2% cashback tier is given a 1% cashback. This means anything else that you buy you will receive 1% of your purchase back at the end of your year.
Though 1% may not sound like much, it's good to point out that most cards do not offer a cashback option on any purchases outside of the available categories. This means your card is working for it when it comes to making you money while you shop. You couldn't ask for a better deal.
Comprehensive Insurance Coverages Available
Your Scotia Momentum Visa Infinite comes with a large array of insurance coverages included with your membership.
The coverages are included with your card at no extra cost and are one of many perks of the card. We'll walk you through the coverages include and the benefits you can take advantage of with your new credit card.
Collision & Damage Rental Car Coverage
The Scotia Momentum Visa Infinite comes with coverage for any rental vehicle you pay at least 75% for with your credit card. This is a coverage that can be added to your car insurance policy at an extra cost to you. With this Momentum Visa, you do not have to worry about paying extra for this perk.
If the car that you rent is involved in an accident and there is either at fault or not-at-fault damage to the car, it will be covered via your credit card instead of through your auto insurance provider.
Travel Accidents
Having an accident is the last thing on someone's mind while they're vacationing on a beach. But accidents happen.
If you are traveling and have an accident of any kind where you lose a limb or yours or a traveling partner's life, you are covered if you have charged at least 75% of your trip onto your card. This is an amazing perk to have as most standard medical coverages do not protect you while traveling abroad. With the Momentum Visa, you don't have to worry about putting a travel add-on to your medical coverage or life insurance coverage.
Emergency Medical Coverage While Travelling
If you find yourself in need of medical assistance during a trip abroad due to an accident, your Scotia Momentum Visa Infinite card can help.
With this Momentum Visa, you are covered for up to $1,000,000 in medical costs for you and your eligible companions provided you are under the age of 65 for 15 consecutive days.
This is an awesome perk for those not wanting to purchase travel insurance for their trips away or do not have this coverage through their work benefits. Travel accident insurance is something that is always overlooked as people don't think about having accidents during their vacations. Unfortunately, this is one of those coverages that good to have just in case and you get that coverage with the Momentum Visa.
Flight Delays
Have you ever been stuck at the airport with a flight delay that's taken an hour or maybe even a day or two? The cost incurred from the meals, the unexpected hotel cost, and travel to and from the airport can put a major dent into your travel budget.
The Scotiabank Momentum Visa Infinite has you covered!
If you find yourself with a flight delay that has you spending money on a night's stay, meals, and any other necessities, you can be eligible for reimbursement of your expenses. The only thing you need to do is charge at least 75% of your trip onto your Momentum Visa.
Interrupted or Cancelled Trips
A canceled or interrupted trip can put a major damper on the excitement of your vacation. Don't get stuck with the short end of the stick when it comes to being prepared for this event.
An insurance that's easily overlooked, interruption or cancellation coverage can be the difference between eating the cost on a trip or having the amount reimbursed to you.
The perk of the Momentum Visa is a combination of interruption coverage which reimburses you for $2,000 per person and cancellation coverage which reimburses you $1,500 per person. This means being able to reschedule your trip at no extra cost to you! Once again, all you have to do is charge at least 75% of your trip to the card.
Delayed/Lost Luggage
If you've ever had your luggage delayed, or worse yet, completely lost you'll know what an absolute damper that is on your travel plans.
The Scotia Momentum Visa Infinite has you covered on both occasions.
If you charge your trip to your credit card, your lost and delayed luggage is fully covered through insurance. This means you will receive money for your loss in order to purchase your items back again from the store.
Tablet & Smartphone Coverage
Whenever you purchase a tablet or smartphone and charge at least 75% onto your scotia momentum visa infinite, you will qualify for $1,000 in coverage. This covers in case of damage like for example from a drop, and of course the dreaded theft.
This is an amazing perk to have with your credit card as smartphones and tablets are costly items to replace, and sometimes the independent coverage with the company can be pricey. With the Momentum Visa, you don't have to worry or purchase any extra coverage.
The Downsides
The biggest downside compared to other credit card cashback plans, is the percentage you get on gas purchases.
If you are someone who spends a lot of money on gas, this might not be the card for you. With only 2% cash back on gas purchases, it is lower than its competitors like TD with 3% and CIBC with 4%.
On other options, it does on par and more often than not better when it comes to its credit card competitors. If gas purchases are the make it or break it deal, you're best to look elsewhere.
How To Apply
To apply for your Scotia Momentum Visa Infinite you can either visit a local Scotiabank branch or apply online for approval.
The process takes into account your annual income, your current loans, and drafts at your banks, and your credit score to determine your eligibility and the maximum amount available on your card. Be sure to have all necessary information ready like your SIN number, annual income, address, and current employer information to apply.
Scotiabank credit cards are only available for the residence of Canada.
Get the Scotia Momentum Visa Infinite in your Wallet
Deciding on a credit card doesn't have to be stressful! The pros and cons of the Scotia Momentum Visa Infinite will help you decide if this card is right for you. For more information about your qualification for the card, contact your nearest Scotiabank to discuss with a financial advisor.
Like what you've read? Be sure to check out the rest of our site for more credit card comparisons!
