The Scotia Momentum® Visa* card is a truly universal credit card which makes your spending as beneficial as possible due to the reasonable cashback rates. With possible cash back of up to 2 percent on both purchases at the service stations, food stores, drug stores, as well as on the recurring bill payments, it gives actual cash back on essentials and therefore makes a great fit for those who strive to get the most out of each transaction.

Also, this card has a low initial interest rate on the balance transfer; therefore, it is helpful for paying off existing balances. Annual fees are reasonable and start from a low amount to make it useful for clients with various financial requirements and more to get the Scotia Momentum® Visa* card.

Key information about the Scotia Momentum® Visa* card

The Scotia Momentum® Visa* card provides very organized and easy to understand cash back program – this is an advantage for those people who want to earn a lot of points through necessary purchases. It is as good as its rivals when it comes to the interest rate while the annual fee is relatively small thus serving as a good compromise.

How does the annual fee work?

The Scotia Momentum® Visa* card has basic annual fee of $39. This being an annual fee, it can also be considered as a mere expense bearing in mind the benefits accompanied by a possession of this particular credit card.

Bear in mind regardless of the spending and reward benefits, the card does not allow fee renewal or annual fee’s waiver for the card members. The fee is an obligation that must be made to fully benefit from the card’s rewards regarding cashback and other incentives.

How is the credit limit determined?

This credit limit depends on the various factors that include the credit score of the applicant, his or her income, and the credit history. Different from the prepaid cards used by consumers who determine the amount deposited they want to spend, this specific card’s spending limit depends on the bank.

Normally, the credit line begins at $500, meaning that everybody regardless of their financial status can apply for this particular card. Credit limits are given increase depending on the credit rating and credit standing.

Credit card benefits 

• Generous cash back rewards: Earn 2% cashback on eligible purchases at gas stations, grocery stores, drug stores, and on recurring bill payments, and 1% cashback on all other eligible purchases.
• Introductory interest rate: Benefit from a 2.99% introductory interest rate on balance transfers for the first six months, helping you manage existing debt more effectively.
• Flexible payment options with Scotia SelectPayTM: Pay off eligible purchases of $100 or more with low interest rates and no installment plan fee, offering flexibility in managing larger expenses.
• Supplementary cards: Add supplementary cards for just $15 per year, allowing family members to enjoy the card’s rewards and benefits.
• Interest-free grace period: Enjoy an interest-free grace period on purchases, provided you pay your balance in full each month.
• Comprehensive insurance coverage: Access a range of insurance benefits, including purchase protection and extended warranty, providing added security for your purchases.

Cashback program

The main selling point of the Scotia Momentum® Visa* card is a solid cashback rewards system. Gas, grocery, drug stores and bills payment, Overall, cardholders get 2% cashback for every dollar spent. For this reason, it is especially beneficial for those whose major charges are it the categories mentioned above.

Moreover, 1% cashback is given on rest of the qualifying purchase to ensure that every dollar spent will get cash back. This program is not only of immense assistance in terms of financial remunerations as one begin to see within the shortest time possible, but at the same time it has a bearing on people’s spending patterns.

Disadvantages

• Annual fee: The $39 annual fee may be a deterrent for some.
• Interest rates: High-interest rates of 19.99% on purchases and 22.99% on cash advances can be costly if balances are not paid in full monthly.
• Limited cash back categories: Cashback is only maximized in specific categories, potentially limiting overall rewards.

Annual fee

The equal disadvantage of the Scotia Momentum® Visa* card is the annual fees of $39. Although this fee is considerably low than most premium cards, it is a recurring fee which may off-putting to some users particularly those who prefer cards with no fees. Hence, the one glaring monthly outlay that cannot be hidden from is the yearly fee that has to be justified by the cashback amongst other privileges availed.

Who can apply for this card?

To apply for the Scotia Momentum® Visa* card, applicants must meet several criteria:

• ID verification: Valid identification and proof of income may be required during the application process.
• Minimum age: Applicants must be at least 18 years old.
• Residency: Must be a Canadian resident.
• Credit history: A fair to good credit score is recommended, as the card is not specifically designed for those with bad credit.
• Income requirement: Applicants should have a steady income to support timely payments, although no specific minimum income is mentioned.

How to apply for the Scotia Momentum® Visa* card

Through the website

To apply for the Scotia Momentum® Visa* card is easy and fast when done online. The first step in this procedure is to go to the Scotiabank official website, then go to the credit cards part of the website, and then choose the Scotia Momentum® Visa* card.

After opening the form click on the “Apply Now” button you will be prompted to enter your personal information, your residential details and the sort, your employment details and financial information such as income and existing obligations. Always make sure that all the information you are inputting is correct to avoid time wastage.

Most programs have certain requirements about things like eligibility for the program, and it is vital that you go through the terms and conditions of the program before applying. Subsequent to the submission of your request, you will get an email confirmation from Scotiabank, the bank will then review the given application, it may also ask for some more information to be provided.

You generally get the decision of your application in not more than a few business days depending on the extent of the examination. If your application is approved you will receive your Scotia Momentum® Visa* card in the mail within 5-7 business days.

According to the enclosed guidelines, it is possible to activate the card online, via the telephone number as well as by using the credit card of Scotiabank application. This makes it easy to use the card and gen early on the rewards you are entitled to as a card holder.