If you are searching for a no-fuss, cost-effective credit card that offers rewards on everyday purchases, the Scotia Momentum® No-Fee Visa Card* is a great option. With no annual fees and a solid cashback program, it is perfect for individuals who want to maximize savings while managing their finances.

In this article, we will explore the key features, benefits, and limitations of the Scotia Momentum® No-Fee Visa* Card. By the end, you’ll have all the information you need to decide if this card is the right fit for your financial lifestyle.

Key information about the credit card

How does the annual fee work?

One of the standout features of the Scotia Momentum® No-Fee Visa Card* is that it has no annual fee. This is an important aspect for individuals who are conscious of extra costs and want to avoid paying for the privilege of having a credit card. With this card, you won’t have to worry about any recurring yearly fees, making it ideal for those who prefer a simple and cost-free way to build credit and earn rewards.

How is the credit limit determined?

Advantages of the credit card

• No annual fee: You can enjoy all the perks without the burden of yearly fees.
• Cashback on everyday purchases: Earn up to 1% cashback on purchases at gas stations, grocery stores, drugstores, and for recurring payments.
• 0.5% cashback on other purchases: Even if your purchase doesn’t fall under the higher cashback categories, you still earn rewards.
• Introductory offer: Earn 5% cashback on all purchases for the first three months (up to $2,000 in purchases), providing a great way to kickstart your rewards accumulation.
• Flexible payment options: With the Scotia SelectPay™ option, you can pay off larger purchases over time with lower interest rates.
• Zero liability protection: Protects you from unauthorized transactions, ensuring you’re covered in case your card is lost or stolen.

Standout advantage

One of the main standout features of this card is the introductory offer of 5% cashback for the first three months. This is an excellent way to get significant rewards upfront, especially if you plan to make large purchases during that period. With no annual fee and this high cashback rate, it’s a fantastic value for cardholders looking to maximize their rewards right from the start.

Disadvantages

• Lower cashback rate on other purchases: Only 0.5% cashback on purchases outside of gas, groceries, drugstores, and recurring payments.
• Higher interest rates on balance transfers: After the introductory period, the balance transfer interest rate jumps to 22.99%, which is higher than some competing cards.
• No premium benefits: Lacks the travel perks or insurance coverage that come with premium cards, which might be disappointing for frequent travelers.

A standout disadvantage

The main disadvantage of this card is the lower cashback rate of 0.5% on all other purchases. While you can earn 1% in specific categories like groceries and gas, the lower rate for general purchases might not be as rewarding for someone who prefers higher cashback on all spending. For users who spend heavily outside of these specific categories, a different card might offer more significant rewards.

Who can apply for this card?

To apply for the Scotia Momentum® No-Fee Visa* Card, there are a few prerequisites you need to meet. Firstly, applicants must be at least 18 years old, or 19 in provinces where the legal age is higher. The card is available to Canadian residents who can provide proof of income and identity, including a valid Social Insurance Number (SIN) and government-issued ID.

You must also have a good credit standing, meaning no history of bankruptcy or current delinquencies on your credit report. For those with limited or no credit history, building credit responsibly by making minimum payments on time each month is encouraged.

However, this card may not be ideal for individuals who have a poor credit score or are seeking approval with a low income, as Scotiabank generally requires stable income verification. The Scotia Momentum® No-Fee Visa* Card is primarily aimed at those looking to build or improve their credit without taking on a high-interest or fee-heavy product.

How to apply for the Scotia Momentum® No-Fee Visa* Card

Applying for the Scotia Momentum® No-Fee Visa* Card is a straightforward process, with several methods available to meet your preferences. Whether you prefer to apply online, through an app, or by visiting a local branch, Scotia offers flexibility in its application process.

For the website

The easiest and most convenient way to apply for the Scotia Momentum® No-Fee Visa* Card is through the Scotiabank website. By visiting their credit card section, you can find the card’s application page. After clicking on “Apply Now,” you will be guided through a series of questions about your financial situation, income, and employment status. The online form will also require you to provide personal identification details such as your SIN and valid photo ID.

Through the app

Another simple option is applying via the Scotiabank mobile app. The app offers a user-friendly interface, making it easy to fill out your application right from your smartphone or tablet. To apply, you will first need to download the Scotiabank app, log into your account, and navigate to the credit card section.

From there, select the Scotia Momentum® No-Fee Visa* Card, and follow the instructions to complete your application. One advantage of using the app is that you can monitor the status of your application in real-time.

At the branch

For those who prefer a more personal experience, you can apply for the Scotia Momentum® No-Fee Visa Card* by visiting your nearest Scotiabank branch. To do this, you can either make an appointment online or simply walk in to speak with an advisor.

During your visit, you will need to provide the necessary documentation, such as proof of income, a government-issued ID, and your SIN. A Scotiabank advisor will guide you through the process, ensuring all your questions are answered before submitting the application. This method is ideal for those who want a face-to-face interaction while handling their application.