Scotia Momentum® Visa Infinite* card is among one of the best options available to Canadians looking for a powerful cash back credit card. In exchange for the relatively high spending limit in return, this card has a decent cashback rate and come with complete insurance benefits along with additional privileges.

If it is day-to-day spending that you want to minimize or travelling worry-free that you are seeking, you will find it in this Scotia Momentum Visa Infinite card*. For you to get the necessary information on this card, its features, opportunity, and weak side the following points have been provided below.

Key information about the Scotia Momentum® Visa Infinite* card

The Scotia Momentum® Visa Infinite* card is for customers who wish to get the most cash back on their spending and receive value-added services such as outstanding insurance protection. This card will particularly suit individuals with a stable income and who would like to be rewarded as well as get the most out of their spendings.

How does the annual fee work?

The Scotia Momentum® Visa Infinite* card is another premium credit card that attracts an annual fee of $120 on the same basis as all the other cards in this category. New Scotiabank cardholders also have a reason to smile as they are able to access a first year free promotion on the annual fees of the Scotiabank credit cards. This waiver also applies to additional cards, which attract annual fees of $50 per card in case you have them.

How is the credit limit determined?

The credit limit for the Scotia Momentum® Visa Infinite* card depends on the credit worthiness of the applicant, income and credit check of the applicant. Those who apply have to provide proof that they have an individual gross income of at least $60,000 or household gross income of $100,000 per year. Another category under which Scotiabank operates is other assets under management, which have a minimum value of $250 000.

Credit card benefits 

• High cash back rates: Earn 4% cash back on groceries, recurring bill payments, and subscription services, making it highly rewarding for everyday essential spending.
• 2% cash back on gas and transit: Get 2% cash back on fuel and daily transit purchases, helping you save on commuting and travel expenses.
• 1% cash back on all other purchases: Enjoy 1% cash back on all other purchases, with no limit on the amount of cash back you can earn.
• Comprehensive insurance coverage: The card includes a range of insurance benefits such as travel insurance, purchase security, extended warranty, and new mobile device insurance.
• First-year annual fee waiver: New cardholders benefit from a waived annual fee for the first year, allowing you to explore the card’s benefits without an upfront cost.
• Special cash back offer: Earn 10% cash back on all purchases for the first three months (up to $2,000 in total purchases), which can significantly boost your initial rewards.

The cash back program

The cash back feature is arguably the best feature that comes with the Scotia Momentum® Visa Infinite* card. Designed to earn you up to 4% cash back on spending on groceries, bills, and subscriptions, this card truly is all about your day-to-day spend. Unlike most of the cards where there is limit as to how much miles, points or cash back one can earn, with the Scotia Momentum® Visa Infinite* card, you can earn huge rebates across the diverse categories.

Disadvantages

• High income requirements: The minimum income requirement of $60,000 (or household income of $100,000) may exclude some potential applicants.
• Annual fee: After the first year, the $120 annual fee may seem steep for some, especially if you do not maximize the cash back rewards.
• Interest rates: The card carries a standard interest rate of 20.99% on purchases and 22.99% on cash advances, which can be costly if you carry a balance.

High annual income requirement

The major disadvantage of the Scotia Momentum® Visa Infinite* card is the minimum income requirement to qualify for the card. For such, the personal income should be not less than 60000 dollars and for a household ticket not less than 100000 dollars.

This can be disadvantageous for the individuals and families, who do not meet these limits, thus, being deprived the opportunity to use the card. Again, the income requirement may well make the card unattractive to young professionals or others with irregular earnings.

Who can apply for this card?

The criterion for the qualification of the Scotia Momentum® Visa Infinite* card is quite rigid as stated below. These include:

• Minimum age: You must be legally of age in any province or territory which in most cases is 18 or 19 years of age.
• Minimum income: The applicant’s individual income has to be not less than $60,000 a year or the household income of $100,000 a year. Or, you can qualify with minimum assets under management of $250,000.
• Credit history: Credit scores ranging from good to excellent often come with approval for loans from the conventional credit institutions. Credit report on applicant will be checked by the Scotiabank.
• Canadian residency: This card is specifically for the Canadian residents only.
• Valid identification: One has to provide during the application process, a government-issued identification card, which include’s a driver’s permit or a passport.

How to apply for the Scotia Momentum® Visa Infinite* card

Applying through the website

The application of the Scotia Momentum® Visa Infinite* card is easy to complete and can be done through the internet. First thing one should do is to go to the home page of Scotiabank and select credit card products from the menu.

Next, choose the Scotia Momentum® Visa Infinite* card and press on the “Apply Now” link. You will then be taken to the application form where you will be required to key in your name, address, and your income information.

The online application also demands your consent to conduct a credit check. After you have filled en apply for Scotiabank, the bank will consider your application and in most cases, you will receive an instant approval.

Once your application is approved you will get your Scotia Momentum Visa Infinite card in the mail within 5-10 business days. Also, at the time of application further cards can be requested during the application process so that additional family members can benefit from the benefits.