Scotiabank Momentum® Visa* Card review
Apr 24, 2025
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Overall rating
First year value
$303
Get this card if you:
- want to earn cash back on everyday purchases
- don't mind paying a modest annual fee
- value extended warranty and purchase protection
At a glance
The Scotiabank Momentum® Visa* Card is a cash back credit card offering cash back on eligible gas station, grocery store, drug store purchases, and recurring bill payments and other eligible purchases. Cardholders benefit from purchase security and extended warranty protection, as well as discounts on car rentals at participating AVIS and Budget locations in Canada and the U.S.; however, the card carries an annual fee, and cash back is awarded only once per year as a statement credit, which may not suit those preferring more frequent redemption options.
Highlights
$303
First year value
2.99% BT intro rate
Welcome bonus
$39
Annual fee
$15 for each supplementary card
Interest Rates
19.99%
Purchase APR
22.99%
Balance transfer APR
22.99%
Cash advance APR
Eligibility
Fair
Recommended credit score
Quick overview
The Scotiabank Momentum® Visa* Card lives in a crowded space—the basic daily spender category—and doesn’t do much to stand out. It offers standard cash back on everyday purchases like gas, groceries, drugstores, and recurring bills. The $39 annual fee isn’t steep, but still feels like a stretch for a card this simple.
There are a few perks, like up to 25% off AVIS and Budget rentals and purchase protection with extended warranty insurance—but these aren’t unique to this card. Let’s see how the full review stacks up and if it’s the right fit for you.
✅ Who is the Scotiabank Momentum® Visa* card for?
This card is for someone who:
- Doesn’t mind paying a small annual fee
- Wants a simple, set-it-and-forget-it daily spender
- Prefers to earn cash back passively without tracking rewards
- Likes the idea of a year-end statement credit surprise based on everyday spending
✅ Pros and cons
Pros
- Cash back rewards: Earn 2% cash back on gas, groceries, drug stores, and recurring bill payments, and 1% on all other eligible purchases.
- Annual cap benefits: The 2% cash back applies up to $25,000 spent annually in key categories, allowing for substantial rewards accumulation.
- Purchase security and extended warranty: Offers protection for new purchases against theft, loss, or damage and extends the manufacturer's warranty.
- Supplementary cards available: Although there's a fee, additional cards can be useful for shared expenses.
Cons
- Annual fee: The card has an annual fee of $39.
- High interest rate: The card has a high interest rate of 19.99% on purchases and 22.99% on cash advances.
- Limited rewards categories: The card’s rewards categories are limited to groceries, gas, and recurring bill payments.
- Rewards paid out annually: Cash back rewards are paid out annually as a statement credit.
- $25,000 annual cap for 2% cash back: The 2% cash back rate applies up to the first $25,000 spent annually on gas station, grocery store and drugstore purchases, and on recurring payments.
- There are currently no welcome offers.
-
2% cash back for every $1 you spend on all eligible gas stations, grocery store, drug store purchases and recurring bill payments.
-
1% cash back on all other eligible purchases.
Luckily, there’s no action Scotiabank Momentum® Visa* cardholders have to take to redeem their cash back. Unluckily (as I mentioned above), the rewards are redeemed as a statement credit, not as cash, limiting their flexibility. Further limiting their use is the fact the cash back rewards are only paid out once a year.
- Higher cash back rate: The 2% cash back on key categories and recurring payments is a notable benefit, especially for students who frequently spend in these areas.
- Introductory balance transfer offer: At 2.99% on a balance transfer, it helps you pay off credit card debt faster
- Cash back accumulation: Cash back accumulates each month and is awarded at the end of each 12-month period, either into an eligible Scotiabank account or as a credit on the card statement.
- Purchase security and extended warranty insurance: Offers protection against loss, theft, or damage for new purchases for 90 days and extends the manufacturer's warranty by up to one year. Limited to $10,000 per purchase and $60,000 lifetime total.
- Discounts on car rentals: 25% savings off base rates at participating AVIS locations and at participating Budget locations in North America.
- Scotiabank credit card protection (optional): While this is an optional service with an additional cost, it offers protection against the financial impact of certain life events like disability, job loss, critical illness, or loss of life.
- Flexible credit limits: The card offers flexible credit limits suitable for students, helping them manage their finances more effectively and avoid overspending.
How this card compares with the rest
These are both pretty “meh” cards, but I think the No-Fee might be the worse of the two. While you’ll save on annual, its cash back rewards are literally halved. So consider this – if you’re using this as your daily spender and planning on putting at least $2,000 on it a month, you’re likely to be earning well over $300 with the regular Momentum Visa.
Now half that for the No-Fee Visa. Even though you’ve saved the $39, at the end of the year, you’re coming up way short. I suppose if you have few expenses but need a credit card from time to time, the No-Fee may make more sense. But, given that all other perks are pretty much the same for these cards, in almost every other case I’d recommend the standard Momentum Visa in this head to head.
Disclosures:
*See Card Provider's website and Card Application for complete card details, terms and current offers. Reasonable efforts are made to maintain accuracy of information.
0% intro rate
Welcome Bonus
$271
First Year Value
$171
Annual Value
Get this card if you...
- want to earn cash back with no annual fee
- value a good welcome offer
- don't need comprehensive insurance benefits
Annual Fee & Annual Interest Rates
$0
Annual Fee
19.99%
Purchase
22.99%
Cash Advance
22.99%
Balance Transfer
Our Take
The Scotiabank Momentum® No-Fee Visa* Card is a no-annual-fee credit card offering cash back on everyday purchases, with elevated rates for spending at gas stations, grocery stores, drug stores, and on recurring bill payments. It also routinely comes with a generous welcome bonus.
Eligibility
Fair (300 - 619)
Recommended Credit Score
Pros
- No annual fee: The card does not charge an annual fee, making it cost-effective for users.
- Cash back rewards: Offers 1% cash back on eligible gas, groceries, drugstore purchases and recurring bill payments.
- Welcome bonus: There is a welcome bonus of 5% cash back on up to $2,000 in eligible purchases within the first three months.
- Promotional balance Transfer Rate: A promotional 0% annual interest rate on balance transfers for the first six months (with a 2% balance transfer fee).
- Rental car discounts: Cardholders can save up to 25% off base rates at participating AVIS and Budget locations in Canada and the U.S.
Cons
- Limited insurance: No included insurance coverage, though optional insurance bundles are available for a fee.
- Low base rewards rate: After exceeding the $25,000 spending cap, the cash back rewards drop to a base rate of 0.5%.
- Rigid redemption process: Cash back is accumulated monthly but can only be redeemed once annually in November.
- Balance transfer fee: There is a 2% balance transfer fee when utilizing the promotional balance transfer rate.
- Foreign transaction fee: The card charges a 2.5% foreign transaction fee on purchases made in a foreign currency.
- Limited perks: Compared to other no-fee cards, the Scotiabank Momentum No-Fee Visa Card offers fewer perks and lower reward rates.
Annual Interest Rates
19.99%
Purchase
22.99%
Cash Advance
22.99%
Balance Transfer
0.00%
Balance Transfer (Introductory)
Fees
$0
Annual Fee
2.50%
Foreign Transaction
$5
Cash Advance
$29
Over The Limit Penalty
Rewards cash back
1%
Cash back at gas stations, grocery stores, drugs stores, and on recurring payments.
0.5%
Cash back on all other eligible purchases.
25%
Off base rates at Avid and Budget locations in North America.
Earn 5% cash back on all purchases for the first 3 months (up to $2,000 in total purchases); Plus, get a 0% introductory interest rate on balance transfers for the first 6 months (22.99% after that; annual fee $0).
The 5% Cash Back and Introductory 0% Balance Transfer Rate Offer (the “Offer”) applies only to new Scotiabank Momentum No-Fee Visa credit card accounts (“Accounts”) that are opened between March 3, 2025 and October 31, 2025 (regardless of the date you apply for the Account) and is subject to the terms and conditions. All other terms and conditions of the Program Terms continue to apply during the Offer Period. Offer may be changed, cancelled or extended at any time without notice and cannot be combined with any other offers.
A balance transfer fee of 2% of the amount of each Cash Advance transferred or made during the Promotional Period applies (minimum fee of $5.00).
*See Card Provider's website and Card Application for complete card details, terms and current offers. Reasonable efforts are made to maintain accuracy of information.
Rates, fees, offers and other information are effective as of July 2, 2025. Subject to change.
Our Take
The Scotiabank Momentum® No-Fee Visa* Card is a no-annual-fee credit card offering cash back on everyday purchases, with elevated rates for spending at gas stations, grocery stores, drug stores, and on recurring bill payments. It also routinely comes with a generous welcome bonus.
Eligibility
Fair (300 - 619)
Recommended Credit Score
Pros
- No annual fee: The card does not charge an annual fee, making it cost-effective for users.
- Cash back rewards: Offers 1% cash back on eligible gas, groceries, drugstore purchases and recurring bill payments.
- Welcome bonus: There is a welcome bonus of 5% cash back on up to $2,000 in eligible purchases within the first three months.
- Promotional balance Transfer Rate: A promotional 0% annual interest rate on balance transfers for the first six months (with a 2% balance transfer fee).
- Rental car discounts: Cardholders can save up to 25% off base rates at participating AVIS and Budget locations in Canada and the U.S.
Cons
- Limited insurance: No included insurance coverage, though optional insurance bundles are available for a fee.
- Low base rewards rate: After exceeding the $25,000 spending cap, the cash back rewards drop to a base rate of 0.5%.
- Rigid redemption process: Cash back is accumulated monthly but can only be redeemed once annually in November.
- Balance transfer fee: There is a 2% balance transfer fee when utilizing the promotional balance transfer rate.
- Foreign transaction fee: The card charges a 2.5% foreign transaction fee on purchases made in a foreign currency.
- Limited perks: Compared to other no-fee cards, the Scotiabank Momentum No-Fee Visa Card offers fewer perks and lower reward rates.
Annual Interest Rates
19.99%
Purchase
22.99%
Cash Advance
22.99%
Balance Transfer
0.00%
Balance Transfer (Introductory)
Fees
$0
Annual Fee
2.50%
Foreign Transaction
$5
Cash Advance
$29
Over The Limit Penalty
Rewards cash back
1%
Cash back at gas stations, grocery stores, drugs stores, and on recurring payments.
0.5%
Cash back on all other eligible purchases.
25%
Off base rates at Avid and Budget locations in North America.
Earn 5% cash back on all purchases for the first 3 months (up to $2,000 in total purchases); Plus, get a 0% introductory interest rate on balance transfers for the first 6 months (22.99% after that; annual fee $0).
The 5% Cash Back and Introductory 0% Balance Transfer Rate Offer (the “Offer”) applies only to new Scotiabank Momentum No-Fee Visa credit card accounts (“Accounts”) that are opened between March 3, 2025 and October 31, 2025 (regardless of the date you apply for the Account) and is subject to the terms and conditions. All other terms and conditions of the Program Terms continue to apply during the Offer Period. Offer may be changed, cancelled or extended at any time without notice and cannot be combined with any other offers.
A balance transfer fee of 2% of the amount of each Cash Advance transferred or made during the Promotional Period applies (minimum fee of $5.00).
*See Card Provider's website and Card Application for complete card details, terms and current offers. Reasonable efforts are made to maintain accuracy of information.
Rates, fees, offers and other information are effective as of July 2, 2025. Subject to change.
If you’re a student, this is a no-brainer. The Student BMO CashBack Mastercard is actually pretty decent for a student card, although it may require a little more thought and planning to maximize the rewards on categories.
The big difference (other than having no fee) is that the BMO card gives great cash back on groceries and recurring bill payments.
One downside of the BMO CashBack card students need to think about is its high interest rate.
Disclosures:
BMO is not responsible for maintaining the content on this site. Please click on the Apply now link for the most up to date information
5% cash back
Welcome Bonus
$401
First Year Value
$276
Annual Value
Welcome Bonus: Get 5% cash back in your first 3 months.* Expires Jan 31, 2026
Get this card if you...
- are a student who wants to earn rewards on everyday spending
- want to avoid paying an annual fee
- value purchase protection and extended warranty coverage
Annual Fee & Annual Interest Rates
$0
Annual Fee
21.99%
Purchase
23.99%
Cash Advance
23.99%
Balance Transfer
Our Take
The BMO CashBack® Mastercard®* for Students is a no-annual-fee credit card tailored for students, offering cash back on everyday purchases, with elevated rates for categories such as groceries and recurring bill payments. It also includes benefits like purchase protection and extended warranty.
Eligibility
Good (620 - 670)
Recommended Credit Score
$0
Required Annual Personal Income
$0
Required Annual Household Income
Pros
- No annual fee: this makes it cost-effective for students looking to build credit without incurring additional expenses.
- Earn cash back on everyday purchases, including up to 5% cash back on every purchase in your first three months.
- Credit building: If you’re responsible, you can build a positive credit history, which helps you get better credit cards and more
Cons
- Higher interest rates: If you can’t pay off your balance in full, opt for a low interest credit card
- Limited additional benefits: While there are some benefits, it’s not the full suite of perks, but then again, there’s no annual fee.
Annual Interest Rates
21.99%
Purchase
23.99%
Cash Advance
23.99%
Balance Transfer
Fees
$0
Annual Fee
Rewards cash back
3%
Earn 3% cash back on groceries
1%
Earn 1% cash back on recurring bill payments like your mobile phone, streaming and subscription services
0.5%
Earn 0.5% cash back on all other purchases
Earn up to 5% cash back on every purchase for the first three months. On a qualified spend of up to $2,500, you can earn a maximum $125 cash back.
Plus, enjoy three months of Instacart+ and a $5 monthly Instacart credit when you enroll your eligible BMO Credit Card.*
Our Take
The BMO CashBack® Mastercard®* for Students is a no-annual-fee credit card tailored for students, offering cash back on everyday purchases, with elevated rates for categories such as groceries and recurring bill payments. It also includes benefits like purchase protection and extended warranty.
Eligibility
Good (620 - 670)
Recommended Credit Score
$0
Required Annual Personal Income
$0
Required Annual Household Income
Pros
- No annual fee: this makes it cost-effective for students looking to build credit without incurring additional expenses.
- Earn cash back on everyday purchases, including up to 5% cash back on every purchase in your first three months.
- Credit building: If you’re responsible, you can build a positive credit history, which helps you get better credit cards and more
Cons
- Higher interest rates: If you can’t pay off your balance in full, opt for a low interest credit card
- Limited additional benefits: While there are some benefits, it’s not the full suite of perks, but then again, there’s no annual fee.
Annual Interest Rates
21.99%
Purchase
23.99%
Cash Advance
23.99%
Balance Transfer
Fees
$0
Annual Fee
Rewards cash back
3%
Earn 3% cash back on groceries
1%
Earn 1% cash back on recurring bill payments like your mobile phone, streaming and subscription services
0.5%
Earn 0.5% cash back on all other purchases
Earn up to 5% cash back on every purchase for the first three months. On a qualified spend of up to $2,500, you can earn a maximum $125 cash back.
Plus, enjoy three months of Instacart+ and a $5 monthly Instacart credit when you enroll your eligible BMO Credit Card.*
The RBC Cash Back Mastercard is comparable in quality to the Momentum, though might offer fewer opportunities to earn cash back.
One thing to note is there is some shockingly shady and misleading Marketing copy for the RBC Cash Back card. It literally says “get unlimited cashback” in its header, but if you click through to the terms and conditions, you only get the earn rate for up to $6,000 worth of purchases. The same goes for other purchases in the 1% category. Seems pretty limited to me, no?
Disclosures:
Refer to RBC page for up to date offer terms and conditions.
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up to 7% cash back^
Welcome Bonus
$346
First Year Value
$276
Annual Value
Welcome Bonus: Get up to 7% cash back for the first 3 months on up to $1,000 in total purchases^. Expires Mar 25, 2026
Get this card if you...
- want to earn cash back, without an annual fee
- value extended warranty and purchase protection
- want fuel discounts at Petro Canada
Annual Fee & Annual Interest Rates
$0
Annual Fee
20.99%
Purchase
22.99%
Cash Advance
22.99%
Balance Transfer
Our Take
The RBC Cash Back Mastercard® is a no-annual-fee credit card that offers cash back on everyday purchases, with elevated rates for grocery store spending. Cardholders benefit from features such as purchase security, extended warranty protection, and savings on fuel at Petro-Canada.
Eligibility
Good (620 - 670)
Recommended Credit Score
Pros
- No annual fee, no fee for additional cardholders
- Up to 2% cash back on groceries², up to 1% cash back on everything else²
- No limit on cash back earned¹
- Save money on gas at Petro-Canada⁵
- Easy approval requirements
Cons
- Cash back rewards on groceries drop to 1% after you accumulate $6,000 in grocery charges
- No travel insurance or other perks
- 0.5% applies to the cash back on everything else up to $6,000 but what is impressive is that for all non-grocery spend the cash back rate actually goes up from the 0.5% to 1% on spend over $6,000, rewarding as your spend more instead of diminishing
Annual Interest Rates
20.99%
Purchase
22.99%
Cash Advance
22.99%
Balance Transfer
Fees
$0
Annual Fee
2.50%
Foreign Transaction
5.00%
Balance Transfer
$5
Cash Advance
$45
Return Penalty
Rewards cash back
2%
Up to 2% unlimited cash back on groceries
1%
Up to 1% unlimited cash back on everything else
$0.03
Link your card and instantly save 3¢/L on fuel and 20% more Petro-Points at Petro Canada
50
Get 50 Be Well points for every $1 spent on eligible products at Rexall
$0 Delivery Fees
Get $0 delivery fees for 3 months from DoorDash when you add your eligible RBC credit card to your DoorDash account
Get up to 7% cash back for the first 3 months on up to $1,000 in total purchases^. Apply by March 25, 2026.
• Receive 5% bonus cash back^ plus 2% standard cash back on grocery store purchases†
• Receive 5% bonus cash back^ plus 0.5% standard cash back on all other qualifying transactions†
^This offer only applies to new applications for an RBC Cash Back Mastercard credit card received between December 10, 2025 and March 25, 2026 (“Offer Period”) and approved by Royal Bank of Canada (“Royal Bank”), subject to the conditions below. Additional cardholders(s) (co-applicant and authorized user(s)) on the RBC Cash Back Mastercard credit card account, as well as existing cardholders on any RBC Royal Bank personal credit card transferring to an RBC Cash Back Mastercard credit card during the Offer Period, are not eligible for this offer.
See RBC site for full Terms and Conditions.
Our Take
The RBC Cash Back Mastercard® is a no-annual-fee credit card that offers cash back on everyday purchases, with elevated rates for grocery store spending. Cardholders benefit from features such as purchase security, extended warranty protection, and savings on fuel at Petro-Canada.
Eligibility
Good (620 - 670)
Recommended Credit Score
Pros
- No annual fee, no fee for additional cardholders
- Up to 2% cash back on groceries², up to 1% cash back on everything else²
- No limit on cash back earned¹
- Save money on gas at Petro-Canada⁵
- Easy approval requirements
Cons
- Cash back rewards on groceries drop to 1% after you accumulate $6,000 in grocery charges
- No travel insurance or other perks
- 0.5% applies to the cash back on everything else up to $6,000 but what is impressive is that for all non-grocery spend the cash back rate actually goes up from the 0.5% to 1% on spend over $6,000, rewarding as your spend more instead of diminishing
Annual Interest Rates
20.99%
Purchase
22.99%
Cash Advance
22.99%
Balance Transfer
Fees
$0
Annual Fee
2.50%
Foreign Transaction
5.00%
Balance Transfer
$5
Cash Advance
$45
Return Penalty
Rewards cash back
2%
Up to 2% unlimited cash back on groceries
1%
Up to 1% unlimited cash back on everything else
$0.03
Link your card and instantly save 3¢/L on fuel and 20% more Petro-Points at Petro Canada
50
Get 50 Be Well points for every $1 spent on eligible products at Rexall
$0 Delivery Fees
Get $0 delivery fees for 3 months from DoorDash when you add your eligible RBC credit card to your DoorDash account
Get up to 7% cash back for the first 3 months on up to $1,000 in total purchases^. Apply by March 25, 2026.
• Receive 5% bonus cash back^ plus 2% standard cash back on grocery store purchases†
• Receive 5% bonus cash back^ plus 0.5% standard cash back on all other qualifying transactions†
^This offer only applies to new applications for an RBC Cash Back Mastercard credit card received between December 10, 2025 and March 25, 2026 (“Offer Period”) and approved by Royal Bank of Canada (“Royal Bank”), subject to the conditions below. Additional cardholders(s) (co-applicant and authorized user(s)) on the RBC Cash Back Mastercard credit card account, as well as existing cardholders on any RBC Royal Bank personal credit card transferring to an RBC Cash Back Mastercard credit card during the Offer Period, are not eligible for this offer.
See RBC site for full Terms and Conditions.
Is the Scotiabank Momentum® Visa* Card worth it?
Not really, no. It has a small annual fee, but it has an annual fee. It offers relatively flexible cash back on daily purchases, but they’re not awe inspiring, especially when you take into account the fee eating into them.
You need at least a “good” credit score of 660 to qualify for the Momentum® Visa*, meaning there are way more competitive cash back cards you could likely access, with no fee (the Tangerine World Mastercard comes to mind).
Taking into account the limited insurance coverage and the fact that the cash back rewards are paid out as a statement credit at the end of the year, my recommendation is shopping around for a better card.
Disclosures:
Conditions Apply. Visit here for the Scotiabank Momentum® Visa* Card to learn more. *See Card Provider's website and Card Application for complete card details, terms and current offers. Reasonable efforts are made to maintain accuracy of information.
FAQs
Cameron Smonk
Freelance Writer
Cam is a content marketer with a passion for saving, financial independence, and pulling off elaborate credit card point schemes. He has worked in Fintech and Finserve (specifically Group Retirement) and loves researching and writing about finance.
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†Terms and Conditions apply.