Scotia Momentum Visa Infinite Review (Best Cash Back Credit Card In Canada | 10% Cash Back Bonus)

The Scotia Momentum Visa Infinite Credit Card is one of the best cash back cards in Canada. The Momentum Visa is packed with benefits and helps deliver major value to Canadians card holders. Scotiabank is currently waiving the annual fee (normally $99), so you can get your hands on this card at no cost in the first year.

The card offers an unmatched 10% cash back welcome bonus rate on the first $2,000 spent (essentially $200 value). It also provides an everyday 4% cash back rate on grocery and gas purchases as well as 2% cash back at the pharmacy and on recurring bills.

Check out the full Scotia Momentum Visa Infinite review below to see why it’s consistently regarded as the best cash back credit card in Canada.

Key Benefits Of The Scotia Momentum Visa Infinite

As noted above, the Scotia Momentum Visa Infinite is packed with benefits. The welcome bonus ($200) and free first year ($99) total to provide $299 in value alone. Add in the great cash back earning rates, travel insurance and other exclusive Scotiabank benefits, it’s easy to see why this card is so highly regarded.

Cash Back Details Of The Scotia Momentum Visa Infinite

Cash back credit cards are becoming increasingly popular in the Canadian marketplace. The ease of use, value delivered and competition amongst the providers have made this a profitable time to jump on the cash back train. Few, if any, can match the Scotia Momentum Visa Infinite.

Every dollar you spend on the Momentum Visa Infinite card will generate you a cash back return. Depending on what you’re purchasing that specific cash back rate will differ from 1% to 10%.

10% Cash Back Welcome Bonus

The initial 10% cash back welcome bonus is best in class when it comes to credit cards in Canada. The welcome offer is capped on the first $2,000 spent or ends after the first 3 months if you haven’t reached that $2,000 cap. Assuming you spend to the full $2,000 cap that’s $200 in cash back generated.

This 10% rate per dollar spent falls across every spending category.

4% Cash Back On Groceries And Gas

The most profitable cash back categories on the Momentum Visa Infinite are grocery and gas. This 4% rate is once again best in class when it comes to cash back cards in Canada.

The 4% rate isn’t tied to any promotional period, it’s evergreen and locked in place. The only cap in place is once you reach $25,000 spent on gas and groceries, the rate shifts to the standard 1%. However, you’ll be hard-pressed to find any family spending to that limit.

Let’s assume you spend $600 a month groceries and $200 on gas. That’s $7,200 and $2,400 annually respectively. At the 4% cash back rate, that’s $384 in earnings on gas and grocery alone in a year.

2% Cash Back On Pharmacy And Recurring Bills

The next categories offering an increased cash back are the 2% rates on pharmacy and recurring bills. This helps separate the Scotia Momentum Visa Infinite from the pack and delivers Canadians even more value.

Recurring bills is a great addition to the Momentum’s higher cash back rates. This could include your cell phone, internet, cable, gym or any other ongoing payments that automatically hit your credit card.

Scotia Momentum Cash Back Payout Date

The Scotia Momentum Visa Infinite pays out your annual cash back earnings in one payment on your November statement. Unfortunately you don’t receive the cash back you’ve generated each month and need to hang tight until then to receive it.

Scotia Momentum Visa Infinite Merchant List (Cash Back Codes And Categories)

The cash back you earned in terms of the different categories is dependent on the different codes retailers use on their businesses finances. The ins and outs of this doesn’t really matter to you as long as you’re earning your 4%, 2% and 1% cash back rates.

For example, a grocery store is coded under merchant code 5411 and gas retailers use codes 5541 and 5542. Scotiabank has uploaded a PDF overview of the various merchants to help you understand the best route to max out your cash back earnings. This way you can easily double check to confirm shops to offer you the 4% and 2% rates!

Scotia Momentum Visa Travel Insurance And Benefits

The Scotia Momentum Visa Infinite offers a comprehensive travel insurance and benefits package despite not being a traditional travel rewards credit card. This provides cardholders even more value when using their Momentum Visa to book travel.

Pros And Cons of the Scotia Momentum Visa Infinite

Based on the above, it’s safe to this review of the Scotia Momentum Visa Infinite is a positive one. In terms of cash back cards in Canada it’s hard to match the value that Scotia offers here.

To summarize the headlines around this card here are the quick pros and cons.

Who Can Apply For The Scotia Momentum Visa Infinite

If this Scotia Momentum Visa Infinite review has helped convince you that it’s the right card for you, the last step is to determine if you’re eligible.

Depending on your credit score, relationship with Scotiabank and other factors, the requirements noted below can also be flexible. However, the below is a good barometer to review before applying to ensure a quick approval.

Conclusion: Scotia Momentum Visa Infinite Review (Best Cash Back Credit Card In Canada)

The Scotia Momentum Visa Infinite credit card continues to rank as one of the best cash back credit cards in Canada for a reason. What’s that? It helps put money back into your bank account like few other cards can.

Throw in the fact that the annual fee is waived in the first year along with the 10%, 4% and 2% increased earning rates noted above, the Momentum Visa Infinite is an easy choice for those wanting to maximize cash back.

Here are some other posts on personal finance to help you take control of your money:

• Best Money Apps For Canadians: 25+ Free Apps To Save, Make And Manage Money
• Tangerine Bank Review: Best Online Bank In Canada (Great Free Chequing And Savings Accounts)
• Best Canadian Coupon Apps & Cash Back Apps In Canada: 7 Free Apps To Save Money
• EQ Bank Review: EQ Bank Savings Plus Account (One Of The Best In Canada)
• Borrowell Review 2019: How To Get Your Free Credit Score And Credit Report In Canada (Safe And Legit)

Great Travel Rewards Credit Cards In Canada

If you might want to explore travel rewards instead of cash, there are some great credit cards for Canadians. Whether it’s American Express, Scotiabank or one of the other providers, you can save big money on travel and see the world for less. These are 4 of the highest rated and top all-around introductory cards in Canada.

American Express Cobalt Card (30,000 Point Bonus In Year 1)

• 30,000 bonus MR-S points in the first 12 months (2,500 monthly when you spend over $500 that month)
• 5x MR-S points on food and drinks, including groceries, restaurants, coffee shops, bars and food delivery
• 2x MR-S points on travel and transit, including airfare, hotels, taxi, Uber and gas
• 1x MR-S points on any other purchases
• $10 monthly fee (totals to $120 annual)
• Free supplementary cards
• 19.99% APR

Want to get all the details on the card? Read more here: American Express Cobalt review.

American Express Gold Card (25,000 Point Welcome Bonus)

• 25,000 Welcome Bonus of Membership Reward Points after spending $1,500 in first 3 months
• Earn 2x points for every $1 spent on grocery, travel, gas and pharmacy
• Earn 1x points for every $1 spent elsewhere
• Transfer points 1:1 to Aeroplan plus other partner networks
• 1 free additional Golds Reward Card ($50 value)
• Extensive travel insurance and purchase protection package
• Access to American Express Fixed Points Travel Program

Want to learn more about the AMEX Gold? Check out this full American Express Gold Card review.