Best Deal EVER On The Scotia Momentum Visa Infinite 4% Cash Back Credit Card

Scotia Momentum Visa Infinite Credit CardThe Scotia Momentum Visa Infinite has been the best cash back credit card available to Canadians for the past couple of years after the MBNA Smart Cash was slightly devalued, but there were two big things stopping many Canadians, including myself, from applying for one.

  1. The $99 annual fee.
  2. No sign up bonus for applying, so why switch?

For the first time ever, and for a limited time, both of those things have changed! Until the end of May August (extended), both the $99 annual fee has been waived for the first year AND RateSupermarket has teamed up with Scotiabank to offer a $100 gift card of your choice to one of over 50 popular Canadian retailers for applying and being approved.

Link: Click over to the promo page here

Why It's The Best Cash Back Card In Canada

It's all in the numbers. This card from Scotia offers 4% cash back on gas and groceries and gives you 2% cash back on drug store purchases and recurring bills. Then you earn 1% cash back on all other purchases with no spending caps or limits on that 1% at all. There are no tiers or other nonsense to deal with either.

This card is the only card that I know of to offer any sort of bonus for recurring bill payments like phone bills, utility bills, insurance, gym membership, subscriptions, etc. Essentially anything that is charged to your card on a monthly basis. This is a huge perk that no other card can compete with.

The only minor downside to the card that I can think of is there is a very reasonable spending cap of $25,000 on both the 4% and 2% bonus categories for a combined total of $50,000 in spending across those two categories. I don't know many people who spend $25,000 on gas and groceries and another $25,000 on drug store and recurring bill payments. If you do, you're definitely not an average Canadian!

Scotia Momentum Visa Infinite vs. MBNA Smart Cash World MasterCard

The closest competitor is the MBNA Smart Cash World MasterCard that offers 2% cash back on gas and groceries and 1% cash back on all other purchases after the initial 5% bonus on gas and groceries for 6 months has expired (this is the Smart Cash sign up bonus). However, the big drawback with MBNA is that there is now a $400 per month spending cap on the gas and groceries bonus equating to only $4800 in spending that qualifies for the 2% bonus per year, which is pretty low.

So not only do you earn twice as much with the Momentum Visa at 4%, you can earn the full 4% on up to $25,000 in spending instead of $4800. Quite a difference. Even without the $99 annual fee being waived for the first year and the $100 gift card, it still usually makes more financial sense for most people to choose the Momentum over the Smart Cash.

Example Of The Cash Back Potential

When I do credit card comparisons, I like to run examples that involve $25,000 in annual spending applied to the card. The reason I choose this number is because I feel that it is a number that most middle income families in Canada can easily achieve if they funnel all their purchases and expenses through the card. It isn't that hard when you use one primary credit card for everything you buy.

The other parameters I usually apply are 30% of the annual spending allocated to the gas and grocery bonus category and, for this card, I'm going to say that 20% of the spending would go towards recurring bills and drug store purchases. Those percentages could in reality be even higher, but I think they are fair enough estimates to give a decent picture of cash back earning potential.

Spending Category Annual spending Momentum Visa Cash Back Smart Cash MasterCard Cash Back
Gas & Groceries $7500 $300 $123
Drugstore & Recurring Bills $5000 $100 $50
Other Purchases $12,500 $125 $125
Totals $25,000 $525 $298

So you can see the Momentum is the clear winner with $227 more cash back earned every year . Even if you account for the $99 annual fee from year 2 onward you're still $128 ahead each year. Also, $7500 isn't actually that much in terms of gas and groceries. It equates to about $310 per month if it is split evenly across both gas and groceries. Many families would spend much more than that in both categories, so the cash back numbers get significantly better for the Momentum Visa if that is the case.

How To Get Your $100 Gift Card And First Year Annual Fee Waived

All you have to do is click over to the promo page here:

Link: Click over to the promo page here

Then, you just need to fill out the short form on the RateSupermarket promo page to get registered for your $100 free gift card. From there, you will be directed to Scotiabank's website to complete the credit card application.

After you finish your application, you should be approved either immediately or a short while after you apply and you will receive your new card in the mail within a few weeks. Once approved, RateSupermarket will contact you by email to instruct you on how to claim your $100 gift card.

It's that simple.

Common Questions

What If I Don't Meet the Minimum Income Requirements?

Some people see the minimum income requirements of an Infinite card and are turned off from applying because of that. These requirements are more guidelines that hard lines in the sand from my experience. I've actually applied and been approved for several cards where I didn't meet the minimum income requirements.

They look at more than your income when determining if they will approve you and as long as your credit rating is good and you have a decent income, there shouldn't be a problem. Be sure to include any and all income from all sources when you fill out the income field. You usually are encouraged to specify your entire household income, not just your personal income as well.

Who Is RateSupermarket?

RateSupermarket is a Canadian company that advises Canadians on how to get the best rates on their financial products by quickly comparing all the available products on the market side by side.

I've had lots of dealings with them personally and met several people from their team at the Canadian Personal Finance Bloggers Conference last year. They're doing a great job educating consumers on their choices and helping them make better financial decisions.

Is The $100 Gift Card Legitimate?

Yes, it is. I've taken advantage of similar RateSupermarket offers in the past along with my wife and my father and we've all received our $100 gift cards just fine. I've also had many readers take advantage of these promos too and I only ever had one complaint which we were able to resolve.

For that one issue, I think there was a problem with the application process not being done 100% correctly so that the gift card didn't register. After contacting RateSupermarket about the problem, we were able to get the gift card delivered in the end plus and small extra bonus because of the trouble this person encountered in receiving it.

What Are Some Example Stores For The Gift Card?

There are over 50 to choose from, so I won't list them all, but some popular choices are as follows:

  • Amazon.ca
  • Loblaws
  • Safeway
  • Home Depot
  • Home Hardware
  • Staples
  • Best Buy
  • Starbucks
  • Subway
  • Toys R Us
  • Sears
  • Old Navy
  • Gap
  • Cineplex
  • Boston Pizza
  • The Keg

Let Me Know In The Comments If You Go For It

If I hadn't just signed up for the American Express Platinum card a little while ago , I would be all over this deal like white on rice (yes, I just used that old tired joke!). The only thing that has held me back in the past was the annual fee and the fact that I already have a 2% cash back credit card with no annual fee that is no longer available for new applications. I am grandfathered in.

With the annual fee being waived and the $100 gift card being offered though, I'd still apply in a heartbeat even with the 2% card in my wallet. Let me know, are you as excited about this deal as I am?

Comments

Jennifer
Jennifer's picture

To sweeten this deal even more, download the Snap Saves digital coupon app and get $50 from them when you are approved for the Scotiabank card.

May 22, 2014 @ 8:28 am
Stephen Weyman
Stephen Weyman's picture

Actually, if you use Snap Saves or any 3rd party website or app other than RateSupermarket in conjunction with this promotion, you will invalidate your ability to get the $100 gift card so I would highly recommend NOT doing that.

These types of 3rd party promotions never stack when it comes to credit cards and you'll just end up frustrating yourself because you missed out on the better deal.

May 22, 2014 @ 9:12 am
John
John's picture

Just a couple of quick questions:
1) Does Scotiabank/Visa mail you a cheque when you reach a certain threshold or annually? Do they mail a cheque or apply it against your balance?

2) If my wife signs up for a secondary card, will we both have to pay $99 after year 1? Would we both be eligible for the $100 gift card?

Thanks in advance. I'm sure I could find the answers myself, but I thought you seem quite knowledgeable on the matter :)

May 22, 2014 @ 11:04 am
Stephen Weyman
Stephen Weyman's picture

Although I don't have the card myself, from my understanding and reading these are the answers to your questions:

1) The cash back is applied as a statement credit once per year in November.

2) It looks like that both the $99 annual fee and the $30 annual fee for a secondary card holder are waived for the first year after reading the terms. However, only the primary card holder will be eligible for the $100 gift card. So for year 2, you would pay $99 for yourself and $30 for her. Secondary card holders really have no bearing or responsibility for the account. It isn't a true "joint account" like you would with a chequing account. You are just authorizing another person to use your card essentially by giving them their own card linked to your account.

† The introductory annual fee waiver only applies to the initial annual fee for the primary and additional cards. The Scotia Momentum® VISA Infinite* card's regular interest rate is 19.99% for purchases. For cash advances, balance transfers and Scotia Credit Card Cheques the interest rate is 21.99%. The regular annual fee is $99 per year for the first card issued on the account; additional cards are charged an annual fee of $30 per year per card when issued, regardless of card activation and will be billed to your first statement and once a year thereafter. Offer applies to new accounts opened by June 30, 2014. Any additional cards must be issued by June 30, 2014, to qualify for the offer. Rates and fees are as of September 1, 2013 and are subject to change without notice

So if you want the free $30 secondary card for the first year, make sure you request it immediately because it looks like if you apply for an additional card later, the $30 fee will apply at that time.

May 22, 2014 @ 11:57 am
John
John's picture

Thanks for the quick reply.

May 22, 2014 @ 1:10 pm
Peter
Peter's picture

Can I cancel the card after the first year, so as to avoid the annual fee in year #2?

May 22, 2014 @ 2:12 pm
Stephen Weyman
Stephen Weyman's picture

Yes, you can certainly do that if you don't think you are getting enough value from it to justify keeping it for the second year while paying the annual fee.

May 22, 2014 @ 4:32 pm
Peter
Peter's picture

I guess my question is more ... how hard is it to cancel? Is there a cancellation fee? Do I have to do it with 30 day advance?

And also, when do you get your cash-back exactly? is the cash-back given back to you as a credit each month? Or do they send you a cheque? Or do they only wait till after a year before giving you back the cash-back bonus (ie: like the TD gold elite).

May 22, 2014 @ 5:35 pm
Stephen Weyman
Stephen Weyman's picture

I'm not aware of any credit cards that have a cancellation fee. You are fine to cancel any time within the first year and you will not be charged.

They award cash back once per year on your November statement. If you do cancel before November I imagine they will credit you whatever you've earned up to that point somehow. I can't imagine they could get away with not paying a large cash reward the customer is due. I will try and call them to confirm at some point though. A credit balance is usually paid by cheque on a closed account.

May 22, 2014 @ 8:52 pm
Dave
Dave's picture

It seems that utility companies, telephone and insurance companies are not going to accept a credit card for pre-authorized payment. To the contrary it is stated above that they do. The text should be corrected.

May 22, 2014 @ 2:59 pm
Peter
Peter's picture

I currently pay my cell phone and my Rogers bundle package via my credit card through pre-authorized payment.

But I think you are right about utilities, as Enbridge Gas won't let me pay by credit card.

May 22, 2014 @ 3:14 pm
Stephen Weyman
Stephen Weyman's picture

It depends on the company - some do and some don't. If you can get them to accept credit card as payment, then it should qualify. Thanks for pointing that out though.

May 22, 2014 @ 4:31 pm
Samatha
Samatha's picture

Actually if one cancels the scotia momentum CC before year 2 kicks in, fine print states that the customer forfeits all cash rewards! READ THE FINE PRINT.

May 23, 2014 @ 8:08 am
Stephen Weyman
Stephen Weyman's picture

Wow, I typically do read the fine print, but I didn't get to that part on this card. That's pretty harsh on their part! I guess this is only really good for those who want to keep it for the longer term then. Still worth it for sure.

One thing they probably will do for you is prorate the annual fee if you want to keep the card until you receive your cash payment and then cancel part way into the first year with the $99 annual fee.

They don't make the full terms and conditions easily visible on the site either. I had to Google to find them. Did you see a link to the PDF anywhere on the application page? Here's the relevant section.

Cash back will not be posted on Scotia Momentum VISA Infinite accounts that are not in good standing when card purchases are made or when a monthly statement is issued. Cash back will not be awarded for a Scotia Momentum VISA Infinite account that is not in good standing, or is not open, when the November statement is issued. If a Scotia Momentum VISA Infinite account is closed at any time prior to the November statement, for any reason, all cash back earned to that time will be forfeited. Each year on the billing period closing date that occurs in November, we will review the status of your account. Your account will not be considered in good standing to qualify for cash back if (i) you have a minimum payment that remains unpaid for two (2) or more billing periods or (ii) your account is suspended, cancelled or closed. Cash back is based on the Canadian dollar amount of Net Purchases and will be calculated and credited in Canadian dollars. A fraction of a cent will be rounded up to the nearest cent.

May 23, 2014 @ 9:38 am
daun0
daun0's picture

Stephen,

Would recurring bills include bills that are paid monthly that aren't utilities? For example...We have seasons tickets (10k/annum) and pay over 10 months per year (not 12) with our Capitol....any guesses? That might be the tipping point for us...also do you have a referral link I can use, might as well share with you!

May 25, 2014 @ 2:11 pm
Stephen Weyman
Stephen Weyman's picture

Everything I'm reading in the terms and conditions indicates the answer to your question is probably yes but I can't say for 100%. This is the relevant section from the fine print:

Recurring payments are typically telecommunication, insurance, membership, subscriptions etc. purchases. Not all merchants offer recurring payments. (Please check with your merchant to see if they offer recurring payments on VISA cards.)

I do have a partnership with RateSupermarket so using the links above will help support the site. I try only to write posts like this one when very good deals come along and this is the best one ever for this card so I thought it deserved an article seeing as I've been meaning to write about the Scotia Momentum Visa Infinite for years now.

EDIT: Reading around in some forum threads it looks like the recurring payments can be hit an miss. The vendor has to use a special recurring payment code for it to qualify. Many of them do use the proper code, but some also unfortunately don't. There would be no way for me to tell if your specific vendor bills using the proper code without testing it out directly. Calling them could help, but finding someone who knows the answer to that might be difficult.

May 26, 2014 @ 11:12 am
Dave
Dave's picture

Is the $100 gift card deal still active

August 15, 2014 @ 7:27 pm
Stephen Weyman
Stephen Weyman's picture

Yes, it is still active actually. I thought it would be over by now but it is still ongoing.

August 16, 2014 @ 3:01 am
Douglas
Douglas's picture

I wanted to get the card with 2 percent cash back its almost the same but i don't know if i can purchase online with it and Scotia bank doesn't have an faq can someone please amswer my question thanks in advance

August 27, 2014 @ 2:32 am
Stephen Weyman
Stephen Weyman's picture

You can purchase online with just about any credit card so I wouldn't worry about that.

August 28, 2014 @ 10:17 am
Owen
Owen's picture

Hey Stephen, I signed up in August but didn't receive the card till recently, can you help me with the GC.

September 12, 2014 @ 5:13 pm
Stephen Weyman
Stephen Weyman's picture

I sent a response to you by email Owen. We'll get it sorted out!

September 12, 2014 @ 8:17 pm
Guillaume
Guillaume's picture

Can someone confirm that, if I cancel my card after redeeming my cash back on my November 2014 statement, I won't have to pay the 99$ annual fee? I have this card since March 2014.

Thanks

September 23, 2014 @ 3:23 pm
Stephen Weyman
Stephen Weyman's picture

The first year is free, so no you wont have to pay.

September 23, 2014 @ 10:28 pm
colin
colin's picture

just signed up using the link.

didn't say whether the $100 gift card was expired or not.

should i be receiving it?

September 26, 2014 @ 12:44 pm
Stephen Weyman
Stephen Weyman's picture

Unfortunately, no. The deal expired at the end of August so I changed the link to point directly the application for the card.You'll still get your first year's annual fee waived though and it's still a great choice for a credit card. You'll earn $100+ in cash back in no time.

September 26, 2014 @ 2:06 pm

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