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One of Canada’s favourite credit cards
Year after year, the Scotia Momentum® Visa Infinite is named as one of Canada’s favourite credit cards—for good reason. In this review, I’ll share my thoughts on the many standout features of this card and why I think it belongs in your wallet.
What are the key benefits?
The Scotia Momentum Visa Infinite features a long list of premium benefits2:
- No annual fee in the first year, including on supplementary cards3.
- 4% on eligible recurring bill payments and grocery store purchases.
- 2% on eligible gas station and daily transit purchases.
- 1% cashback on all other eligible everyday purchases.
- Comprehensive travel insurance.
- New mobile device insurance coverage.
- Purchase security and extended warranty protection.
- Complimentary 24/7 concierge services.
How much is the annual fee?
First-year annual fees for the Scotia Momentum Visa Infinite are waived for all new applications. After the first year, the annual fees are as follows:
- $120/year for the primary cardholder.
- $50/year for each supplementary card.
Notes on annual fees
- Some cardholders have successfully requested and received fee waivers in year two.
- I was declined a second-year fee waiver for my card, but was offered a one-time fee waiver for the supplementary card for my husband.
- It never hurts to ask—all they can say is no. Be as polite as possible and give it a try!
- Another option is to open an Ultimate Banking Package at Scotiabank to receive an ongoing annual fee waiver4.
What makes this card unique?
While all the benefits of the Scotia Momentum Visa Infinite are fantastic, some really stand out:
4% cashback on groceries
The most unique feature of the Scotia Momentum Visa Infinite is the 4% cashback on groceries. (Very few Canadian cards feature such a high earn rate on groceries.) For an average Canadian family of four, that would translate to $432 in cashback per year!
The other great thing about the Scotia Momentum Visa Infinite is that you can earn 4% at all5 grocery stores. (Unlike the President’s Choice Mastercards, which only offer bonus points at Loblaw’s stores.)
Additionally, the Scotia Momentum Visa Infinite is widely accepted. (Unlike the American Express Cobalt.) That means you won’t miss out on earning bonus cashback at grocery stores that don’t accept Amex.
4% cashback on recurring payments
Another unique earning category with the Scotia Momentum Visa Infinite is the 4% cashback on recurring bills.
Out of all the cards on the Canadian market, the Scotia Momentum Visa Infinite offers the highest cashback for this category. If you pay your recurring bills by credit card, this could be a fantastic card for you.
Recurring bills include payments to services like Netflix, Disney+, Spotify, cell phone plans, internet services, and even monthly orthodontist installments. (If you’ve ever experienced the pain of orthodontics expenses, you know how costly it can be! It’s sure nice to get 4% of those fees back!)
2% cashback on daily transit
This is another unique cashback category for the Scotia Momentum Visa Infinite. (Only a handful of Canadian cards offer this bonus cashback category.)
Daily transit is a broad category that includes:
- Passenger railways.
With such a variety of transit options included, most of us are sure to earn some cashback with this unique category!
Mobile device insurance
This is a newer insurance coverage that only a handful of credit cards offer. And as it turns out, the coverage is pretty great:
In the event your cell phone, smartphone, or tablet is lost, stolen, accidentally damaged, or experiences mechanical failure, you may be covered for up to $1,000 to repair or replace your device.
As a rather clumsy person with a smartphone-carrying teen in the house, this insurance is extremely appealing! You can find more details on this coverage in this PDF.
Scotiabank U.S. Dollar Visa annual fee waiver
This is another great perk: as a Scotia Momentum Visa Infinite cardholder, the annual fee on the Scotiabank U.S. Dollar Visa will be waived6. That’s $35 USD in annual savings!
Related reading: For those who are wondering why we hold a US dollar credit card, read What’s in This Canadian FI-Seeker’s Wallet? and scroll down to Why I use a USD Visa.
What about the travel insurance?
The Scotia Momentum Visa Infinite also features a comprehensive suite of travel insurance:
- Trip cancellation and trip interruption insurance
- Travel emergency medical insurance
- Travel accident insurance
- Flight delay insurance
- Delayed and lost baggage insurance
- Rental car collision loss/damage insurance
This is an excellent list of travel insurance benefits that’s comparable to coverage offered by other premium credit cards.
What are the negatives?
While the Scotia Momentum Visa Infinite is a fantastic card, it’s not perfect! Here’s what I don’t love about it:
High annual fee
At $120 for the primary and $50 per supplementary card, this is not a cheap card! However, given the multiple bonus categories, there’s a very good chance that you’ll more than earn back the cost of the annual fee.
Low earn rate on non-bonus categories
Given the 1% earn rate, I would not suggest that you use the Scotia Momentum Visa Infinite for purchases outside of the bonus categories (groceries, recurring bills, gas, daily transit).
You could easily earn 1.75–2% on these purchases with other cashback cards—including my favourite: the free Rogers World Elite MasterCard. (Read What’s in This Canadian FI-Seeker’s Wallet? for my mini review of this amazing card.)
However, for those who aren’t into using multiple credit cards, 1% is still a decent earn rate for general purchases! See It’s worth it for ‘single-carders’ below for more on this.
Is it worth it?
For the first year—absolutely! With no annual fee for the first year, you can’t lose!
After the first year, it all depends on your personal spending pattern. I believe most Canadians will still get excellent value from the Scotia Momentum Visa Infinite… but don’t just take my word for it!
It’s worth it for ‘single carders’!
If you prefer one card for all your spending (unlike crazy credit card rewards junkies like me) the Scotia Momentum Visa Infinite is definitely worth getting.
My in-laws are ‘single carders’ who prefer simplicity. I recommended this card to them and they’ve easily earned multiples of their annual fee with their spending. (Which I’d classify as slightly below the Canadian average—they’re pretty frugal!)
Each November, when the cashback pays out, they receive a nice, big payout. They love it and couldn’t be happier! If you’re a ‘single carder’ like my in-laws, the Scotia Momentum Visa Infinite may just be the perfect card for your wallet.
My final verdict
With no annual fee for the first year, you’re basically turning down free money by not getting this card!
After the first year
After the first year, evaluate your experience with the card and whether the cashback merits the annual fee. I suspect most Canadians will easily earn enough to justify the annual fee (even frugal, FI-minded families).
If you decide to keep the card, don’t forget to request an annual fee waiver for year two. And if you decide not to keep it, you’ll still be several hundred dollars richer!
If you have any questions, feel free to leave a comment below—I’m happy to reply and help however I can!
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