There’s a promotion for a whopping 10% cash back with the Scotiabank Momentum Visa Infinite that ends October 31, 2024.
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Last updated November 2023
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Scotia Momentum Visa Infinite Review
I have always wanted to take advantage of a big scheduled purchase with a credit card application, for example, like the high car insurance payments once a year. I thought 2022 would be the year I take advantage of something like this.
Naturally, because I like to lower my credit score temporarily all the time, I applied for this card- I have some necessary big expenses that I have to make anyway, and I thought this year would be the year that I am organized enough to ‘time’ the credit card sign ups for these big purchases.
Momentum Visa Infinite Sign Up Bonus
Right now, the Scotiabank Momentum Visa Infinite is offering 10% cash back on ALL purchases for the first three months after account opening up to $2000 in purchases.
Basically, it’s $200 cash back.
The bonus cash back will be credited to your statement within 7 months from the account open date (so if you take 3 months to make your $2000 purchases, you should get it 4 months after).
One important thing to note is that in order to qualify for the bonus cash back, you can’t have had a Scotiabank retail credit card opened within the last 2 years (or were a secondary card holder).
This is why having a free credit report can be useful, or at least keep track of your credit card sign ups on an Excel spreadsheet.
Momentum Visa Infinite Cash Back
After your Bonus Cash back is earned, you can earn 4% cash back on grocery purchases and recurring bill payments and subscription services.
Examples of recurring bill payments include insurance premiums, utilities, your Telus Internet, cell phone bills, and gym memberships.
Examples of subscription services include Netflix, or meal kit delivery like Chefs Plate Canada.
You can earn 2% cash back on gas, and even trips taken with Uber.
Then, it’s 1% on everything else with no limit to amount of cash back.
Momentum Visa Infinite Insurance
- Mobile Device Insurance. This is a new type of insurance in recent years. It would have been nice to have this when I cracked my home button last year on my iPhone (and paid $200+ to replace it). You are covered up to $1,000 if your cell phone, smartphone, or tablet is lost, stolen, accidentally damaged, or mechanically fails. There is still a deductible that you would have to pay though and you have to charge the phone purchase (or the monthly payment of the phone) to the card.
- Trip Cancellation and Trip Interruption Insurance. You get up to $1500 per person for trip cancellation and $2000 per person for trip interruption insurance if you charge at least 75% of your trip cost to the Momentum Visa Infinite.
- Travel Emergency Medical Insurance. It is only for people under age 65 and is up to 15 consecutive days. If you have a pre-existing condition, the benefit will be subject to exclusion unfortunately.
- Flight Delay Insurance. If the flight is delayed by more than four hours, you can claim up to $500 for reasonable living expenses. You have to charge more than 75% of the trip to the card.
- Delayed and Lost Baggage Insurance. You have to purchase the flight tickets on the card, and it is covered up to $500.
- Travel Accident Insurance. You have to charge over 75% of the cost to the card for this.
- Rental Car Collision/ Lost Damage Insurance. If you charge the full cost of the rental car to the card.
- Purchase Security and Extended Warranty Protection. It extends the warranty for another year.
As you can see, the Scotiabank Momentum Visa Infinite has pretty standard ‘premium’ level of insurance.
The travel insurance is not as good as let’s say, a dedicated travel credit card though. For example, the Travel Emergency Medical Insurance is not very good if you are over 65.
Other Momentum Visa Features
Other notable features include 25% off Avis and Budget car rentals’ base rates.
There are some other Momentum Visa Infinite perks like Concierge service, and Hotel Collection (automatic upgrade if available), however, given the current restriction of non-essential travel, this is not the most useful right now.
Scotiabank Momentum Visa Infinite Eligibility
To qualify for this card, you have to have a minimum income of $60,000 annually or a minimum household income of $100,000.
Or you have to have a minimum of $250,000 in assets under management.
Momentum Visa Infinite Annual Fee
The annual fee is $120 year.
Currently the annual fee is waived for the first year if you sign up.
If you have a Scotiabank Preferred Chequing Account, the annual fee is waived the first year.
If you have a Scotiabank Ultimate Chequing Account the annual fee is waived every year, and not just the first year.
I like the Scotia Momentum Visa Infinite card because it is free, but I don’t know if I will continue beyond one year when I get my cash back money. I still am attached to the Rogers World Elite Mastercard for the flat 1.5% cash back rate because of the simplicity.
I reviewed this back when I was looking for a replacement for the World Elite (since they will require a $15,000 minimum annual spend soon), and even with the 4% cash back on specific purchases, a flat 1.5% rate worked out better for me in regards to cash back (ignoring the initial promotional rate).
Also, it would be nice if this cash back card had free roadside assistance. That would definitely make it better in my eyes, but for now, the 10% cash back promotion satisfies my credit card churning indulgence.
Do you have the Scotiabank Momentum Visa Infinite?
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Is it a churn and dump card or does it have a shrine within your wallet?
GYM is a 30 something millennial interested in achieving financial freedom through disciplined saving, dividend and ETF investing, and living a minimalist lifestyle. Before you go, check out my recommendations page of financial tools I use to save and invest money. Don’t forget to subscribe for blog updates, a free dividend yield spreadsheet, and the free Young Money Bootcamp eCourse.