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Scotia Momentum Visa Infinite Review: Canada’s Top Cash Back Credit Card

Scotia Momentum Visa Infinite Review: Canada’s Top Cash Back Credit Card

It’s no secret that I’m a big fan of rewards credit cards. If used properly, the best credit cards can pay hundreds, if not thousands, of dollars in annual cash back or travel rewards for doing something we do all the time: shop. In this credit card review, I’ll give you the lowdown on my favourite cash back credit card, which is also one of the best for grocery spending – The Scotiabank Momentum Visa Infinite Card – starting with its key features.

Key Features

  • First year’s annual fee waived ($120 value – Apply before November 21, 2021)
  • 4% cashback on grocery purchases, recurring payments, and subscriptions
  • 2% cashback on gas and transit purchases
  • 1% cashback on all other purchases
  • 8 different types of complimentary insurance coverage
  • Minimum Credit Limit $5000
  • Purchase/Cash Advance Interest 20.99%/22.99%
  • Annual Income Requirement of $60,000/$100,000 Household

Scotia Momentum Visa Infinite: Limited Time Offer

Right now, you can get the first year’s annual fee waived (a $120 value) if you apply for a Scotia Momentum Visa Infinite Card before the November 21, 2021 deadline.

Apply for a Scotia Momentum Visa Infinite Card today!

Scotia Momentum Benefits

When it comes to the top perks of the Scotia Momentum Visa Infinite, it might be a toss-up between the cashback rewards and the available insurance coverages. What’s more important to you? Up to 4% cashback, or a whopping 8 different types of insurance protection. Let’s take a closer look at what’s available.

Cash Back Rewards

I love the Scotia Momentum card for the cashback rewards it offers. You earn 4% cashback on every dollar spent on grocery store purchases, recurring bill payments, and subscription purchases. Gas and transit purchases earn 2% cashback, while all other spending earns 1%.

The 4% cashback is available on up to $25,000 in annual spending, letting you rack up the rewards. For example, spending $1000/month on groceries equates to $480 cashback annually. Let’s take it a bit further:

ItemAnnual SpendRateCash Back
Gas & Transit$36002%$72
Other Spending$120001%$120

This is a very possible scenario for a family with children. Depending upon your spending habits, it may be a conservative estimate. Still, it’s easy to see how quickly the rewards can add up if you use the Scotiabank Momentum card when you shop. In this example, the $672 in annual earnings far outweighs the expense of the $120 annual fee.

8 Different Types of Insurance Coverage

The Scotia Momentum Visa Infinite Card comes with no fewer than 8 insurance coverages. Most of them are related to travel, but there is also a new coverage called Mobile Device Insurance. Let’s take a closer look at what’s available.

New Mobile Device Insurance

Suppose you purchased a new cell phone, smartphone, or tablet using your Scotia Momentum Visa Infinite card on or after August 1, 2019. In that case, you may be covered for up to $1000 if your device is lost, stolen, accidentally damaged, or malfunctions.

Trip Cancellation and Trip Interruption Insurance

If you charge a minimum of 75% of the cost of a trip to your Scotia Momentum Visa Infinite Card and are forced to cancel your trip, you and your family (spouse and dependent children) are eligible for up to $1500 coverage of travel expenses. Maximum plan coverage is $10,000 per trip. Trip interruption is available for up to $2000 per person.

Travel Emergency Medical Insurance

Travel Emergency Medical coverage is available up to $1 million in the case of a sudden or unexpected illness or injury while travelling outside of your home province. Coverage includes the cardholder, spouse, and dependent children.

Flight Delay Insurance

If your flight is delayed by 4 hours or more, you may be reimbursed for living expenses, i.e., food, accommodation, up to $500 per person.

Delayed and Lost Baggage Insurance

Delayed and Lost Baggage coverage is available if you purchase your flight tickets with Your Scotia Momentum Visa Infinite Card. The maximum coverage amount is $500 for all insured persons.

Travel Accident Insurance

When travelling aboard a passenger airplane, cruise ship, train, or bus, you’re covered against accidental loss of life or dismemberment – as long as you charged at least 75% of the ticket cost to your Scotia Momentum Visa Infinite card.

Rental Car Collision Loss/Damage Insurance

When you rent a car using your Scotia Momentum Visa Infinite card, you’re covered by Collision Loss Damage Insurance. This means that you don’t have to take the coverage offered by the car rental company, which is usually very expensive.

Purchase Security and Extended Warranty Protection

When you purchase a product with your Scotia Momentum Visa Infinite Card, it will be insured against theft, loss, or damage. The coverage is valid for 90 days after purchase. Most items purchased with the card will have their warranty doubled beyond the original manufacturer’s warranty for up to one year. So, an item with an original 1-year warranty would see the warranty double to 2 years.

Other Benefits

The following perks are the icing on the cake of a great cash-back rewards credit card. Not all cardholders will take advantage of the extra benefits, like concierge service or complimentary wine tastings, but they do add a premium feel to the card.

Visa Concierge Service

Concierge service is standard with most of the Visa Infinite Affinity programs, and it’s a nice feature. A live concierge is available 24/7 to help with trip planning, booking reservations, or finding tickets to a concert or show. It’s a nice perk for frequent travellers.

Visa Infinite Hotel Collection

The Visa Infinite Hotel Collection is a list of more than 900 hotel properties that will guarantee you the best rate, automatic room upgrades when available, and free Wi-fi when you arrive at your hotel.

Visa Infinite Dining and Wine Country Program

Get access to top-notch in-person dining experiences at some of North America’s top restaurants, as well as at-home meal service, featuring instruction from top chefs. The Wine Country program offers complimentary wine tastings and discounted wine deliveries from wineries in British Columbia and Ontario.

Apply for a Scotia Momentum Visa Infinite Card today!

Who Is the Card Best Suited For?

The ideal Scotia Momentum Visa Infinite cardholder is someone who spends a significant amount of money on groceries and gas for their car. They probably have a family, including a couple of kids. They may spend their cashback earnings on travel while taking advantage of the insurance coverages offered by the card.

Card Drawbacks

There is at least one type of customer who won’t benefit much from this card. Visa is not accepted at Costco, nor is Costco considered a grocery store for the purpose of bonus cashback rewards. If you do most of your grocery shopping at Costco, including gas purchases, you’ll be better off with a credit card displaying the Mastercard logo. The BMO CashBack World Elite Card is a good option.

Also, because the Scotia Momentum Visa Infinite is a premium rewards card, there’s a minimum income requirement of $60,000 for individuals, or $100,000 per household.

Final Thoughts on the Scotia Momentum Visa Infinite Card

The Scotia Momentum Visa Infinite Card is Canada’s top cashback card for groceries, due to the high standard 4% cashback rate. The current offer of a $120 annual fee waiver for the first year only sweetens the pot. From time to time, Scotiabank has a limited-time welcome offer of 10% cashback. You can wait for that offer to apply, or you can apply now, and begin earning cashback right away.

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