I want to tell you about one of the best cash back credit cards out there: the Scotia Momentum Visa Infinite Card. First, as many of you already know, I’m a huge fan of no-fee products (ie. Tangerine and EQ Bank for banking and savings) and low-fee products (ie. Questrade for Investing in stocks and ETFs).
So some of you may be surprised when I tell you that I’m recommending a cash back credit card that has an annual fee! Yes, it’s that good. The annual fee isn’t that bad, it’s only $99 a year but as you’ll see, it’s so worth it. This credit card has the potential to easily earn you 5 to 10 times that amount in cash back. That’s why I really think this card is a great opportunity for people, especially families, to earn great cash back rewards on their spending.
I mean let’s face it we all need to buy food and gas. And this card offers 4% cash back on groceries and gas! I’m sure that most of us have monthly recurring bills for our cell phones and cable services, etc. Well you’ll earn 2% cash back on those recurring bill payments. You’ll also earn 2% cash back on purchases made from drug stores. Oh and on all other purchases you’ll earn 1% cash back. All told, this card offers incredible value which is why I’m recommending it.
How Much Cash Back We Talkin ‘Bout?
Here’s an example of the savings offered by the Scotia Momentum Visa Infinite Card from my own family’s monthly spending:
Groceries $1,000 x 12 months = $12,000 x 4% = $480
Gas $300 x 12 months = $3,600 x 4% = $144
Bill Payments $117 x 12 months = $1,404 x 2% = $28.08
Other Spending $500 x 12 months = $6,000 x 1% = $60
Total cash back rewards = $712.08 – $99 annual fee = $613.08
I would have earned $613.08 after the $99 annual fee.
Is that good? Or bad? I wasn’t sure so I compared that cash reward to what I would have received in cash back from my Tangerine Money Back Credit Card. Here’s what I found:
On groceries, gas and recurring bills I earn 2% cash back from Tangerine. On all other spending I earn 0.50%
Groceries $1,000 x 12 months = $12,000 x 2% = $240
Gas $300 x 12 months = $3,600 x 2% = $72
Bill Payments $117 x 12 months = $1,404 x 2% = $28.08
Other Spending $500 x 12 months = $6,000 x 0.50% = $30
Total cash back rewards = $370.08
So how does the Tangerine Money Back Credit Card compare to the Scotia Momentum Infinite Visa?
Well, with the Scotia Momentum Visa Infinite I earned $613.08 compared to the Tangerine Money Back Credit Card where I earned $370.08
So even with the $99 fee I earned $243 more with the Scotia Momentum Visa Infinite card! That’s an increase of 65%.
So the apples to apples numbers work out in favor of the Scotia Momentum Visa Infinite.
Related Tangerine Money Back Credit Card
Scotia Momentum Visa Infinite Special Offer
What’s even better is that right now Scotia is offering a **Special Promotion** where you can earn 10% cash back on all purchases for the first 3 months (up to $2,000 in total purchases).1 Plus, no annual fee in the first year.◊ A welcome offer of up to $299.† For a Limited time only. This is of course subject to credit approval and conditions.
Sign Up for a Scotia Momentum Visa Infinite Card Today!
So with that additional promotional savings, I could earn about $900 in my first year of using the card.
The Scotia Momentum Visa Infinite card Offers exclusive Benefits
But this card offers many more perks than just cash back.
Here are a few:
The card also has many other benefits such as:
Travel Emergency Medical Insurance
Trip Interruption Insurance
Flight Delay Insurance
Delayed and Lost Baggage Insurance
Rental Car Collision Loss/Damage Insurance
Travel Accident Insurance
Purchase Security & Extended Warranty Protection
This card offers tons of benefits so you’ll want to read up on them to see how to qualify.
When are Cash Back Rewards Paid Out?
Cash Back rewards are paid out annually provided that the account is in good standing (ie. You haven’t missed payments and the account is current). So make sure you use this card responsibly to take full advantage of the cash rewards. I will say that I’d rather the cash rewards be paid out on a monthly basis.
How are Cash Back Rewards Paid
You can choose to have your rewards deposited into an eligible Scotiabank Chequing or Savings account, or have them credited to your credit card statement.
Who is Eligible for the Scotia Momentum Visa Infinite
The Scotiabank website states that you must have a minimum annual income of $60,000 or a minimum household income of $100,000 to be eligible for this cash back credit card.
If this card is for you then take advantage of the Special Promo offer while it lasts.
**Special Promotion**
Earn 10% cash back on all purchases for the first 3 months (up to $2,000 in total purchases).1 Plus, no annual fee in the first year.◊ A welcome offer of up to $299.† Limited time only. Subject to credit approval and conditions.
Click Here to Sign Up for Scotia Momentum® VISA Infinite* card
Thanks for reading my review of the Scotia Momentum Visa Infinite Card.