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Scotia Momentum No-Fee Visa Card Review

Scotia Momentum No-Fee Visa Card review

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3.0

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Welcome Offer Ends Oct 31, 2025

Earn 5% cash back on all purchases for the first 3 months (up to $2,000 in total purchases); Plus, get a 0% introductory interest rate on balance transfers for the first 6 months (22.99% after that; annual fee $0)

1% Cash back at gas stations, grocery stores, drugs stores, and on recurring payments.

0.5% Cash back on all other eligible purchases.

25% Off base rates at Avid and Budget locations in North America.

19.99% Purchase APR

22.99% Balance Transfer Rate

22.99% Cash Advance APR

$0 Annual Fee $0 for each additional card

2.5% Foreign Transaction Fee

Fair Recommended Credit Score

3.0

Scotia Momentum No-Fee Visa Card review

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Quick overview

If you’re looking for a no-fee, no-frills credit card that’ll let you earn points as you spend on essentials, the Scotia Momentum No-Fee Visa Card might be right for you. 

This card aims to help you earn points on the things you regularly spend on, such as gas, groceries, drugstore purchases and recurring bill payments. With a 1% cash back on all eligible gas stations, grocery stores, drug stores purchases and recurring payments, it caters to everyday shoppers looking to earn rewards on their routine expenditures. Additionally, the welcome bonus is decent, offering 5% cash back for a limited-time: Earn 5% cash back on all purchases for the first 3 months (up to $2,000 in total purchases); Plus, get a 0% introductory interest rate on balance transfers for the first 6 months (22.99% after that; annual fee $0).

It’s not a perfect card, though – and, really, there’s no such thing. The Scotia Momentum No-Fee Visa Card has some limitations that might turn you off. The reward structure for non-essential spending is just 0.5%. The redemption process is also quite rigid; cash back is accumulated monthly but can only be redeemed once a year in November, which may not suit those who prefer more frequent or flexible redemption options. The card also lacks comprehensive insurance coverage, a common perk among credit cards, although optional insurance can be purchased. Lastly, the foreign transaction fee of 2.5% could be a drawback for those who travel or make purchases in foreign currencies.

Still, take a look at the Scotia Momentum No-Fee Visa Card if you’re budget-conscious and want to earn cash back on your daily spending without worrying about an annual fee. 

Who is this card for?

If you're someone who appreciates the value of every dollar and seeks a credit card that aligns with a practical budget, the Scotia Momentum No-Fee Visa Card might be what you need. It's especially beneficial for you if your regular expenses include a significant amount on groceries, gas and recurring bills, as it offers cash back on these purchases without the sting of an annual fee. 

You'll find this card particularly advantageous if you're starting out with credit cards and want a simple tool to build credit and accumulate rewards. It's also a smart choice if you're looking to transfer and pay down existing debt, thanks to its promotional balance transfer offer. However, if you're a frequent traveler or you're after extensive insurance benefits and flexible reward redemption, you might want to look elsewhere for a card that’ll satisfy those needs.

The Scotia Momentum® No-Fee Visa* Card is also a great option for students in search of a cash-back card that doesn't charge an annual fee and offers a low introductory rate on balance transfers.

Pros and cons

Pros

Pros

  • No annual fee: The card does not charge an annual fee, making it cost-effective for users.

  • Cash back rewards: Offers 1% cash back on eligible gas, groceries, drugstore purchases and recurring bill payments.

  • Welcome bonus: There is a welcome bonus of 5% cash back on up to $2,000 in eligible purchases within the first three months.

  • Promotional balance Transfer Rate: A promotional 0% annual interest rate on balance transfers for the first six months (with a 2% balance transfer fee).

  • Rental car discounts: Cardholders can save up to 25% off base rates at participating AVIS and Budget locations in Canada and the U.S.

Cons

Cons

  • Limited insurance: No included insurance coverage, though optional insurance bundles are available for a fee.

  • Low base rewards rate: After exceeding the $25,000 spending cap, the cash back rewards drop to a base rate of 0.5%.

  • Rigid redemption process: Cash back is accumulated monthly but can only be redeemed once annually in November.

  • Balance transfer fee: There is a 2% balance transfer fee when utilizing the promotional balance transfer rate.

  • Foreign transaction fee: The card charges a 2.5% foreign transaction fee on purchases made in a foreign currency.

  • Limited perks: Compared to other no-fee cards, the Scotia Momentum No-Fee Visa Card offers fewer perks and lower reward rates.

Welcome bonus

  • Earn 5% cash back on all purchases for the first 3 months (up to $2,000 in total purchases); Plus, get a 0% introductory interest rate on balance transfers for the first 6 months (22.99% after that; annual fee $0)
  • The welcome bonus is credited in two installments, provided the account is in good standing.
  • The bonus cash back is credited within seven months from the account open date.
  • Regular cash back earned during the promotional period is credited as per the regular schedule.

How to earn points

  • Earn cash back on eligible purchases at the regular cash back rate after the promotional period.
  • Earn 1% cash back on all eligible gas stations, grocery stores, drug stores purchases and recurring payments.
  • Earn 0.50% cash back on all other eligible purchases.
  • The cash back earned is credited according to the regular payment schedule.

Key benefits

  • No annual fee for both primary and additional cards.
  • Competitive cash back rate on everyday purchases.
  • $0 for each additional cards.

Insurance coverage

There is no insurance included with the Scotia Momentum No-Fee Visa card. However, you can purchase optional insurance in two packages.

  • Basic protection includes a life benefit, a critical illness benefit, and a hospitalization benefit. 
  • Comprehensive protection includes everything in the basic protection pack and a disability benefit, job loss benefit, and a strike or lockout benefit. 

Scotiabank credit card insurance is charged at a monthly rate of $1.09 per $100 on your account. For example, if you carry a balance of $3,000, your monthly cost is $32.70 for a maximum payout of $50,000. 

So, if you carry a balance, while it’s nice to know your credit card balance will be paid off if you die or fall critically ill, your money is more valuable in a term life insurance policy. 

Extras

  • Scotia SelectPay helps you pay off large purchases over a period of time with no interest for a low fee. 

How this card compares

Tangerine Money-Back Credit Card

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4.0

Good

Suggested credit score

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Pros

  • No annual fee

  • Choose the spending categories where you want to earn the most cash back

  • Unlimited cash back—no maximum spending limit for any purchase category

  • Cash back is paid out monthly rather than annually

  • Periodically includes a special welcome offer where you can get extra cash back

  • 1.95% interest on balance transfers for the first 6 months (1% transfer fee applies)*

Cons

  • Regular cash back rates are still lower than what you can get from a card with an annual fee

  • Limited extra perks or benefits beyond the cash back and balance transfer promotion

  • Generally not a good fit for shopping at warehouse clubs or wholesale grocers like Costco or Walmart

  • Tangerine does not have any physical bank branches

Eligibility

Recommended Credit Score

Good

Required Annual Personal Income

$12,000

Pros

  • No annual fee

  • Choose the spending categories where you want to earn the most cash back

  • Unlimited cash back—no maximum spending limit for any purchase category

  • Cash back is paid out monthly rather than annually

  • Periodically includes a special welcome offer where you can get extra cash back

  • 1.95% interest on balance transfers for the first 6 months (1% transfer fee applies)*

Cons

  • Regular cash back rates are still lower than what you can get from a card with an annual fee

  • Limited extra perks or benefits beyond the cash back and balance transfer promotion

  • Generally not a good fit for shopping at warehouse clubs or wholesale grocers like Costco or Walmart

  • Tangerine does not have any physical bank branches

Eligibility

Recommended Credit Score

Good

Required Annual Personal Income

$12,000

Earn 2% cash back on 2 categories of your choice (e.g. groceries, recurring bills, gas, drug stores, etc.)

2%

Get a Tangerine Savings account and add a 3rd 2% cash back category.

3

Earn 0.50% on all your other everyday purchases.

0.5%

Variable APR

19.95% - 24.95%

Balance Transfer Rate

1.95%

Cash Advance APR

19.95%

Annual Fee

$0

Foreign Transaction Fee

2.5%

Scotia Momentum No-Fee Visa Card vs. Tangerine Money-Back Credit Card

The Scotia Momentum No-Fee Visa Card and the Tangerine Money-Back Credit Card are both strong contenders in the no-annual-fee cash back credit card market in Canada, but they cater to slightly different users. 

The Tangerine Money-Back Credit Card, on the other hand, allows you to earn 2% cash back in two categories of your choice, with the option to add a third category by depositing your rewards into a Tangerine Savings Account. It also lets you earn Earn 0.50% on all your other everyday purchases.% on all other eligible spending. This could be more beneficial if you prefer to tailor your rewards to your personal spending patterns. The Tangerine card also offers an introductory bonus: 

BMO CashBack® Mastercard®*

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3.4

5% cash back

Welcome offer

Good

Suggested credit score

Get 5% cash back in your first 3 months*

Expires

Jun 1, 2025

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Pros

  • No Annual Fee: A rare find in Canada for a cash back card

  • A generous 3% cash back on groceries (up to $500 monthly)

  • Easily redeem from $1, set up automatic redemptions, or use as a statement credit

  • Additional perks include discounts on rentals, free supplementary cards and show discounts

Cons

  • Outside of groceries and recurring payments, the standard earn rate drops to 0.5%

  • Monthly caps on top earn rates for groceries and recurring payments

  • A 2% balance transfer fee applies

  • The interest rate on the remaining balance transfer amount increases after the introductory period

Eligibility

Recommended Credit Score

Good

Required Annual Personal Income

$15,000

Pros

  • No Annual Fee: A rare find in Canada for a cash back card

  • A generous 3% cash back on groceries (up to $500 monthly)

  • Easily redeem from $1, set up automatic redemptions, or use as a statement credit

  • Additional perks include discounts on rentals, free supplementary cards and show discounts

Cons

  • Outside of groceries and recurring payments, the standard earn rate drops to 0.5%

  • Monthly caps on top earn rates for groceries and recurring payments

  • A 2% balance transfer fee applies

  • The interest rate on the remaining balance transfer amount increases after the introductory period

Eligibility

Recommended Credit Score

Good

Required Annual Personal Income

$15,000

Cardholders earn 3% (up to a monthly max of $500) cash back on groceries

3%

Cardholders can earn 1% (up to $500 per month) on any recurring bill payments*

1%

Cardholders can earn 0.5% (no monthly max) on all other eligible purchases*

0.5%

Purchase APR

20.99%

Cash Advance APR

22.99%

Annual Fee

$0

Scotia Momentum No-Fee Visa Card Vs. BMO CashBack Mastercard

The Scotia Momentum No-Fee Visa Card and the BMO CashBack Mastercard both offer attractive cash back rewards without an annual fee, but they cater to different spenders. This card is ideal if you want to earn rewards on everyday purchases. 

In comparison, the BMO CashBack Mastercard offers a tiered cash back system with 3% cash back on groceries (up to $500 monthly), 1% on recurring bill payments (up to $500 per month), and 0.5% on all other purchases with no monthly maximum. This could be more advantageous if your spending is heavily skewed towards groceries and recurring payments. The BMO card also boasts a flexible redemption option, allowing you to redeem cash back at any time and in any amount, which contrasts with the Scotia card's once-a-year redemption policy. 

*Terms and conditions apply.

†Based on a comparison of the non-promotional grocery rewards earn rate on cash back credit cards with no annual fee as of January 4, 2023.

Simplii Financial™ Cash Back Visa* Card

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3.0

10% cash back†

Welcome offer

Good

Suggested credit score

Up to 10% cash back† for your first 3 months up to $1,000 eligible spend

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Pros

  • Extremely high cash back on bars and restaurants

  • Solid cash back on groceries, drug store, gas and prepayments

  • No annual fee

  • Up to three additional cards free of charge

Cons

  • Cash back applied as year-end statement credit

Eligibility

Recommended Credit Score

Good

Required Annual Household Income

$15,000

Pros

  • Extremely high cash back on bars and restaurants

  • Solid cash back on groceries, drug store, gas and prepayments

  • No annual fee

  • Up to three additional cards free of charge

Cons

  • Cash back applied as year-end statement credit

Eligibility

Recommended Credit Score

Good

Required Annual Household Income

$15,000

Earn 4% on eligible restaurant, bar and coffee shop purchases, up to $5,000 per year†

4%

Earn 1.5% on eligible gas, groceries, drugstore purchases and pre-authorized payments, up to $15,000 per year† - after that 0.5% unlimited

1.5%

Earn 0.5% on all other credit card purchases with no limit on how much you can earn†

0.5%

Purchase APR

20.99%

Balance Transfer Rate

22.99%

Cash Advance APR

22.99%

Annual Fee

$0

Foreign Transaction Fee

2.5%

Scotia Momentum No-Fee Visa Card Vs. Simplii Financial Cash Back Visa Card

The Scotia Momentum No-Fee Visa Card and the Simplii Financial Cash Back Visa Card both reward everyday spending, but they do so in different ways. 

The Simplii Financial Cash Back Visa Card offers a more lucrative cash back rate of up to 4% on restaurant, bar, and coffee shop purchases, up to $ per year, and 1.5% on gas, groceries, drugstores, and pre-authorized payments, up to $ per year. This card might be more appealing if you dine out frequently or have a higher spend in these categories.

Additionally, the Simplii card offers an attractive welcome bonus of up to 10% cash back† for your first 3 months up to $1,000 eligible spend. Both of these cards only allow you to redeem your cash back once per year, making them less flexible than other cards.

Is the Scotia Momentum No-Fee Visa Card worth it?

It’s a practical choice for individuals who spend on everyday essentials such as groceries, gas and recurring payments, and who are drawn to simplicity and savings. With no annual fee, it's a cost-effective option. The card's welcome bonus and the introductory balance transfer rate add short-term value, making it particularly appealing if you're planning significant spending soon after acquiring the card or if you're considering consolidating and paying down existing debt.

However, the card's benefits are most rewarding for those who consistently spend in the specific categories that earn cash back. If your spending is varied or if you're a frequent traveler, the card's limited reward categories and lack of travel perks may not align with your lifestyle.

FAQs

  • What are the cash back rewards I can earn with the Scotia Momentum No-Fee Visa Card?

    +

    With the Scotia Momentum No-Fee Visa Card, you can earn 1% cash back on all eligible gas stations, grocery stores, drug stores purchases and recurring payments. After reaching a certain spending cap, the cash back rate drops to 0.5%. It's important to note that cash back is accumulated throughout the year and is only paid out once annually in November.

  • Does the Scotia Momentum No-Fee Visa Card have any fees for additional cards?

    +

    No, there are no fees for additional cards on the Scotia Momentum No-Fee Visa Card account. You can add supplementary cardholders to your account without incurring extra annual fees, allowing family members to contribute to the cash back earnings.

  • Is there a Scotiabank student credit card?

    +

    Yes, the Scotia Momentum No-Fee Visa Card is an ideal choice for students, thank to its no annual fee and cash back features. As well, this card particularly attractive for students just starting out with credit cards.

  • Is the Scotia momentum no-fee visa good for foreign transactions?

    +

    The Scotia Momentum No-Fee Visa Card may not be the best option for foreign transactions. It charges a foreign transaction fee of 2.5% on purchases made in a currency other than Canadian dollars. This fee is fairly standard across many credit cards; however, it can add up if you frequently travel abroad or make online purchases from international retailers.

Justin da Rosa Freelance Writer

Justin is a writer and editor who has been covering personal finance for over 10 years. He's written for companies such as KOHO, Ratehub, BMO, Zoocasa, and Questrade, among others. Justin also created a course in Content Creation, which he taught at York University for four years. When not writing, Justin can be found at a live concert, on the golf course, riding a motorcycle, or sailing.

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