The Scotia Momentum® No-Fee Visa* Card is a popular credit card choice for many due to its no annual fee and attractive cashback benefits. This card is ideal for those who want to earn rewards on their everyday purchases without worrying about annual fees.
Additionally, the card offers a 0% introductory interest rate on balance transfers for the first six months, making it a valuable option for those looking to manage their finances efficiently. With its comprehensive cashback program and a host of other benefits, the Scotia Momentum® No-Fee Visa* Card stands out as a practical and rewarding choice for a variety of users.
Whether you’re looking to build your credit history, enjoy interest-free grace periods, or earn cashback on routine purchases, this card offers a range of features tailored to meet these needs.
Main Information About the Credit Card
How Does the Annual Fee Work?
One of the most appealing features of the Scotia Momentum® No-Fee Visa* Card is that it comes with no annual fee. This means that cardholders can enjoy all the benefits of the card without any yearly cost. The absence of an annual fee is a significant advantage, particularly for those who prefer not to incur additional expenses just to keep their credit card active.
This feature makes the card accessible and cost-effective, especially for budget-conscious individuals or those who do not use their credit cards extensively enough to justify an annual fee.
How Is the Credit Limit Determined?
For the Scotia Momentum® No-Fee Visa* Card, the credit limit is determined based on several factors assessed by Scotiabank during the application process. These factors typically include the applicant’s credit history, income level, and overall financial situation.
Unlike prepaid cards where the customer decides the limit by the amount they load onto the card, the limit for conventional credit cards like this one is set by the bank. Applicants with a good credit history and higher income levels are likely to receive a higher credit limit. The minimum credit limit for this card is set at $500, ensuring that even new or lower-income users have access to a reasonable line of credit.
Advantages of the Credit Card
The Scotia Momentum® No-Fee Visa* Card comes with a variety of advantages that make it an attractive option for many users. Here are some of the key benefits:
- No Annual Fee: Enjoy all the card’s benefits without any yearly charges.
- Cashback on Everyday Purchases: Earn 1% cashback on purchases at eligible gas stations, grocery stores, drug stores, and on recurring payments. Earn 0.5% cashback on all other eligible purchases.
- 0% Introductory Interest Rate on Balance Transfers: Benefit from a 0% interest rate on balance transfers for the first six months, which helps in managing existing debt more effectively.
- Scotia SelectPayTM: Offers flexible installment plans on eligible purchases of $100 or more, with low interest rates and no installment plan fee.
- Insurance Coverage: Includes various insurance benefits, providing additional security and peace of mind.
Standout Advantage: Cashback Program
The standout feature of the Scotia Momentum® No-Fee Visa* Card is undoubtedly its cashback program. This program allows cardholders to earn cashback on a variety of everyday purchases, making it easy to accumulate rewards simply by using the card for routine expenses.
For instance, users earn 1% cashback on purchases made at eligible gas stations, grocery stores, drug stores, and on recurring payments. All other eligible purchases earn 0.5% cashback. This not only provides an incentive to use the card regularly but also offers tangible rewards that can help offset other costs. The cashback earned can be particularly beneficial for individuals who frequently spend on these categories, effectively putting money back into their pockets.
Disadvantages
While the Scotia Momentum® No-Fee Visa* Card offers numerous benefits, it also has some disadvantages that potential cardholders should consider:
- High Interest Rates on Cash Advances: The interest rate for cash advances, including balance transfers after the introductory period, is 22.99%.
- Limited High-Tier Rewards: For those looking for more extensive rewards or higher cashback percentages, other cards with annual fees might offer better benefits.
Highlighted Disadvantage: High Interest Rates on Cash Advances
One of the main drawbacks of the Scotia Momentum® No-Fee Visa* Card is the high interest rate on cash advances and balance transfers after the introductory period. At 22.99%, this rate can quickly add up if cardholders are not able to pay off their balances promptly.
This makes the card less suitable for those who anticipate carrying a balance or who might need to use the card for cash advances regularly. Therefore, it’s important for potential users to consider their ability to manage their spending and repayments to avoid accumulating high-interest debt.
Who Can Apply for This Card?
To apply for the Scotia Momentum® No-Fee Visa* Card, applicants must meet certain criteria:
- Age Requirement: Applicants must be at least 18 years old, or the age of majority in their province or territory.
- Income Requirement: While there is no specified minimum income requirement, a steady income can improve the chances of approval and potentially result in a higher credit limit.
- Credit History: Applicants should have a good credit history. Those with a poor credit score might face difficulties in getting approved.
- Residency: Applicants need to be Canadian residents.
- Identification: Valid identification and proof of residency are required during the application process.
How to Apply for the Scotia Momentum® No-Fee Visa* Card
Applying for the Scotia Momentum® No-Fee Visa* Card is a straightforward process that can be done online, via the mobile app, or in person at a Scotiabank branch.
Online
To apply online, visit the Scotiabank website and navigate to the credit cards section. Select the Scotia Momentum® No-Fee Visa* Card and click on “Apply Now”. Follow the prompts to fill out the application form with your personal and financial details. Submit the form and wait for a response, which typically takes a few minutes to a few business days.
Via the Mobile App
You can also apply for the Scotia Momentum® No-Fee Visa* Card through the Scotiabank mobile app. Download and open the app, then navigate to the credit cards section. Select the Scotia Momentum® No-Fee Visa* Card and follow the instructions to complete and submit your application.
In-Store/Branch
If you prefer to apply in person, you can visit your local Scotiabank branch. Schedule an appointment or walk in to speak with a representative who will guide you through the application process. Make sure to bring all necessary documents, such as identification and proof of income, to complete your application.
