The Scotia Momentum® Visa Infinite* Card offers an impressive 4% cash back rate on groceries, recurring bills, and subscription purchases. While there are a number of lucrative Canadian credit cards for groceries, the high rate for recurring payments is unique, and a major boon for anyone who can set pricey insurance premiums or utilities as pre-authorized payments to their card.
We recommend that anyone who meets the Scotia Momentum® Visa Infinite* Card’s credit score and income requirements give it a trial run, because:
- Earn 10% cash back on all purchases for the first 3 months (up to $2,000 in total purchases). No annual fee in the first year, including on additional cards.
The amount of cash back you can save via recurring bills varies substantially depending on where you live and who your insurers are, and it’s difficult to determine just how much you can save with this card unless you experiment.
Pros
-
Competitive welcome bonus
-
Very high cash back rates for groceries and recurring bills
-
You can get the annual fee waived by bundling the card with certain Scotia chequing accounts (conditions apply)
-
You can get the annual fee waived by bundling the card with certain Scotia chequing accounts (conditions apply)
Cons
-
Not all Canadians can use credit cards to pay for major recurring bills, like utilities or insurance premiums
-
So-so cash back rate for gas and transit
-
Average flat cash back rate for all other purchases
-
Annoying once-a-year policy for redeeming cash back
Welcome bonus
The Scotia Momentum® Visa Infinite* Card currently has a very strong promotion: Earn 10% cash back on all purchases for the first 3 months (up to $2,000 in total purchases). No annual fee in the first year, including on additional cards.
So those who reach the purchase cap and who add an authorized user to the card get a combined value of $370, which is quite good for a cash back card.
Related: Best balance transfer credit cards
Earning cash back
After the welcome period ends the card earns 4% cash back on groceries, recurring bills, and subscription purchases; 2% back on gas and daily transit (i.e. taxis, Uber, buses, trains, etc.); and 1% back on all other purchases. The 4% and 2% rates apply to the first $25,000 spent annually on groceries/recurring bills and gas/transit respectively, caps which the vast majority of cardholders won’t pass.
While virtually everyone will benefit from a high cash back rate on groceries, the real wild card here is the special rate for recurring payments. This category includes some obvious monthly or annual expenses, like streaming services, gym membership, paid apps, and software. But it can potentially apply to far bigger bills as well, including:
- Electricity, gas, and water
- Phone, internet, and cable
- Home, auto, health, and life insurance premiums
Some Canadian utility providers and insurers accept pre-authorized credit card payments without charging any fee; some accept credit card payments for a small fee, like 2.5%; and others don’t accept credit card payments at all. Your options will vary depending on your insurance providers and city/province of residence, but you’ll likely be able to schedule at least a few of those big-ticket items as pre-authorized credit card payments, which is what makes this card so appealing.
Redeeming cash back
One strike against the Scotia Momentum® Visa Infinite* Card is that the cash back it earns is only applied to your card statement once annually every November. This is less flexible than some competing cards (see ‘How Does It Compare to the Competition?’ below), which may allow you to redeem your cash back whenever you want.
Insurance
Most credit cards with great travel insurance are, not surprisingly, travel rewards cards, which earn reward points rather than cash back. But the Scotia Momentum® Visa Infinite* Card comes with a really respectable purchase and travel insurance package for a cash back card, so it’s a good fit for those who travel regularly but prefer the ease of cash credit over the headache of redeeming reward points. Its insurance coverage is summarized in the table below:
A standout of this coverage is the mobile device insurance, which is still a relatively uncommon feature among Canadian credit cards, and typically costs over $100 if purchased separately. Nonetheless, there are coverage gaps, like the lack of hotel/motel burglary insurance, so it’s not quite as comprehensive as the insurance you get from some top travel rewards cards, like the Scotiabank Passport™ Visa Infinite* Card.
Other notable perks
- Save up to 25% off base rates at participating AVIS locations and at participating Budget locations in Canada and the U.S. when you pay with your card.
- Visa Infinite* benefits (Hotel Collection, Concierge Service, Dining and Wine Country program)
- Make purchases via installment payments with Scotia SelectPayTM
Related: Credit Card Concierge Services: Which Cards Do It Right?
Interest rates and rees
- Annual Fee: $120for primary card; $50 per supplementary card
- Purchase Interest Rate: 20.99%
- Cash Advance Rate: 22.99%
- Balance Transfer Rate: 22.99%
- Foreign Transaction: 2.5% charge per foreign transaction
Note that you can waive the annual fee every year if you choose to bundle your credit card. Conditions apply.
Related: Best Scotiabank chequing accounts
Eligibility requirements
To qualify for the card you’ll need at least an Excellent credit score, and you must meet one of the below income requirements:
- Make at least $60,000in annual income personally
- Have at least $100,000 in combined annual household income
- Have at least $250,000 in assets under management (total market value of your investments held by financial institutions)
Income requirements aside, you must also be a Canadian citizen or permanent resident and the age of majority in the province or territory where you live. Those who have declared bankruptcy in the past seven years are ineligible.
How does it compare to the competition?
*Terms and conditions apply
†Statement based on a comparison of the non-promotional grocery rewards earn rate on Canadian cash back credit cards as of January 4, 2023.
BMO CashBack® World Elite®* Mastercard®*
4.9
up to 10%
Welcome offerExcellent
Suggested credit scoreGet up to 10% cash back in your first 3 months and the $120 annual fee waived in the first anniversary*.
Expires
Nov 30, 2024
Pros
-
Valuable sign-up bonus
-
High 5% cash back rate on groceries
-
Free roadside assistance
-
Excellent extended warranty and purchase protection terms
Cons
-
Restrictive spending limits for most cash back categories
-
Sign-up bonus structure is head-scratchingly complicated
-
High minimum income requirements
Eligibility
Excellent
Recommended Credit Score
$80,000
Required Annual Personal Income
$150,000
Required Annual Household Income
Recommended Credit Score
Excellent
Required Annual Personal Income
$80,000
Required Annual Household Income
$150,000
5%
Groceries: 5% cash back up to $500 spent per month ($25 in cash back)*
4%
Transit: 4% cash back up to $300 spent per month ($12 in cash back)*
3%
Gas: 3% cash back up to $300 spent per month ($9 in cash back)*
2%
Recurring Bills: 2% cash back up to $500 spent per month ($10 in cash back)*
1%
Everything Else: 1% cash back, unlimited*
Groceries: 5% cash back up to $500 spent per month ($25 in cash back)*
5%
Transit: 4% cash back up to $300 spent per month ($12 in cash back)*
4%
Gas: 3% cash back up to $300 spent per month ($9 in cash back)*
3%
Recurring Bills: 2% cash back up to $500 spent per month ($10 in cash back)*
2%
Everything Else: 1% cash back, unlimited*
1%
20.99%
Purchase APR
23.99%
Balance Transfer Rate
23.99%
Cash Advance APR 21.99% for Quebec residents
$120
Annual Fee annual fee waived in the first year*
2.5%
Foreign Transaction Fee
Purchase APR
20.99%
Balance Transfer Rate
23.99%
Cash Advance APR
23.99%
Annual Fee
$120
Foreign Transaction Fee
2.5%
Pros
-
Valuable sign-up bonus
-
High 5% cash back rate on groceries
-
Free roadside assistance
-
Excellent extended warranty and purchase protection terms
Cons
-
Restrictive spending limits for most cash back categories
-
Sign-up bonus structure is head-scratchingly complicated
-
High minimum income requirements
Eligibility
Excellent
Recommended Credit Score
$80,000
Required Annual Personal Income
$150,000
Required Annual Household Income
Recommended Credit Score
Excellent
Required Annual Personal Income
$80,000
Required Annual Household Income
$150,000
5%
Groceries: 5% cash back up to $500 spent per month ($25 in cash back)*
4%
Transit: 4% cash back up to $300 spent per month ($12 in cash back)*
3%
Gas: 3% cash back up to $300 spent per month ($9 in cash back)*
2%
Recurring Bills: 2% cash back up to $500 spent per month ($10 in cash back)*
1%
Everything Else: 1% cash back, unlimited*
Groceries: 5% cash back up to $500 spent per month ($25 in cash back)*
5%
Transit: 4% cash back up to $300 spent per month ($12 in cash back)*
4%
Gas: 3% cash back up to $300 spent per month ($9 in cash back)*
3%
Recurring Bills: 2% cash back up to $500 spent per month ($10 in cash back)*
2%
Everything Else: 1% cash back, unlimited*
1%
20.99%
Purchase APR
23.99%
Balance Transfer Rate
23.99%
Cash Advance APR 21.99% for Quebec residents
$120
Annual Fee annual fee waived in the first year*
2.5%
Foreign Transaction Fee
Purchase APR
20.99%
Balance Transfer Rate
23.99%
Cash Advance APR
23.99%
Annual Fee
$120
Foreign Transaction Fee
2.5%
If your eligible recurring bill payments are scanty and you’re more drawn to the possibility of raking in cash back at the grocery store, the Scotia Momentum® Visa Infinite* Card is hardly the only game in town. The BMO CashBack® World® Elite Mastercard technically edges out the Scotia card with its 5% rate on groceries. But keep in mind that the BMO card’s 5% rate is capped at $500 in grocery purchases each month; after you pass that it will only earn 1% on groceries until a new month starts*. That’s still a lucrative option for singles, but it’s less realistic for families, who will easily pass the $500monthly threshold and should instead go with the Scotia card.
SimplyCash® Preferred Card
4.0
up to 10% cashback
Welcome offerExcellent
Suggested credit scoreGet a bonus 10% cash back on all purchases (up to $2,000 in purchases) in your first 3 months as a new cardholder and earn a $50 statement credit when you make a purchase in month 13.
Pros
-
Competitive cash back rates: Up to 4% on gas and groceries, and more
-
Refer-a-friend bonus up to $750 annually
-
Extra benefits like rental car insurance and travel accident coverage
-
Manufacturer's warranty doubled on purchases
Cons
-
$9.99/month fee ($119.88 annually)
-
Cash back redeemed annually in September
-
Not all benefits may be relevant to all users
-
Limited to American Express acceptance
Eligibility
Excellent
Recommended Credit Score
Recommended Credit Score
Excellent
4%
cash back on eligible gas station purchases in Canada
4%
cash back on eligible grocery store purchases in Canada (up to $1,200 cash back annually)
2%
cash back on all other purchases
cash back on eligible gas station purchases in Canada
4%
cash back on eligible grocery store purchases in Canada (up to $1,200 cash back annually)
4%
cash back on all other purchases
2%
21.99%
Purchase APR
21.99%
Cash Advance APR
$119.88
Annual Fee $9.99 per month. Additional cards are free.
2.5%
Foreign Transaction Fee 2.5% of the transaction in CDN
Purchase APR
21.99%
Cash Advance APR
21.99%
Annual Fee
$119.88
Foreign Transaction Fee
2.5%
Pros
-
Competitive cash back rates: Up to 4% on gas and groceries, and more
-
Refer-a-friend bonus up to $750 annually
-
Extra benefits like rental car insurance and travel accident coverage
-
Manufacturer's warranty doubled on purchases
Cons
-
$9.99/month fee ($119.88 annually)
-
Cash back redeemed annually in September
-
Not all benefits may be relevant to all users
-
Limited to American Express acceptance
Eligibility
Excellent
Recommended Credit Score
Recommended Credit Score
Excellent
4%
cash back on eligible gas station purchases in Canada
4%
cash back on eligible grocery store purchases in Canada (up to $1,200 cash back annually)
2%
cash back on all other purchases
cash back on eligible gas station purchases in Canada
4%
cash back on eligible grocery store purchases in Canada (up to $1,200 cash back annually)
4%
cash back on all other purchases
2%
21.99%
Purchase APR
21.99%
Cash Advance APR
$119.88
Annual Fee $9.99 per month. Additional cards are free.
2.5%
Foreign Transaction Fee 2.5% of the transaction in CDN
Purchase APR
21.99%
Cash Advance APR
21.99%
Annual Fee
$119.88
Foreign Transaction Fee
2.5%
Don’t have clear purchase categories that dominate your expenditures? It might be better to go with a card that offers a high ‘flat’ cash back rate, i.e., cash back on every purchase you make. The SimplyCashTM Preferred Card from American Express has the highest flat cash back rate in Canada, and is probably the best option for those with diverse budgets. Just keep in mind that as an Amex it’s not as widely accepted by merchants as Visa or Mastercard are, so you’ll want to keep a backup Visa or Mastercard debit or credit card around for smaller retailers. You can check to see if your favourite retailers are on our list of Canadian merchants that accept Amex.
*Terms and conditions apply
Should you apply for the Scotia Momentum® Visa Infinite* Card?
The Scotia Momentum® Visa Infinite* Card is the perfect fit if you answer in the affirmative to two of the below:
- Do you spend more than $500 each month on groceries?
- Are at least a couple of your big utility bills or insurance premiums payable via pre-authorized credit card charge?
- Are you game to sign up for a bank account?
- Do you plan to buy an expensive mobile device in the near future (e.g., an iPhone)?
If you answered yes to none or only one of the above, there’s no shortage of competitive cash back card alternatives that you could consider instead, starting with the two we highlighted earlier. But remember, Scotia Momentum® Visa Infinite* cardholders (those who aren’t currently cardholders) have their fee waived¹ in the first year regardless, making it quite inexpensive to give the card a try for at least a year.
Related articles:
- Best Credit Cards for Groceries
- Best Scotiabank Credit Cards
- Can You Make Rent or Mortgage Payments with a Credit Card?
¹ Conditions Apply. Visit here for the Scotia Momentum® Visa Infinite* Card to learn more.
BMO is not responsible for maintaining the content on this site. Please click on the Apply now link for the most up to date information
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