Scotia Momentum Card: Benefits, fees and tips for efficient use

The Scotia Momentum Card, provided by Scotiabank is a credit card that aims to reward individuals for their day, to day expenses. It offers cashback rewards on purchases including those made at gas stations, grocery stores, drug stores and recurring payments. There are versions of the Scotia Momentum Card each with its own set of unique features and advantages.

Among the options is the Scotia Momentum Visa Infinite Card. This particular card provides cashback rewards of up to 4% on qualifying purchases. Furthermore it includes benefits such as travel insurance, concierge services and access to events. Additionally this card offers an interest rate on balance transfers—a valuable option for individuals seeking to consolidate and settle existing credit card debt.

All all the Scotia Momentum Card is a choice for those looking to earn cashback rewards while managing their everyday spending. With a variety of cards tailored to needs and budgets finding the Scotia Momentum Card for you should be a breeze.

Within this article you will find:

Features of the Scotia Momentum Card

The Scotia Momentum Card grants cash back rewards, on purchases. Cardholders have the opportunity to earn, up to 4% cash back when they use the Scotia Momentum card at gas stations, grocery stores, drug stores and for recurring payments. For all purchases cardholders can earn 1% cash back. The earned cash back rewards are automatically credited to the cardholders account on a basis. As an offer the Scotia Momentum card provides an interest rate of 7.99% for purchases during the first 6 months.

When it comes to interest rates the standard rates for purchases on the Scotia Momentum card are set at 20.99% while balance transfers have a rate of 22.99%. However during the period of 6 months there is an introductory rate of 7.99% for purchases and 2.99% for balance transfers. Once this introductory period ends the standard rates will apply.

For added convenience and security the Scotia Momentum card supports contactless payments. This means that by tapping their card on a payment terminal cardholders can complete their transactions swiftly and securely without any physical contact required. Contactless payments are accepted at millions of locations. Moreover this credit card also incorporates chip and PIN technology as a layer of protection against fraud.

To summarize all its features and benefits; The Scotia Momentum credit card provides enticing cash back rewards on purchases along with introductory interest rates for new users; it also facilitates secure contactless payments using advanced technology, like chip and PIN.

If you’re interested, in earning cash on your purchases and want the convenience and security of contactless payments the Scotia Momentum card is a great choice.

Here’s a step by step guide on how to apply for the Scotia Momentum card

1. You can apply for the Scotia Momentum Visa card online by visiting the application page. You can go to the application page for Scotia Momentum Visa Infinite here.
2. Click on the “Apply button to begin the application process.
3. Provide your details such as your name, address and contact information.
4. Enter your information including income, employment status and monthly expenses.
5. Take some time to review the terms and conditions of the card which includes information about interest rates, fees and rewards program.
6. Once you’ve completed all the steps above submit your application. Patiently wait for a response from Scotiabank.

 

If your application gets approved you can expect to receive your Scotia Momentum card within 7 10 business days by mail. After receiving it you can activate it online. By calling the number provided at its back.

Keep in mind that it’s important to note that there may be variations in the application process depending on factors, like credit score and financial history.

If you have any questions or concerns regarding the application process feel free to reach out to Scotiabanks customer service, for assistance.

Eligibility Requirements

To qualify for a Scotia Momentum credit card there are criteria that applicants need to meet. The specific requirements may vary depending on the card.

Generally include:

• Age: Applicants must be at least 18 years old.
• Income: There is an income requirement for each card which varies. For instance the Scotia Momentum Visa Infinite requires an income of least $60,000 or a household income of at least $100,000.
• Credit score: To get approved for a Scotia Momentum card applicants should have a credit score. Typically a credit score of 650 or higher is considered good; however the exact required score can vary based on the card.
• Citizenship and residency: Applicants must be citizens or permanent residents of Canada.

 

In addition to these eligibility criteria each Scotia Momentum card may have prerequisites. For instance the Scotia Momentum No Fee Visa Card has a credit limit of $500. The Scotia Momentum Visa Infinite comes with an annual fee of $99.

It’s crucial for applicants to carefully review the eligibility requirements, for each card before applying in order to ensure that they fulfill all conditions.Not meeting the eligibility requirements can lead to a rejected application and have an impact, on the applicants credit score.

Benefits and Perks

The Scotia Momentum card provides benefits and perks to its users, such as insurance coverage and welcome offers.

Insurance Coverage

Users of the Scotia Momentum card can enjoy insurance coverage, which includes travel accident insurance, trip interruption insurance and rental car collision insurance. Travel accident insurance provides up to $1 million in coverage for death or dismemberment while traveling. Trip interruption insurance offers coverage of up to $2,500 per insured person in case of a trip interruption. Rental car collision insurance covers the cash value of the vehicle in case of a collision or theft.

Welcome Offers

For users the Scotia Momentum card presents welcome offers that include cashback rewards and low introductory interest rates. First time users can earn cashback rewards on their purchases with rewards for purchases made at gas stations, grocery stores, drug stores and recurring bill payments. Additionally the card offers an interest rate for balance transfers during the first six months. An ideal option, for those seeking debt consolidation.

The Scotia Momentum card offers a range of advantages and perks, for its users, including insurance coverage and attractive welcome offers. With its cashback rewards and low introductory interest rates it presents an opportunity, for individuals seeking to save money on their purchases.

Fees and Charges

• Annual Fee: The Scotia Momentum Visa Infinite Card comes with a fee of $120 whereas the Scotia Momentum Mastercard charges a fee of $39. On the hand the Scotia Momentum Visa Card doesn’t have a fee just like the Scotia Momentum No Fee Visa Card. It’s worth noting that new cardholders enjoy a waived fee for the year.
• Foreign Transaction Fees: Both the Scotia Momentum Visa Infinite Card and the Scotia Momentum Mastercard impose a 2.5% foreign transaction fee on purchases made outside of Canada. Similarly both the Scotia Momentum Visa Card and the Scotia Momentum No Fee Visa Card levy a 2.5% foreign transaction fee on purchases made in a currency.

 

It is advisable for travelers to consider using credit cards without any foreign transaction fees in order to avoid charges.