Overview
The Scotiabank Momentum Mastercard is a no-annual-fee cash back card designed for Canadians who prefer simple, straightforward rewards. It earns 1% cash back on gas, groceries, drugstores, and recurring bill payments, and 0.5% cash back on everything else. There's no points currency to decode, no redemption tiers to optimize — just cash applied to your statement.
The card's main draw is its Mastercard network, which means it works at Costco — the one major Canadian retailer that only accepts Mastercard for credit payments. If you're a Costco member without a Mastercard in your wallet, this card solves that problem at no annual cost.
It also offers a 7.99% introductory interest rate on purchases for the first 6 months — a useful perk if you're planning a larger purchase and want to pay it off over a few months without getting crushed by 20%+ interest.
Earning Cash Back
The earn structure is straightforward:
- 1% cash back on gas, groceries, drugstores, and recurring bill payments
- 0.5% cash back on all other purchases
How This Compares
Let's be honest: these aren't chart-topping earn rates. The 1% grocery rate is lower than what you'd get from many competing no-fee cards (the free Scotiabank American Express Card earns an effective 2–3% on groceries through Scene+ points). And 0.5% on non-bonus spending is among the lowest available.
On a typical monthly spend of $400 on groceries, $200 on gas, $100 on drugstore purchases, and $300 on other spending, you'd earn approximately $102/year in cash back. Not life-changing, but not nothing — and you're paying $0 in annual fees.
Real-World Earning Comparison
| Card | Groceries | Gas | Drugstore | Other | Annual Fee |
|---|---|---|---|---|---|
| Momentum Mastercard | 1% | 1% | 1% | 0.5% | $0 |
| Scotiabank Amex (Scene+) | 2–3% | 2% | 1% | 1% | $0 |
| Scene+ Visa | 2% (Sobeys) | 1% | 1% | 1% | $0 |
| Tangerine Mastercard | 0.5–2% | 0.5–2% | 0.5–2% | 0.5% | $0 |
The Momentum Mastercard wins on Costco compatibility and cash back simplicity, but loses on raw earn rates across the board.
Introductory Interest Rate
The card offers a 7.99% introductory interest rate on purchases for the first 6 months — less than half the regular 20.99% rate. This is particularly useful if you:
- Have a larger one-time purchase you want to pay off over a few months
- Are transferring spending from a higher-interest card
- Want a lower-cost buffer during the first 6 months of card ownership
After 6 months, the rate reverts to the standard 20.99% on purchases and 22.99% on cash advances. As always, paying your balance in full each month is the best strategy — but the intro rate is a nice safety net.
Insurance & Benefits
Like the Scotiabank Scene+ Visa, the Momentum Mastercard includes no insurance coverage at all:
- No emergency medical insurance
- No trip cancellation or interruption
- No flight delay insurance
- No purchase protection
- No extended warranty
- No mobile device insurance
This is a meaningful gap. Even many no-fee cards from other issuers include basic purchase protection and extended warranty. If you need any coverage, you'll have to source it from another card or buy it separately.
Cash Back vs. Scene+ Points
An important distinction: the Momentum Mastercard earns cash back, not Scene+ points. This means:
- Your cash back is automatically applied as a statement credit
- It does not pool with Scene+ points earned from other Scotiabank cards
- You can't redeem it for movies, dining, or travel at the 1.0¢/point rates that Scene+ offers
If you already have Scotiabank cards earning Scene+ points (like the American Express Card, Gold Amex, or Passport Visa Infinite), be aware that the Momentum Mastercard's cash back exists in a separate ecosystem. Your rewards won't combine.
For most people earning Scene+ on other Scotiabank cards, this card is best used strictly as a Costco card and Mastercard backup.
The Costco Card
The Momentum Mastercard's most compelling use case is Costco. Since Costco only accepts Mastercard for credit card payments in Canada, you need a Mastercard in your wallet to pay with credit at Costco. This card fills that role at zero annual cost.
On a typical Costco run of $200–$400, you'd earn 1% cash back on groceries and gas (at Costco gas stations), which is modest but adds up over time. If your monthly Costco spending is $500, that's $60/year in cash back — entirely free.
Costco Alternatives
There are other no-fee Mastercards that offer higher earn rates for Costco shopping:
| Card | Costco Grocery Rate | All Purchases | Annual Fee |
|---|---|---|---|
| Momentum Mastercard | 1% | 0.5% | $0 |
| Tangerine Mastercard | Up to 2% | 0.5% | $0 |
| BMO CashBack Mastercard | 3% (first 4 months) | 0.5% | $0 |
| MBNA Rewards Platinum Plus | ~1% (points) | ~1% | $0 |
If Costco is your primary reason for this card, the Tangerine Mastercard may offer a higher return if you select groceries as one of your 2% categories.
Acceptance
As a Mastercard, the Momentum card is accepted virtually everywhere in Canada:
- All major grocery chains (Loblaws, Sobeys, Safeway, Metro)
- Costco — the key differentiator
- Gas stations, drugstores, restaurants
- Online merchants
- International merchants (with 2.5% FX fee)
Mastercard has the broadest acceptance of any credit card network in Canada when you include Costco, making this a genuinely everywhere card.
Who Should Get This Card?
The Scotiabank Momentum Mastercard is ideal if you:
- Shop at Costco and need a no-fee Mastercard
- Prefer simple cash back over points programs
- Want a backup Mastercard in your wallet alongside Visa or Amex cards
- Have a large purchase coming and want the 7.99% intro rate for 6 months
- Are building credit and want a no-fee entry-level card with Scotiabank
Who Should Look Elsewhere
- If you want to maximize rewards — the free Scotiabank American Express Card or Scene+ Visa earn more per dollar
- If you need travel insurance — this card has none; consider the Scotiabank Gold Amex or Passport Visa Infinite
- If you travel internationally — the 2.5% FX fee and 0.5% base rate make this a poor choice abroad
Pairing Strategy
The Momentum Mastercard works best as a dedicated Costco and Mastercard-only card:
| Scenario | Use This Card |
|---|---|
| Costco (credit card payments) | Momentum Mastercard (1%) |
| Sobeys, Safeway, IGA, FreshCo | Scotiabank American Express Card (3x) |
| Cineplex, Home Hardware | Scene+ Visa (2x) |
| International purchases | Scotiabank Passport Visa Infinite (0% FX) |
| Everything else (Visa accepted) | Scene+ Visa or Passport Visa Infinite |
By adding the free Momentum Mastercard to your wallet alongside free Scotiabank Scene+ cards, you cover every major card network — Visa, Mastercard, and Amex — at zero annual cost, while earning rewards optimized for each merchant.
Bottom Line
The Scotiabank Momentum Mastercard is a simple, no-frills cash back card. Its earn rates (0.5–1%) won't win any awards, and the complete lack of insurance is a notable gap. But it fills a specific and important role: it's a free Mastercard that works at Costco, earns a modest 1% on everyday essentials, and offers a useful 7.99% introductory interest rate for the first 6 months.
If you're building a Scotiabank wallet, this card is worth picking up purely for Costco access and Mastercard coverage. Just don't expect it to be your primary rewards earner — that role belongs to the Scotiabank American Express Card or Gold Amex.
