Overview
The Scotiabank Momentum Visa sits in the middle of the Scotiabank Momentum lineup — between the free no-fee version and the premium Visa Infinite card. For a $49 annual fee, you get 2% cash back on gas, groceries, drugstores, and recurring bill payments, and 1% cash back on everything else. No points to track, no redemption tiers — just straightforward cash applied to your statement once per year.
It's a simple value proposition: pay a modest annual fee, earn double the cash back rates of the free Momentum cards, and get basic insurance coverage (extended warranty and purchase protection) that the no-fee cards don't include.
The card also comes with a 2.99% introductory balance transfer rate for 6 months — useful if you're carrying debt on another card and want to consolidate at a lower rate.
Earning Cash Back
The earn structure is clean and easy to understand:
- 2% cash back on gas, groceries, drugstores, and recurring bill payments
- 1% cash back on all other purchases
Estimating Annual Rewards
On a typical monthly spend of $400 on groceries, $200 on gas, $100 on drugstore purchases, $200 on recurring bills, and $400 on other spending, you'd earn approximately:
| Category | Monthly Spend | Rate | Annual Cash Back |
|---|---|---|---|
| Groceries | $400 | 2% | $96 |
| Gas | $200 | 2% | $48 |
| Drugstore | $100 | 2% | $24 |
| Recurring bills | $200 | 2% | $48 |
| Everything else | $400 | 1% | $48 |
| Total | $1,300 | $264 |
Subtract the $49 annual fee and you're netting about $215/year — roughly $18/month. That's a respectable return for a low-fee card with no spending minimums.
How Cash Back Is Paid
Your cash back accumulates throughout the year and is paid out once per year in November as a statement credit or deposited into a Scotiabank account. This is important to note — unlike some cards that let you redeem monthly, you're waiting up to 12 months for your cash back.
Balance Transfer Offer
The Momentum Visa includes a 2.99% introductory rate on balance transfers for the first 6 months. After that, the rate reverts to 22.99%.
This isn't the best balance transfer offer in Canada (some cards offer 0%), but it can still save you hundreds in interest if you're consolidating credit card debt from a higher-rate card.
Insurance Coverage
Unlike the free Momentum cards (which include zero insurance), the Momentum Visa provides basic coverage:
- Extended Warranty — extends the manufacturer's warranty by 1 additional year
- Purchase Protection — covers eligible purchases against damage or theft for 90 days
What's Missing
- No emergency medical insurance
- No trip cancellation or interruption
- No flight delay insurance
- No rental car insurance
- No mobile device insurance
For a card with an annual fee, 2 types of insurance is modest. The Momentum Visa Infinite ($120/year) includes 11 types of insurance. If you need travel or health coverage, you'll need to source it elsewhere.
Momentum Family Comparison
The Scotiabank Momentum lineup now has four cash back cards. Here's how the Momentum Visa stacks up:
| Feature | Momentum No-Fee Visa | Momentum Visa | Momentum Mastercard | Momentum Visa Infinite |
|---|---|---|---|---|
| Annual Fee | $0 | $49 | $0 | $120 (1st yr free) |
| Gas / Groceries | 1% | 2% | 1% | 4% (groc) / 2% (gas) |
| Recurring Bills | 1% | 2% | 1% | 4% |
| Everything Else | 0.5% | 1% | 0.5% | 1% |
| Insurance Types | 0 | 2 | 0 | 11 |
| Income Req. | $12K | $12K | None | $60K / $100K |
| Network | Visa | Visa | Mastercard | Visa |
| Welcome Bonus | 5% (3 mo) | None | None | 10% (3 mo) |
The Momentum Visa is the clear step up from the free cards: double the earn rates on bonus categories, basic insurance, and the same low income requirement. But if you qualify for the Visa Infinite, its higher rates and 11 insurance coverages more than justify the additional $71 in annual fee (especially since the first year is free).
Cash Back vs. Scene+ Points
Like all Scotiabank Momentum cards, this card earns cash back, not Scene+ points. This means:
- Your cash back is applied as a statement credit (or deposited to a Scotiabank account)
- It does not pool with Scene+ points from other Scotiabank cards (Passport Visa Infinite, Gold Amex, etc.)
- You can't redeem it for movies, dining, or travel through Scene+
If you're already earning Scene+ points on other Scotiabank cards, be aware that this card's rewards exist in a separate ecosystem.
Who Should Get This Card?
The Scotiabank Momentum Visa is ideal if you:
- Want better earn rates than the free cards but don't qualify for the Visa Infinite ($60K income)
- Prefer simple cash back over points programs
- Spend heavily on gas, groceries, and recurring bills — the 2% categories
- Want basic insurance (extended warranty and purchase protection) that the no-fee cards lack
- Have credit card debt and want to take advantage of the 2.99% balance transfer rate
Who Should Look Elsewhere
- If you qualify for the Visa Infinite — the $120 card (first year free) earns up to 4% and includes 11 insurance types
- If you shop at Costco — you need a Mastercard; consider the free Momentum Mastercard
- If you want travel insurance — this card has none; consider the Scotiabank Gold Amex or Passport Visa Infinite
- If you travel internationally — the 2.5% FX fee makes this a poor choice abroad
Pairing Strategy
The Momentum Visa works best when paired with cards that cover its gaps:
| Scenario | Use This Card |
|---|---|
| Gas, groceries, drugstores, recurring bills | Momentum Visa (2%) |
| Costco (Mastercard only) | Momentum Mastercard (1%) or Tangerine MC |
| Sobeys / Safeway / FreshCo | Scotiabank Amex (3x Scene+) |
| International purchases | Scotiabank Passport Visa Infinite (0% FX) |
| Large purchases needing insurance | Scotiabank Gold Amex (12 insurance types) |
| Everything else (general) | Momentum Visa (1%) |
The Momentum Visa covers your everyday domestic spending at 2%, while specialized cards handle Costco, international travel, and merchants where Amex or Mastercard earns more.
Bottom Line
The Scotiabank Momentum Visa is a no-fuss, low-fee cash back card that earns 2% on the categories most Canadians spend the most on — gas, groceries, drugstores, and recurring bills — and a clean 1% on everything else. For $49/year, you're doubling the earn rates of the free Momentum cards and picking up basic extended warranty and purchase protection.
It's not the most exciting card in the Scotiabank lineup, but it doesn't try to be. If you want straightforward cash back, a low income requirement ($12K), and don't need travel insurance or premium perks, the Momentum Visa delivers solid everyday value for a modest annual fee.
