The Scotia Momentum No-Fee Visa Card is the right credit card for you if you want a no annual fee card that rewards you for everyday spending!

For the first three months, you will receive 5% cash back on all purchases (up to $2,000 in total purchases). And, for the first six months, you enjoy a 2.99% introductory interest rate on purchases and balance transfers.

This card is a great choice for any Canadian resident looking for a consistent rate on their everyday purchases without having to pay an annual fee.

This review covers everything you need to know about the Scotia Momentum® No-Fee VISA card. Check it out.

Scotia Momentum No-Fee Visa Card At A Glance

• Cash back on everyday spending with no annual fee
• 1% cash back on all eligible gas stations, grocery stores, drug stores purchases and recurring payments.
• 0.5% cash back on other eligible purchases
• 1.99% interest rate on balance transfers for the first six months
• Save up to 25% on car rentals at participating AVIS and Budget locations.

Scotia Momentum No-Fee Visa Card Benefits

Among the many benefits of the Scotia Momentum® No-Fee VISA card are:

1. Low interest rate

The Scotia Momentum Visa No Fee card offers a 2.99 percent introductory interest rate on purchases and balance transfers for the first six months. So, you can take advantage of this low interest period to pay off your credit card debt. After that, you pay 19.99 percent on purchases and 22.99 percent on cash advances and balance transfers.

2. No Annual Fee

This is one of the few credit cards available in Canada that does not charge an annual fee. Another advantage of this card is that each extra supplementary card is free of charge. So, you can add your family and friends to benefit from the credit card rewards at no additional cost.

3. A minimum income is required

This card has a minimum income requirement of $12,000. Thus, it is ideal for Canadians looking for a low income requirement credit card.

4. Descent Cash Back Rewards

You will get rewards for every purchase made with the card, which is detailed as follows:

Earn 5% cash back on all purchases for the first 3 months (up to $2,000 in total purchases). After that, you will earn 1% cash back on gas, groceries, drug store purchases, and recurring bill payments. For all other eligible purchases, you earn 0.5% cash back.

So, this card is ideal for people who want to be rewarded for all their spending.

Scotia Momentum No-Fee Visa Card Downsides

The major downside of this card is that it does not come with any insurance coverage. Some credit cards with no annual fee, such as the Tangerine Money-Back Credit Card, offer at least basic insurance such as purchase protection and extended warranty. Some even offer more.
However, if you need a Scotiabank card with insurance coverage, the Scotia Momentum VISA Infinite card is a good option. But it comes with a $29 annual cost.

In conclusion

This card could be just the perfect option if you’re on a tight budget and want a no annual fee card that pays you a reasonable return on your daily spending.

Nevertheless, if you’re looking for a premium card with higher cashback and travel benefits, the Scotiabank Platinum American Express Card is a better option.