What the Card Offers
Scotiabank markets the Momentum for business No Fee Visa as a simple business card: 1% cash back on all purchases with no annual fee, free supplementary cards for employees, and cash back you can redeem any time.
- 1%
Cash back on all purchases1
1% on every eligible business purchase, with no categories and no annual limit.
- $0
No annual fee, including employee cards2
No annual fee for the card, co-borrowers or supplementary cards.
- $1,000
Mobile device insurance3
Up to $1,000 if a phone or tablet bought with the card is lost, stolen or damaged, less depreciation and a deductible.
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- $150
Welcome cash back4
10% cash back on the first $1,500 in purchases in your first 3 months, including the regular 1%.
- $60,000
Purchase security and extended warranty3
90 days of theft and damage cover on new purchases, and up to 1 extra year of warranty, to a $60,000 lifetime limit.
Benefits as advertised by the issuer. The conditions attached to them are in the Fine Print Report below.
Welcome offers change often, and issuers sometimes run limited-time or targeted offers that differ from what's shown here. Confirm the current offer on the issuer's page before you apply.
Sources (4)
- Scotia Momentum for business No Fee Visa Cash Back Program Terms & Conditions (effective July 17, 2026), s. 1
- Scotia Momentum for business No Fee Visa Card Disclosure, Annual Fees
- Scotia Momentum for business No Fee Visa Certificate of Insurance (July 17, 2026)
- Scotia Momentum for business No Fee Visa Card product page, footnote 1 (retrieved 2026-11-01)
Points & Redemption
Rates: Scotia Momentum Visa Card Cash Back Program Terms & Conditions (effective October 22, 2026), s. 2. Cash back is credited to your account balance at face value.
Where It Earns
Among the 55 stores and brands in CardTruth's merchant lookup:
None of them earns more than this card's base rate.
Where it doesn't earn more (10)Hide
Online only: Amazon.ca, Costco, Crave, Disney+, Netflix, SkipTheDishes, Spotify, Uber (rides), Uber Eats take Visa online but not in store.
Not accepted: Costco Gas don't take Visa.
The Fine Print Report
Low fine print. The earn rate is simple and uncapped; the main limits are around the welcome offer and closing the account.
10% includes the 1%; top-up paid ~7 monthsImpact level: Medium
The 10% welcome rate includes the regular 1%, and the top-up arrives about 7 months later
The offer pays 10% in total on the first $1,500 in purchases in the first 3 months: the regular 1% plus a 9% top-up. The regular cash back posts as usual, but the $135 top-up is credited about 7 months after the account opens, and only if the account is open and in good standing then.
Why it matters: The real extra is $135, not $150, and you have to keep the account in good standing for about 7 months to receive it.
No bonus if you had a Scotia business cardImpact level: Medium
No welcome offer if you've held any Scotiabank business card in the past 2 years
Anyone who is or was a primary or secondary cardholder of a Scotiabank business credit card in the past 2 years isn't eligible, including people switching from another Scotiabank business card. Scotiabank can revoke the offer after approval if you don't qualify. Personal Scotiabank cardholders are eligible.
Why it matters: If you've had a Scotiabank business card in the last two years, even as an employee cardholder, you get the card without the bonus.
Cash back lost if closed in arrearsImpact level: Medium
Cash back is forfeited if Scotiabank closes the account in arrears, and expires 90 days after any closure
Cash back never expires while the account is open and in good standing. If the account is closed in good standing, you have 90 days to redeem the balance by phone, after which it expires. If Scotiabank closes the account when it isn't in good standing, all cash back is forfeited.
Why it matters: Redeem regularly. A past-due account also can't earn or redeem cash back.
2 missed payments: 26.99% rateImpact level: Medium
Two missed payments in 12 months raise your rates to 26.99% and 28.99%
If you miss the minimum payment 2 or more times in any 12-month period, the rates rise to 26.99% on purchases and 28.99% on cash advances, balance transfers and credit card cheques, until you make 12 consecutive minimum payments on time.
Why it matters: A business that sometimes carries a balance pays far more after two late payments. Automatic minimum payments avoid this.
2.5% FX fee, also charged on refundsImpact level: Medium
2.5% foreign currency mark-up on purchases and on refunds
Foreign currency transactions are converted at Visa's rate on the settlement date plus a 2.5% mark-up, which applies to both debit and credit transactions.
Why it matters: A refunded foreign purchase can cost the mark-up twice. With 1% cash back, foreign spending still costs about 1.5% net.
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Redeem from $25; employees can't redeemImpact level: Low
Cash back can be redeemed only in amounts of $25 or more, and only by the primary borrower
Each Cash Back Anytime redemption must be at least $25, and only the primary borrower or a co-borrower can request it, as a credit to the card or a deposit to an eligible Scotiabank account. Supplementary cardholders' purchases earn cash back for the account but they can't redeem it.
Why it matters: Small balances wait until they reach $25.
Phone cover: depreciation and deductibleImpact level: Low
Mobile device payouts are reduced by 2% a month and a deductible of up to $100
Mobile device insurance pays up to the device's depreciated value, which drops 2% for each month since purchase, less a deductible of $25 to $100 depending on the purchase price, to a $1,000 maximum.
Why it matters: An $800 phone lost after 8 months pays at most $572.
Who This Card Is For
Great fit if you...
- Want a no-fee business card
- Want simple cash back on everything
- Need free cards for employees
- Haven't had a Scotia business card in 2 years
Consider alternatives if you...
- Spend heavily in specific categories
- Spend often in foreign currencies
- Need travel or rental car insurance
- Carry a balance from month to month
Welcome Bonus History
Scotia Momentum Business No-Fee Welcome Bonus History
Welcome offers change often, and issuers sometimes run limited-time or targeted offers that differ from what's shown here. Confirm the current offer on the issuer's page before you apply.
The Verdict
The Momentum for business No Fee Visa is a simple business card: 1% cash back on everything with no limit, no annual fee for any card on the account, and phone and purchase insurance.
The fine print narrows the welcome offer and the cash back. The 10% offer includes the regular 1% and its top-up arrives about 7 months later, cash back is forfeited if the account is closed in arrears, and the 2.5% foreign currency mark-up applies even to refunds.
The Recommendation: Best for small businesses that want a no-fee card paying the same 1% on everything, including for employees. If your business spends heavily in a few categories, a card with bonus categories will earn more on that spending.
Before you apply: This teardown is general information, not financial, legal or insurance advice, and reflects the issuer's documents as of November 2026. Terms, rates, fees and offers change, and the issuer's own agreement, disclosure statement, insurance certificates and program terms are what govern your card. Read them in full and confirm details with the issuer before you apply. Full disclaimer