What the Card Offers
Scotiabank markets the Momentum Mastercard as a no-fee cash back Mastercard: 1% on gas, groceries, drugstores and recurring bills, 0.5% on everything else, and a 7.99% introductory rate on purchases for 6 months.
- $0
No annual fee1
No annual fee for the primary or additional cards.
- 7.99%
Intro purchase rate for 6 months1
A 7.99% rate on purchases for the first 6 months, then 20.99%.
- 1%
Gas, groceries, drugstores, bills2
1% cash back at gas stations, grocery stores, drugstores and on recurring bills; 0.5% elsewhere.
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- Mastercard
Widely accepted network3
Mastercard acceptance at millions of merchants in over 210 countries and territories.
Benefits as advertised by the issuer. The conditions attached to them are in the Fine Print Report below.
Sources (3)
- Scotia Momentum Mastercard product page, footnote 2 (retrieved 2026-10-16)
- Scotia Momentum Mastercard product page, footnote 1 (retrieved 2026-10-16)
- Scotia Momentum Mastercard product page (retrieved 2026-10-16)
Points & Redemption
Rates: Scotia Momentum Mastercard welcome kit, Cash Back Program Terms and Conditions, s. 3. Cash back is credited to your account balance at face value.
The Fine Print Report
Moderate fine print. The annual payout rule can cost you a year of cash back.
Close before November: lose year's cash backImpact level: High
Cash back is paid once a year, and closing the account before November forfeits it all
Cash back accumulates over 12 months and is credited only on the November statement. If the account is closed at any time before that statement is issued, for any reason, all cash back earned since the previous payout is forfeited. It's also withheld if two or more minimum payments are unpaid when November's statement is issued.
Why it matters: If you plan to cancel or switch cards, do it right after the November payout, or you lose up to a year of cash back.
Interest is charged on interestImpact level: Medium
Unpaid interest is charged interest
Unlike Scotiabank's Visa and Amex agreement, the Mastercard agreement adds unpaid interest to the next statement's balance and charges interest on it.
Why it matters: Carrying a balance costs slightly more than the 20.99% rate suggests.
2 missed payments: higher rates for a yearImpact level: Medium
Two missed payments in 12 months raise your rates for at least a year
If Scotiabank doesn't receive your minimum payment by the due date twice in any 12 months, your rates rise by the percentage in your Disclosure Statement and you lose any promotional rate. The higher rates continue until you've made 12 consecutive on-time minimum payments.
Why it matters: Missing payments also ends the 7.99% introductory rate. Automatic minimum payments avoid both.
2.5% FX fee; refunds don't reverse itImpact level: Medium
Foreign currency purchases carry a 2.5% conversion fee, and refunds don't reverse it
Purchases in a foreign currency are converted to Canadian dollars and charged a foreign currency conversion fee of 2.5% of the converted amount. If a foreign purchase is refunded, the credit won't match the original charge: Scotiabank doesn't reverse the conversion mark-up, and the exchange rate may have moved.
Why it matters: Every $1,000 spent abroad or online in a foreign currency costs about $25 in fees, and a refunded foreign purchase still costs you the fee.
7.99% intro rate lasts 6 monthsImpact level: Low
The 7.99% introductory rate lasts 6 months, then unpaid balances move to 20.99%
Purchases made in the first 6 months are charged 7.99%. After that, any unpaid balance from that period moves to the regular 20.99% purchase rate. The offer excludes anyone who held a Scotiabank personal credit card in the past 2 years.
Why it matters: Pay off purchases made during the intro period before it ends.
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0.5% on most purchasesImpact level: Low
Most purchases earn 0.5%
Only gas stations, grocery stores, drugstores (by Mastercard merchant code) and recurring bills earn 1%. Everything else earns 0.5%.
Why it matters: A low rate for a no-fee card.
Idle credit balance: up to $25 feeImpact level: Low
A credit balance left untouched for 12 months is charged up to $25 a year
If a credit balance sits on the Momentum Mastercard for at least 12 months of inactivity, Scotiabank charges the lesser of $25 or the credit balance, and charges it again each year.
Why it matters: If you overpay or receive a refund, spend or withdraw the credit.
No insurance includedImpact level: Low
No insurance of any kind is included
The product page lists no travel, purchase protection or warranty insurance for this card.
Why it matters: Use another card for large purchases or travel.
Who This Card Is For
Great fit if you...
- Want a no-fee Mastercard
- Will use the 7.99% intro rate for a big purchase
- Keep cards open for many years
Consider alternatives if you...
- Might close the card before November
- Want strong cash back
- Need any insurance
- Make foreign-currency purchases
The Verdict
The Momentum Mastercard is a basic no-fee Mastercard with a useful 7.99% introductory rate for 6 months.
Its cash back is low and paid only once a year, and closing the account before November forfeits the whole year's earnings.
The Recommendation: Useful for a planned purchase you'll pay off over 6 months. For ongoing cash back, the Momentum No-Fee Visa pays out any time.
Before you apply: This teardown is general information, not financial, legal or insurance advice, and reflects the issuer's documents as of October 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