What the Card Offers
Scotiabank markets the Momentum No-Fee Visa as a cash back card with no annual fee: 1% on groceries, drugstores, gas, transit and recurring bills, 0.5% on everything else, and 5% cash back for the first 3 months. The student version has the same terms.
- $0
No annual fee1
No annual fee for the primary or supplementary cards.
- 1%
Cash back on everyday categories2
1% on groceries, drugstores, gas, EV charging, transit, food delivery and recurring bills, on up to $15,000 a year.
- 0.99%
Intro balance transfer rate3
0.99% on balance transfers for 9 months, with a 2% transfer fee.
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- 5%
Welcome cash back3
5% on the first $2,000 in purchases in the first 3 months, up to $100.
Benefits as advertised by the issuer. The conditions attached to them are in the Fine Print Report below.
Sources (3)
- Scotia Momentum No-Fee Visa product page (retrieved 2026-10-16)
- Scotia Momentum No-Fee Visa product page, footnote 2 (retrieved 2026-10-16)
- Scotia Momentum No-Fee Visa product page, footnote 1 (retrieved 2026-10-16)
Points & Redemption
Rates: Scotia Momentum Visa Card Cash Back Program Terms & Conditions (effective February 1, 2026), s. 2. Cash back is credited to your account balance at face value.
The Fine Print Report
Minimal fine print. Simple terms; low earn rates.
0.5% base; 1% capped at $15,000Impact level: Medium
Most purchases earn 0.5%, and the 1% rate stops after $15,000 a year
Groceries, drugstores, gas, EV charging, transit, food delivery and recurring bills earn 1% on up to $15,000 a year, counted from your account-opening statement period. Everything else, and spending beyond the cap, earns 0.5%.
Why it matters: A $15,000 cap on 1% means at most $150 a year at the higher rate.
Rent and tax stop earning bonus Oct 22Impact level: Medium
From October 22, 2026, rent and tax payments no longer earn the recurring-bill rate
Scotiabank's cash back terms page announces that, effective October 22, 2026, rental payments (MCC 6513) and tax payments (MCC 9311) no longer qualify as eligible recurring bill payments.
Why it matters: If you planned to charge rent or property tax to the card for the bonus rate, that stops this month.
2 missed payments: 25.99% rateImpact level: Medium
Two missed payments in a row raise your rates to 25.99% on purchases and 27.99% on cash advances
If Scotiabank doesn't receive your minimum payment by the due date two consecutive times, any promotional rate ends and the interest on your unpaid balance rises to the card's standard rates, currently 25.99% on purchases and 27.99% on cash advances. Under the credit agreement, you pay the higher standard rates until you've made your minimum payment on time continuously for the period in your Disclosure Statement.
Why it matters: Automatic minimum payments protect both the promotional rate and your regular rate.
No bonus if you had a Scotia card in 2 yrsImpact level: Medium
The welcome offer excludes anyone who has had any Scotiabank personal credit card in the last 2 years
The 5% cash back offer excludes current and former primary or secondary cardholders of any Scotiabank personal credit card in the past 2 years, including people switching from another Scotiabank card. Bonuses are credited about 8 weeks after you qualify, and only if the account is open and in good standing.
Why it matters: If you already hold a Scotiabank card, or did recently, you won't receive the bonus, even as a supplementary cardholder.
Cash back lost 90 days after closingImpact level: Medium
Unredeemed cash back expires 90 days after the account closes, and is lost immediately if it closes in bad standing
Cash back doesn't expire 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, and only by phone; after that it expires. If Scotiabank closes the account when it isn't in good standing, all cash back earned to that point is forfeited.
Why it matters: Redeem your balance (minimum $25) before closing or switching cards.
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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.
Scotiabank can debit your other accountsImpact level: Medium
Scotiabank can take what you owe from your other Scotiabank accounts
The credit agreement lets Scotiabank debit any other account you have with it for any payment you owe on the card and apply it to your balance.
Why it matters: If your chequing account is also at Scotiabank, a missed card payment can lead to a withdrawal you didn't schedule.
Offer box shows expired datesImpact level: Low
The offer box on the product page shows dates that have already passed
The product page's 'About the offer' box says to open an account between October 31, 2025 and April 30, 2026, while the offer footnote says accounts opened between July 2 and November 1, 2026 qualify.
Why it matters: Rely on the footnote dates, and confirm the offer before applying.
5% includes regular cash backImpact level: Low
The 5% welcome rate includes your regular cash back, and the bonus part is held for about 5 months
The 5% is the regular cash back rate plus a bonus rate, on the first $2,000 in purchases in 3 months, so the most you can earn is $100, of which $10 to $20 is regular cash back. The bonus portion becomes redeemable about 5 months after opening.
Why it matters: Treat it as an $80 to $90 bonus.
No insurance includedImpact level: Low
No insurance of any kind is included
The card includes no travel, purchase protection or warranty insurance; only optional, paid balance protection is offered.
Why it matters: Use another card for large purchases or travel.
International students apply in branchImpact level: Low
International students have to apply in person at a branch
Canadian citizens and permanent residents can apply online; international students must book an in-person appointment. The student card has the same rates, cash back and offer as the regular No-Fee Visa.
Why it matters: Allow time for a branch visit if you're an international student.
Card can be frozen, limit cut without noticeImpact level: Low
Scotiabank can freeze the card or cut your limit to zero without notice or a reason
The agreement lets Scotiabank block, suspend or freeze the account, or reduce the credit limit (even to zero), at any time, without telling you in advance and even if you're not in default, including when the account is inactive.
Why it matters: Don't rely on this card as your only way to pay, especially while travelling.
Who This Card Is For
Great fit if you...
- Are a student who wants a first no-fee card
- Want a simple card with no fee
- Will use the 0.99% balance transfer
Consider alternatives if you...
- Want strong cash back
- Need any insurance
- Make foreign-currency purchases
- Spend over $15,000 a year in categories
Welcome Bonus History
Momentum No-Fee (Student) Welcome Bonus History
The Verdict
The Momentum No-Fee Visa for students is a basic no-fee card: 1% in everyday categories, 0.5% elsewhere, and no insurance.
Its earn rates are low even for a no-fee card, and the 1% rate is capped at $15,000 a year.
The Recommendation: Fine as a starter card. If you spend $2,500+ a year in everyday categories, the $49 Momentum Visa doubles the cash back.
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