What the Card Offers
Scotiabank markets the Momentum Visa as an affordable cash back card: 2% on groceries, drugstores, gas, transit and recurring bills, 1% on everything else, cash back you can redeem any time from $25, and a 0.99% balance transfer offer.
- 2%
Cash back on everyday categories1
2% on groceries, drugstores, gas, EV charging, transit, food delivery and recurring bills, on up to $25,000 a year.
- 1%
Cash back on everything else1
1% on all other purchases, with no limit.
- $25
Redeem any time2
Redeem cash back any time once you have $25, as a statement credit or deposit.
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- 0.99%
Intro balance transfer rate3
0.99% on balance transfers for 9 months, with a 2% transfer fee.
- $49
Annual fee4
A $49 annual fee, with supplementary cards at $15 a year.
Benefits as advertised by the issuer. The conditions attached to them are in the Fine Print Report below.
Sources (4)
- Scotia Momentum Visa product page, footnote 4 (retrieved 2026-10-16)
- Scotia Momentum Visa Card Cash Back Program Terms & Conditions (effective February 1, 2026)
- Scotia Momentum Visa product page, footnote 1 (retrieved 2026-10-16)
- Scotia Momentum Visa product page (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
Light fine print. Simple terms; the fee and cap are the main limits.
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.
No travel insuranceImpact level: Medium
There's no travel insurance
The card includes purchase security and extended warranty only. There's no emergency medical, trip cancellation, baggage or rental car coverage.
Why it matters: Buy travel insurance separately when you travel.
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.
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.
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.
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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.
2% capped at $25,000 a yearImpact level: Low
The 2% rate stops after $25,000 of spending a year
The 2% categories (groceries, drugstores, gas, EV charging, transit, rideshare, food delivery and recurring bills) share a $25,000 yearly limit, counted from your account-opening statement period. Beyond it, purchases earn 1%.
Why it matters: The cap limits 2% cash back to $500 a year.
Bonus rate depends on merchant codesImpact level: Low
Bonus categories depend on merchant codes, which Scotiabank doesn't monitor
Cash back categories are assigned by Merchant Category Code. Scotiabank says it doesn't monitor the codes networks assign or how merchants categorize themselves, and merchants located inside another store may be coded differently.
Why it matters: Grocery purchases at a superstore or warehouse club coded as something other than a grocery store earn only the base rate.
Two pages, two purchase ratesImpact level: Low
Scotiabank's two pages list different purchase rates for this card
The product page lists a purchase rate of 20.99%, while Scotiabank's credit card interest rates page lists 21.99% for the Scotia Momentum Visa. Both list 22.99% on cash advances.
Why it matters: Confirm the rate in your Disclosure Statement before relying on it.
0.99% balance transfer: 2% fee, 9 monthsImpact level: Low
The 0.99% balance transfer offer charges a 2% fee and ends after 9 months
The introductory offer is 0.99% on balance transfers for 9 months, with a 2% fee on each transfer (minimum $5). Afterwards, any unpaid amount moves to the 22.99% cash advance rate. You can't transfer balances from other Scotiabank accounts.
Why it matters: Pay the transferred balance off within 9 months, or it becomes expensive.
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...
- Spend $2,500+ a year in the 2% categories
- Want simple cash back on everyday spending
- Pay bills and subscriptions by card
Consider alternatives if you...
- Spend little (the $49 fee outweighs the 2%)
- Need travel insurance
- Make foreign-currency purchases
- Buy groceries at warehouse clubs
The Verdict
The Momentum Visa pays 2% across most everyday categories for a modest $49 fee, with flexible redemption from $25.
The 2% rate is capped at $25,000 a year and depends on merchant codes, and there's no travel insurance.
The Recommendation: Worth it if you spend at least $2,500 a year in the 2% categories. Otherwise the no-fee Momentum Visa costs nothing to hold.
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