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Scotia Momentum® No-Fee VISA* CardApply Now
- Network Provider
- RewardsLow InterestNo Fee
- Annual fee
- Purchase interest rate
- Cash advance rate
- Balance transfer rate
- 0.99% 22.99% after 6 months
- Credit Needed
- Good (650-749)
Welcome Offer: Earn 5% cash back on all purchases for the first 3 months (up to $2,000 in total purchases). Plus, get a 0.99% introductory interest rate on balance transfers for the first 6 months (22.99% after that). Offer ends October 31, 2023.
- Cash back on everyday spending with no annual fee
- 1% cash back on eligible gas station, grocery store and drug store purchases and recurring bill payments
- 0.5% cash back on all other eligible everyday purchases
About This Card
The Scotia Momentum® No-Fee Visa card is a low-interest rewards credit card available to people with credit scores of 650 or higher. The minimum credit limit is $500 and there is no annual fee.
With this card, you can earn Earn 5% cash back on all purchases for the first 3 months (up to $2,000 in total purchases).1 Plus, get a 0.00% introductory interest rate on balance transfers for the first 6 months (22.99% on cash advances including balance transfers after that; annual fee $0)1. Both offers are available to cardholders who apply for an account by October 31, 2023.
Unpaid balances on the card are charged 24.99% interest. The rate for cash advances and balance transfers on this card is 27.99%.
The card generates reward points that pay for all sorts of everyday purchases. Users earn 1% cash back on recurring bill payments as well as at select gas stations, grocery stores, and drug stores. All other types of purchases are eligible for 0.5% cash back.
Why get the Scotia Momentum® No-Fee Visa card?
Rent cars for less - Need to rent a car? You’ll appreciate the Scotia Momentum® No-Fee Visa card. Users save 20% on rentals at participating AVIS locations worldwide.
Optional protections are available - For a low monthly rate—on an average daily balance of $100, it amounts to $0.95 —you’re covered in the event you experience disability, job loss, strike or lockout, critical illness or loss of life.
Room for more - A second Scotia Momentum® No-Fee Visa card is available at no extra cost. Add a friend or family member to the account to kick your points collection into overdrive.
Lots of quick payment options - Making payments becomes even less of a hassle with the Scotia Momentum No-Fee Visa card. Users can choose between paying with Visa payWave, My Mobile Wallet, Visa Checkout, and Apple Pay.
1. Offer Description and Conditions: The 5% Cash Back and Introductory 0.99% Balance Transfer Rate Offer (the "Offer") applies only to new Scotia Momentum No-Fee Visa credit card accounts ("Accounts") that are opened by October 31, 2023 and is subject to the below terms and conditions. All other terms and conditions of the Program Terms continue to apply. Offer may be changed, cancelled or extended at any time without notice and cannot be combined with any other offers.
5% Cash Back Offer Conditions: You will earn 5% cash back on the first $2,000 in eligible purchases you spend on your new Account within the first 3 months of the Account open date (the "Promotional Period"). Eligible purchases include purchases (less any refunds, returns or other similar credits) but do not include payments, cash advances (including balance transfers, Scotia® Credit Card Cheques or cash-like transactions), interest, fees or other charges. After the Promotional Period, you will earn regular cash back on eligible purchases at the regular cash back rate (the "Cash Back Program Rate") described in the Scotia Momentum No-Fee Visa Cash Back Program Terms and Conditions (the "Program Terms"). The 5% cash back rate for any category is made up of the sum of: (i) the regular Cash Back Program Rate (variable by categories as set out under the Program Terms); and (ii) a "Cash Back Bonus Rate".
Cash back earned under this Offer will be credited to your Account in 2 instalments so long as your Account is open and in good standing at time of payout of each:
Bonus Cash Back: The amount earned under the Cash Back Bonus Rate will be credited to your Account within 7 months from the Account open date; and
Regular Cash Back: The amount earned under your regular Cash Back Program Rate will be credited to your Account according to the regular cash back payment schedule as set out under the Program Terms.
The Account is considered in good standing if it is not past due or over limit and the Cardholder(s) is not in breach of the Revolving Credit Agreement that applies to the Account.
EXAMPLE: If the Regular Cash Back Program Rate for the Groceries and Recurring Payments category is 1% then the Cash Back Bonus Rate will be 4% for that category so that you will earn a total of 5% on the amount of all eligible everyday purchases in that category during the Promotional Period. If you make $2,000 in eligible everyday purchases in the Groceries and Recurring Payments category, your cash back earnings will be credited to your Account as follows:
(1) the Cash Back Bonus earnings of $80 (4% x $2,000) (which will not be tracked on your monthly statements), will be credited to your Account within 7 months from the Account open date, and (2) the Regular Cash Back earnings of $20 (1% x $2,000) (which will be tracked on your monthly statements), will be credited to your Account as per the regular cash back payment schedule (i.e., November).
Introductory 0.99% Balance Transfer Rate Offer Description and Conditions: The Introductory 0.99% Rate Offer (the "Rate Offer") applies only to cash advances (including balance transfers, Scotia® Credit Card Cheques and cash-like transactions) (collectively "Cash Advances") subject to the conditions below. This introductory rate applies when the new Account is opened by April 30, 2023 and will continue for 6 months from date of Account opening (the "Promotional Period"). After the Promotional Period, the promotional 0.99% interest rate on any Cash Advances (including any that remain unpaid after the Promotional Period ends) will increase to the preferred interest rate on Cash Advances (currently 22.99%). A Balance Transfer fee of 2% of the amount of each Balance Transfer transferred during the Promotional Period applies.
If you don't pay the minimum payment on your Account by the payment due date on your statement, two times in any consecutive 12-month period, you will lose the benefit of this promotional Rate Offer and the interest rates that apply on any unpaid balance will increase to the standard annual interest rates that apply to your Account (preferred annual interest rates will increase to standard rates of 24.99% on purchases and 27.99% on Cash Advances). This Rate Offer is subject to any available limit for Cash Advances on your Account. This Rate Offer cannot be used to transfer a balance from another Scotiabank Account, or to make a payment or deposit to another Scotiabank Account.
In general, if you make a payment that exceeds the minimum payment on your statement, we will apply your payment on a proportionate basis among each group of billed charges on your Account. We group charges based on the interest rate that applies to the group of charges. Your payment cannot be applied to the balance(s) of your choice. See your credit card agreement for more information about how we apply payments to your Account.
Eligibility and Exclusions: Individuals who are currently or were previously primary or secondary cardholders of a Scotiabank personal credit card in the past 2 years, including those that switch from an existing Scotiabank personal credit card, as well as employees of Scotiabank, are not eligible for the Offer. Subject to the above exclusions, Scotiabank small business credit cardholders are eligible for the Offer.
Rates and Fees: There is currently no annual fee for the primary card and no fee for each additional supplementary card. The current preferred annual interest rates for the Account are: 19.99% on purchases and 22.99% on Cash Advances. All rates, fees, features and benefits are subject to change.