Scotiabank Momentum®Infinite Visa

Scotiabank Momentum Visa Grocery Cashback

Written By:

Kimbery Ashington


April 25th, 2020

Review Rating:

The upgrade has finally arrived!

Those of you who have been players in the game are well aware of the phenomenal value that the Scotiabank Momentum Infinite Visa card has to offer.

Up until August 1 2019, Scotia has offered up an unparalleled suite of cash back categories on a single card with return rates peaking at 4% on groceries and gas, 2% on recurring bills and pharmacies and 1% percent on all other items including public transit and ride sharing apps.

Now after rolling out a major overhaul, some critics may find their hearts torn in two, fading off to the left or the right in favour of another card, while others may see a newfound benefit. A card previously unrealized by any other financial institution, where everything just seems to fall into place and comfortably fits within their lifestyle.

If you’ve been enjoying the benefits of this card for quite some time now, you know exactly what I’m talking about. On the flip side, if you’re new to the conversation, then you might be curious about what makes one of the most talked about cash back cards on the market today, all the buzz around town.

For an Uber quick comparison see this before and after chart we’ve compiled. You’ll get a birds eye view to instantly determine whether this card is a good fit for you.

Let’s dive right in.

One of the most delicious features of this card has always been the healthy serving of cash back incentives in the “groceries” category. If you were one of the lucky ones, who found themselves unwittingly appointed as head chef for a pack of hungry wolves with stomachs of seemingly bottomless pits, then you knew how quickly this card would whisper kind words of reward based earnings directly into your ear and straight into your Scotia account!

I’m quite happy to tell you that the 4% cash back earnings on groceries will remain intact. Following are some small changes taking place, making some of you very happy, and perhaps for others, might place a single small tear in your eye.

For those of you who prefer to pay for recurring bills with your visa, you’ll be very pleased to note that the amount of cash back received will jump from 2% to 4%, currently making it the highest earn rate in this category on the financial market.

If you make any monthly payments consistently with this card, including but not limited to, services like cable and internet, smartphone plans, streaming services such as Netflix and Disney+, utility bills, auto insurance and even gym memberships, then you will likely quality to be rewarded in this category. If you are at all unsure whether or not a specific product is eligible for recurring payments funded through a Visa, then I would suggest double checking with your provider for confirmation.

Rest assured however, that there’s a great chance that they will be, as most services as of 2019 are hip to modern financial trends.

Interestingly enough, Scotia has placed an upper cap on the total allowable amount you can charge your card in the recurring payments category. It’s doubtful however, that you will ever reach this ceiling, as they have set it exceedingly high @ $25,000 dollars per annum, at which point the counter resets back to $0 at years end, and like Groundhog Day, you can do it all over again.

Many will be disappointed to hear that gas rewards have shifted from 4% down to 2% in an effort to slide these savings over to public transportation such as TTC or Taxi’s and ride sharing apps akin to Uber and Lyft.

For those who have recently decided to keep their 4 wheelers parked out of the elements and safely in the garage in favour of a greener approach, this change will be welcomed with open arms, as the rewards for using more public oriented modes of travel will rise from 1% to 2%. If you originally signed up to enjoy the previous benefits of filling up at 4% then I’d advise sitting down with a calculator and doing the math to determine if this card is as beneficial in your wallet as it once was.

If you plan on using many modes of transportation, getting from one destination to another via public and private, then you can enjoy rewards on both sides of the tracks.

I know a lot of you continue to use their cars exclusively, so before you pick up your phone to cancel your card, there’s something you can do to continue to get benefits. Visit your local Scotiabank or give them a call and see if they can switch you over to another Credit card in their lineup such is the Scotiabank Gold American Express as they will be able to preserve your established credit history. This is much better than having to go through the process of applying with different a financial institution and starting at the bottom, especially if you’ve been paying your entire balance on a consistent basis. If you’re responsible like that, then you’re in their good books and that gives you leverage.

If you really really loved the original set up and have your heart set on maintaining rewards with those particular spending habits, then there’s another option you might be interested in.

For an annual fee of $99 and 4% cash back on both groceries and gas the Meridian Visa Cash Back Card has an almost identical set up and as of today’s date is an excellent substitution. If you’re interested then check out this great review.

Pharmacies and drugstores alike will also be nudged lower.and as of August 1st, the previously rewarded 2% cash back will slip down 1%.

One of the best new features that Scotiabank is including on this particular Visa as of August 1, is specialized insurance that covers purchases financed using the card, split into 2 separate categories.

The first one, is the Mobile Device Insurance coverage, which essentially covers all smartphones and tablets with up to $1000 towards repair or purchase of a new device in the event of loss, theft accidental damage. The only qualifications necessary to access this type coverage is either:

The purchase of any device paid for in full with your Scotiabank Momentum Visa Infinite Card

For those who prefer to subsidize their device over a 2 year period as offered by some mobile providers, to have all monthly bills rerouted either as a pre-authorized payment or manually applied.
(Check for better wording than applied, or whether manual
payments are an option)

Keep in mind that coverage is only applied towards devices purchased on August 1, 2019 or later.

The second one is trip cancellation insurance, which grants any cardholder coverage if they charge a minimum of 75% of their trips total expenses to the Momentum Infinite Visa Card. This allows each individual who qualify for the insurance up to $1,500 in trip cancellation fees and $2,000 in trip interruption fees, for a maximum of $10,000 in total trip coverage for you, your spouse and kiddies.

This feature is of great value as most rewards visa’s only tends to include one of these supplementary insurance plans whereas this card gives you both. It’s a rare double-shot when standard options like these appear, but when they do, we like to boast about it.

Lastly, Scotiabank has inched the APR from 19.99% forwards to 20.99% and applied a modest annual fee change from $99 yearly upwards to $120. Any individuals who make a habit of paying their entire balance off within, and no later than the 21 day grace period, have nothing to worry about, as the APR will not affect them, regardless.

The changes brought forward by Scotiabank for their Momentum Visa Infinite Card will most likely garner a split with the critics, and while some well frown at many of the changes that have taken place, others will be overjoyed, putting a little pep, back in their step.

  • Annual Fee: *$120
  • Interest Rate: 20.99 %
  • Balance Transfer and Cash Advance Rate: 22.99 %
  • 4% Cash back for Groceries and Recurring Bill Payments
  • 2% Cash back for Green Transit, Ride Sharing Apps and Gas
  • 1% Cash back for all everything else
  • New! Travel and Mobile Device Insurance
  • Minimum Credit Limit: $5,000 or higher