Scotia Momentum Mastercard review

How the Momentum Mastercard earns cash back

The card pays 1% cash back at grocery stores, gas stations and drugstores, and on recurring payments billed automatically to the card, such as phone, internet, insurance, memberships and subscriptions. Everything else earns 0.5%. Scotiabank’s cash back terms don’t mention an annual spending limit on the 1% categories.

The 1% rate depends on how Mastercard classifies the store. Scotiabank lists the merchant codes it uses for groceries, gas and drugstores, so a store that sells food but is coded as something else, such as a warehouse club or department store, earns 0.5%.

As an example, a household spending $400 a month on groceries, $150 on gas, $50 at the drugstore and $200 on recurring bills puts $800 a month into the 1% categories and earns $8. Another $500 of other spending at 0.5% adds $2.50, for $10.50 a month, or $126 a year.

Cash back is paid once a year

Unlike Scotiabank’s Momentum Visa cards, which let you redeem at any time once you have $25, this card pays its cash back in one lump sum as a credit on your November statement. The next year’s earning starts with the December billing cycle.

The catch is in the terms: if the account is closed before the November statement, the cash back earned that year is forfeited. It’s also not paid if the account is past due. Plan any card switch for December, right after the credit posts.

Why pick a Mastercard

Scotiabank itself pitches this card for Mastercard network access, and gives Costco as the example. If you shop at a store that takes Mastercard but not Visa, this card lets you earn cash back there instead of paying by debit. Check your statement to see which rate your warehouse purchases earn, since they may not be coded as grocery stores.

Cardholders also get Mastercard’s Priceless experiences and access to Mastercard Global Services, which can replace a lost or stolen card or arrange emergency cash, 24 hours a day.

The intro purchase rate

New accounts opened by November 1, 2027 get a 7.99% interest rate on purchases for the first 6 months, then 20.99%. There’s no fee for the promotional rate. Cash advances and balance transfers don’t qualify.

On a $1,000 purchase balance carried for those 6 months, 7.99% works out to about $40 in interest, against about $105 at 20.99%. It helps if you need to spread out a larger purchase, but paying in full each month still costs nothing.

Fees, interest and the fine print

There is no annual fee for the primary card or for additional cards, and the minimum credit limit is $500. Purchases are charged 20.99% interest and cash advances, including balance transfers, 22.99%.

Foreign currency purchases carry a 2.5% fee, about $25 per $1,000, five times the 0.5% you’d earn on them. Scotiabank lists no insurance coverage for this card, so look elsewhere for purchase protection or travel cover. Drivers can get up to 6¢/L in value at Shell by linking the card and a Scene+ account to Shell Go+, and up to 25% off Avis and Budget base rates.

How it compares

The Scotia Momentum No-Fee Visa Card earns the same 1% and 0.5% rates, but caps the 1% categories at $15,000 a year and lets you redeem any time once you have $25. Transit, rideshare and food delivery also earn 1% on that card. Pick the Visa if you want your cash back through the year, and the Mastercard if you shop where only Mastercard is accepted.

The Tangerine Money-Back World Mastercard is another no-fee Mastercard, with 2% in categories you choose and 0.5% on everything else. The Scotia Momentum Visa card costs $49 a year and pays 2% on groceries, gas, transit, drugstores and bills.

Before you apply

Scotiabank doesn’t publish a recommended credit score or minimum income for this card, and it makes the final decision based on your credit profile. The application asks about your job, yearly income and where you live. Confirm the current offer and earn rates on Scotiabank’s website before you apply.