Scotia Momentum No-Fee Visa Card for Students review

How the student Momentum No-Fee earns cash back

The card pays 1% cash back in five groups: groceries, food delivery and food subscriptions; drugstores and pharmacies; gas and EV charging; daily transit, taxis and rideshare; and recurring bills and subscriptions such as music and video streaming. Those groups share a $15,000 annual spending limit at 1%, and everything else earns 0.5%.

Take a student spending $300 a month on groceries, $100 on transit and rideshare and $50 on phone and streaming subscriptions. That’s $450 a month at 1%, or $4.50, plus $150 of other spending at 0.5%, or $0.75. The total is $5.25 a month, or $63 a year, and the $5,400 of yearly category spending sits well under the cap.

The introductory offer

New accounts opened between July 2 and November 1, 2026 earn 5% cash back on the first $2,000 of purchases made in the first 3 months. Spending the full $2,000 earns $100, more than a year and a half of cash back on the example budget above.

The 5% is made up of the regular rate plus a bonus. The regular part can be redeemed as usual, while the bonus part becomes available about 5 months after the account opens. A student spending $600 a month would put $1,800 through the card in 3 months and earn $90. The offer isn’t available if you’ve held a Scotiabank personal credit card in the past 2 years.

Balance transfer rate

The same offer includes a 0.99% interest rate on balance transfers for 9 months, with a 2% fee on each transfer (minimum $5), then 22.99%. Miss two minimum payments in a row and your rates rise to 25.99% on purchases and 27.99% on cash advances.

Few students need a balance transfer, but it’s there if you’re carrying a balance on another card.

Redeeming cash back and extra perks

Once you have $25 or more, you can redeem cash back any time in the Scotia app or online banking, as a statement credit or a deposit to a Scotiabank account. It never expires. On the example budget’s $5.25 a month, reaching $25 takes about five months, unless the intro bonus gets you there sooner.

Drivers can get up to 6¢/L in value at Shell with linked Shell Go+ and Scene+ accounts, and the card offers up to 25% off Avis and Budget base rates in Canada and the US. Scotia SelectPay lets you split eligible purchases of $100 or more into instalments with no plan fee.

Fees, interest and the fine print

There is no annual fee for the primary card or additional cards, and the minimum credit limit is $500. Purchases are charged 20.99% interest and cash advances 22.99%. A student carrying a $500 balance would pay about $105 a year in interest, more than the card’s cash back on the example budget.

Foreign currency purchases carry a 2.5% fee, about $25 per $1,000. Scotiabank lists no insurance coverage for this card beyond optional, paid Scotia Credit Card Protection.

Who it suits, and how it compares

It suits students opening a first card who want no fee and a simple way to start building credit history. Scotiabank says Canadian citizens and permanent residents can apply online, and international students book an appointment in branch. It also says the card may not be right if you have a steady income over $12,000 a year.

The Scotia Momentum Visa Card for Students costs $49 a year and pays 2% and 1% instead of 1% and 0.5%. On category spending alone, its extra 1% covers the fee at $4,900 a year in the bonus categories. The Tangerine Money-Back Credit Card has no fee and pays 2% in categories you choose, with 0.5% on everything else.

Before you apply

Scotiabank doesn’t publish a recommended credit score or minimum income for this card. The application asks about your job, yearly income and where you live. The current offer ends November 1, 2026, so confirm the terms on Scotiabank’s website before you apply.