Scotia Momentum Visa Card for Students review

How the student Momentum Visa earns cash back

The card pays 2% 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. The 2% applies to up to $25,000 of spending a year across those groups, then drops to 1%. Everything else earns 1%.

Those categories fit a student budget well. Groceries, a transit pass, the odd rideshare, a phone plan and streaming subscriptions all earn 2%, while textbooks, clothes and nights out earn 1%.

Does the $49 fee pay for itself?

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 2%, or $9, plus $150 of other spending at 1%, or $1.50. The total is $10.50 a month, or $126 a year, which leaves $77 after the fee.

The same spending on the Scotia Momentum No-Fee Visa Card for Students earns $4.50 a month in its 1% categories and $0.75 at 0.5%, or $63 a year with no fee. So this card comes out $14 a year ahead on that budget. On category spending alone, the extra 1% covers the $49 fee once you put $4,900 a year, about $410 a month, into the 2% categories; other spending at the extra 0.5% lowers that line. Below it, the no-fee card usually keeps you further ahead.

Balance transfer offer

New accounts opened between July 2, 2026 and January 3, 2027 get a 0.99% interest rate on balance transfers for 9 months, with a 2% fee on each transfer (minimum $5), then 22.99%. It isn’t available if you’ve held a Scotiabank personal credit card in the past 2 years.

Miss two minimum payments in a row and the rates jump to 25.99% on purchases and 27.99% on cash advances. Most students won’t need a balance transfer, so treat this as a backup rather than a reason to apply.

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, you’d reach $25 in about two and a half months.

The card includes purchase security for 90 days and extended warranty that doubles the manufacturer’s warranty for up to one year, useful for a new laptop or phone. Drivers can get up to 7¢/L in value at Shell with linked Shell Go+ and Scene+ accounts, and there’s up to 25% off Avis and Budget base rates.

Fees, interest and the fine print

The annual fee is $49, and additional cards cost $15 a year each. The minimum credit limit is $500. Purchases are charged 20.99% interest and cash advances 22.99%, so carrying a balance would quickly cancel out the cash back.

Foreign currency purchases carry a 2.5% fee, about $25 per $1,000, more than the 2% you’d earn even in the bonus categories. Students studying or travelling abroad should keep that in mind.

Who it suits, and who should look elsewhere

It suits students who already spend a few hundred dollars a month on groceries, transit and subscriptions and pay their balance in full. Scotiabank says Canadian citizens and permanent residents can apply online, while international students book an appointment in branch.

Scotiabank also says the card may not be right if you have a steady income of more than $12,000 a year, since you may qualify for other cards. The regular Scotia Momentum Visa card has the same $49 fee and the same earn rates. If your spending is light, the no-fee student card is the safer start.

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. Confirm the current fee, earn rates and offer on Scotiabank’s website before you apply.