A couple of weeks ago, Scotiabank launched a couple of new banking products. The products that were launched include the Scotia Moneyback Account and 2 new Scotia Momentum Visa Cards (the Scotia Momentum Visa Infinite and Scotia Momentum No-Fee Visa).
Today I will examine what the Scotia Momentum No-Fee Visa, which replaces the No-Fee Scotia Moneyback Visa.
What time of rewards does this credit card offer?
The Scotia Momentum No-Fee Visa is a cash back credit card, allowing cardholders to earn cash back on their everyday spending at no cost to themselves.
|Scotia Momentum Cash Back||Eligible Purchases|
|1%||gas station, grocery store purchases and recurring bill payments|
|0.5%||all other eligible purchases|
As you can see, you are able to earn a full 1% cash back on the eligible purchases listed. The fact that you can earn 1% cash back on recurring payments makes this card worth it.
The 0.5% cash back involves purchases such as purchase returns, payments, cash advances, balance transfers, etc. This pretty much covers any other use you may be using the credit card.
What sorts of benefits are included?
With the Scotia Momentum No-Fee Visa you are honestly getting no crazy benefits. The only benefit I can see with this credit card is the fact that you have the Visa Zero Liability policy included, but realistically, every Visa card offers this.
There is currently a promotion being offered with the Scotia Momentum No-Fee Visa, which allows cardholders to earn a special introductory interest rate for the first 6 months. The special rate is 7.99%, which is applicable to purchases only. This promotion is only available to new accounts opened by August 31st, 2011.
Is the Scotia Momentum No-Fee Visa worth it?
To put it all in perspective, I used the Scotia Momentum Cash Back Calculator.
As you can see, with my monthly purchases, I am able to earn $114 in cash back annually. This is not a bad offer considering the fact that this is a no fee credit card.
In my opinion, the Scotia Momentum No-Fee Visa is a great first credit card, especially if you are the type of person looking to earn cash back rewards. At no annual fee, the Scotia Momentum No-Fee Visa is a good choice for anyone looking to get their first credit card. If you do like earning cash back, then you can always move onto Scotiabank’s premium cash back credit card, the Scotia Momentum Infinite Visa.
What do you think of the Scotia Momentum No-Fee Visa?