Scotia Momentum Visa Infinite Review 2024: The Best Travel Insurance Coverage From A Cash Back Card

• Earn 10% cash back on all purchases for the first 3 months (up to $2,000 in total purchases)
• No annual fee in the first year, including on additional cards.
• 4% for every $1 you spend on grocery store purchases, recurring bill payments and subscription purchases
• 2% for every $1 you spend on gas and daily transit purchases
• 1% cash back on all other purchases with no cashback limit
• Visa Infinite* Concierge Services
• Visa Infinite* Hotel Collection
• Visa Infinite* Dining and Wine Country program
• Comprehensive Travel Insurance & New Mobile Device Insurance coverage

The Scotia Momentum Visa Infinite Card is an award-winning cash back credit card that punches above its weight when it comes to earning cash back and providing travel insurance coverage. However, it leaves room for improvement in terms of its redemption options.

This card’s top cash back category, a 4% cash back offer on grocery purchases, may seem like a selling point, especially considering grocery costs have been on the rise. This card also earns 4% cash back on recurring bill payments. This feature could be a boon to families bracing for bigger bills because of inflation. This card also earns 2% on gas and daily travel, which, fortunately, does extend to public transportation and electric vehicle charging. All other spending is rewarded with a 1% cash back rate.

As a welcome bonus, the Scotia Momentum Visa Infinite Card offers 10% cash back on all purchases in the first three months. The bonus offer is limited to the first $2,000 in spending, meaning you can only earn a maximum of $200. Also, the bonus cash back isn’t paid until seven months after the card has been activated, and only if your account isn’t overdrawn or past due at that time.

A major downside of this card is its restrictive cash back redemption rules. Rewards are only paid to cardholders once per year, in November. If your account isn’t in good standing at that time, your cash back will be forfeited. The same applies if you’re overdrawn or if your minimum payment is past due. And if you have a Scotiabank chequing or savings account, your reward will be paid there, rather than applied to your credit card statement, unless you specifically request otherwise.

However, where this card shines brightest is its travel insurance offering, which is comprehensive. With this in mind, we break down the details of this card so you can decide whether it’s a good fit for you.

• Cash back on all purchases including 4% on groceries and recurring payments like bills and subscriptions, 2% on gas and daily transit and 1% on everything else
• The welcome offer includes 10% cash back on all purchases in the first three months (up to $2,000 in spending), plus no annual fee for primary and secondary cardholders in the first year
• Excellent travel insurance coverage, including emergency medical and travel accident insurance, trip interruption/cancellation, lost/delayed baggage, flight delays and rental car damage/collision insurance

Earning rewards

The Scotia Momentum Visa Infinite card is the ideal card for essential purchases. It earns:

• 4% cash back on groceries and automatic bill payments
• 2% cash back on gas and daily transit (including buses, taxis, trains and ride shares)
• 1% cash back on all other purchases

Redeeming Rewards

Unlike most cash back credit cards, which pay rewards monthly or on request, the Scotia Momentum Visa Infinite Card pays cash back to cardholders once per year each November. You can do this by having your cash back:

• deposited to your Scotiabank chequing or savings account
• Applied to your credit card statement

If you have a Scotiabank chequing or savings account, your cash back rewards will automatically be deposited there, unless you specifically request it be applied to your credit card account by the October 15 deadline. If you don’t have a Scotiabank chequing or savings account, the cash back reward will be automatically applied to your credit card statement.

If you close your account before the November payout, or if your account falls out of good standing as defined by Scotiabank, you will forfeit your accumulated cash-back rewards for the year.

Rewards Potential

Depending on your spending habits, the Scotia Momentum Visa Infinite Card has big potential for cash back rewards. We did the math for you by calculating what the average Canadian spends every year for each Scotia Momentum Visa Infinite cash back category. Forbes Advisor uses data from multiple government agencies in order to determine both baseline income and credit card spending averages across various categories.

• Total Annual Credit Card Spending: $27,851.70
  • Grocery Purchases: $7,536 ($301.44 in cash back)
  • Bill Payments: $2,436 ($97.44 in cash back, assuming they were recurring)
  • Gas: $3,360 ($67.20 in cash back)
  • Other Spending:$14,519 ($145.19 in cash back)
• Total Cash Back Annual Earnings: $611.27
• Total Cash Back Annual Earnings (-$120 fee): $491.27

• Visa Infinite Concierge Service: Get help with trip planning, restaurant reservations and more with access to Visa Infinite’s complimentary concierge.
• Visa Infinite Hotel Collection: Get guaranteed best available rates, automatic upgrades and free in-room Wi-Fi at over 900 participating properties.
• Visa Infinite* Dining and Wine Country program: Get access to exclusive Visa Infinite dining events.
• Up to 25% off car rentals: Save up to 25% off your reservation at participating Budget and Avis locations.
• Insurance coverage: Get travel emergency medical for up to $1,000,000 for 15 days of travel. You’ll also get travel accident insurance. Plus, coverage for trip delay/interruption, flight delay, delayed/lost baggage and rental car collision loss/damage insurance.
• Consumer protection: Get purchase security and extended warranty protection. Plus, mobile device insurance.
• Scotia SelectPay: Pay off your purchases of $100 or more with low interest rates and no installment plan fee.
• Supplementary Cards: $50 per year (special offer: First-year annual fee waived).

The Scotiabank Momentum Visa Infinite includes plenty of valuable insurance coverage, including:

• Travel Emergency Medical Insurance: Up to $1 million in coverage for 15 consecutive days. Must be under 65 years old.
• Travel Accident Insurance: Up to $500,000 ($1 million maximum per occurrence).
• Trip Cancellation and Trip Interruption Insurance: Up to $1,500 per person for travel expenses (maximum $10,000 per trip).
• Flight Delay Insurance: Up to $500.
• Delayed and Lost Baggage Insurance: Up to $500.
• Rental Car Collision Loss/Damage Insurance: Up to 48 consecutive days.
• Purchase Security: Coverage against theft, loss, or damage for 90 days from the purchase date.
• Extended Warranty Protection: Double the manufacturer’s warranty up to 1 additional year.
• New Mobile Device Insurance: Coverage up to $1,000 if your phone or tablet is lost, stolen, accidentally damaged, or experiences mechanical failure.

Interest Rates

• Regular APR: 20.99%

Fees

• Cash Advance: $5
• Foreign Transaction Fee: 2.5%
• Annual Fee: $120 (waived in the first year)
• Additional cardholder: $50

• Estimated Credit Score: Good/Excellent
• Canadian Residency: Canadian Citizen/Resident
• Age of Majority: 18 or 19 years of age, depending on your province
• Minimum Income Requirements: $60,000 per year for individuals, $100,000 per year for households or $250,000 worth of assets under management

The Scotia Momentum Visa Infinite is a premium card, but it has some serious competition, especially with the BMO CashBack World Elite Mastercard.

Scotia Momentum Visa Infinite vs. BMO CashBack World Elite Mastercard

The Scotia Momentum Visa Infinite Card has a serious competitor in the BMO CashBack World Elite Mastercard.

When it comes to cash back, the BMO CashBack World Elite Mastercard offers 5% cash back on groceries (the highest rate we’ve come across in Canada), 4% on transit, 3% on gas, 2% on recurring payments, and 1% on everything else. However, the BMO card does have spending caps of $500 per month on those grocery, transit, gas, and bill earnings categories, after which you’ll earn the base rate of 1%. When you factor that in, the earnings come to $490.07 annually, after the annual fee is accounted for. Considering that the Scotia Momentum offers $491.27, the difference is very small.

However, the BMO has a slightly better welcome offer, which matches Scotia’s 10% for the first 3 months, but has a higher maximum earning capacity of $260, compared with the Scotia Momentum Visa Infinite Card’s $200.BMO customers can also redeem their cash back any time—like when they actually need it—whereas Scotia customers have to wait for their annual payout to arrive in November.

Where the Scotia Momentum Visa Infinite Card outshines the BMO CashBack World Elite Mastercard in its insurance coverage. While the BMO card does offer emergency travel medical insurance, as well as some other travel coverage, Scotia’s option has more comprehensive travel insurance and a very useful mobile device insurance policy.

If you’re not concerned with travel insurance and know you don’t spend more than $500 a month on expenses like groceries and bills (like if you’re single), the BMO card might be the winner for you. However, if you have a large family to shop for, a substantial work commute, or need travel insurance coverage, Scotia might be the winner.

Scotia Momentum Visa Infinite vs. CIBC Dividend Visa Infinite

A close relative of the Scotia Momentum Visa Infinite Card, the CIBC Dividend Visa Infinite Card offers similar features, especially since they’re both part of the Visa Infinite family.

You may earn slightly more cash back rewards using CIBC’s cash back card, which offers 4% cash back on groceries and gas, 2% on transportation, dining, and recurring payments, and 1% on everything else. When we added it up, you can earn $537.50 with the CIBC card, after you factor in the annual fee. Compared to the Scotia card’s $491.27, it’s easy to see who is the winner here.

CIBC also wins for flexible redemption, since cardholders can redeem their cash back rewards at any time. However, they won’t enjoy any welcome offer (as of the time of writing.)

The CIBC Dividend Visa Infinite Card also gives cardholders an enticing $0.10 discount on gas at participating stations but doesn’t offer any other benefits that exceed those offered by the Scotia Momentum Visa Infinite Card. As with most cash back credit cards, CIBC’s travel insurance coverage falls behind Scotia’s excellent coverage.

Scotia Momentum Visa Infinite vs. SimplyCash Preferred from American Express

The SimplyCash Preferred Card from American Express isn’t accepted at as many locations as the Scotia Momentum Visa Infinite Card since it’s an Amex card, but it still packs a punch when it comes to cash back rewards—and bonus points for simplicity.

Rather than picking and choosing categories, this American Express card offers 2% cash back on all purchases after a 10% cash back offer in the first four months (up to a $400 value). Despite this, you’ll earn more cash back with a Scotia Momentum Visa Infinite Card if you have a typical spending profile. The SimplyCash Preferred earns $348.13 annually (when you factor in the annual fee), while the Scotia card offers $491.27. And because Visa is more widely accepted than American Express, you’re likely to get better use (and therefore more cash back) out of the Scotia card.

When it comes to benefits, the SimplyCash Preferred Card is one of the few that rival the Scotia Momentum Visa Infinite Card. The American Express card offers a higher limit on travel emergency medical coverage and comparable coverage in other travel categories except trip cancellation.

When determining a rating for individual credit cards, the Forbes Advisor Canada editorial team factors in an exhaustive list of data points. With cash back, the scoring model used takes into account factors such as, but not limited to, cash back rates and categories, fees, welcome bonuses, and other rewards and features. Keep in mind, what may be best for some people might not be right for you. Conduct informed research before deciding which cards will best help you achieve your financial goals.

If you spend a lot of money at grocery stores that accept Visa cards and like to put your bills with automatic payments, the Scotia Momentum Visa Infinite card will be a particularly rewarding cash back credit card for you.

This card may also be right for you if you like to travel but prefer a cash back card to a (sometimes confusing) travel rewards program credit card. With some of the best travel insurance coverage among cash back credit cards in Canada, the Scotia Momentum Visa Infinite card is a great choice for booking your next vacation.

If you don’t need travel insurance coverage, you should consider the CIBC Dividend Visa Infinite, which offers more cash back earning potential annually. If you shop at a grocery store that only takes MasterCard, the BMO CashBack World Elite Mastercard is a good alternative too, with 5% cash back on groceries and more flexible redemption rules.

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