Earn rates
The card earns at three cash back rates. Groceries and recurring payments earn 4% until $25,000 has been spent across those categories in the year; gas, EV charging, transit, rideshare and food delivery earn 2% until a separate $25,000; everything else, and spend past the caps, earns 1%.
| Spending category | Earn rate | Cash back per $100 spent |
|---|---|---|
| Groceries | 4% cash back | $4 |
| Recurring payments | 4% cash back | $4 |
| Gas and EV charging | 2% cash back | $2 |
| Transit, rideshare and food delivery | 2% cash back | $2 |
| Everything else | 1% cash back | $1 |
Cash back can be redeemed at any time as a statement credit or a deposit to a Scotiabank account once the balance passes $25, and the balance does not expire while the account is open.
Benefits
| Benefit | Details |
|---|---|
| Welcome offer | 15% cash back on all purchases for the first 3 months, on up to $2,000 of purchases ($300 maximum), plus a first-year annual fee waiver on the primary and supplementary cards and a 0% introductory balance transfer rate for 12 months with a 2% fee. Not available to anyone who has held a Scotiabank credit card in the past two years. |
| Redemption | Statement credit or bank deposit at any time once the balance exceeds $25; no expiry while the account is open. |
| Travel insurance | Scotiabank lists travel emergency medical (up to $1 million for travellers under 65, up to 15 consecutive days), trip cancellation and interruption, flight delay, rental car collision and mobile device coverage. Certificate figures not yet in our comparison. |
| Visa Infinite benefits | Concierge, the Visa Infinite hotel collection and dining programs, up to 25% off Avis and Budget rentals, and an annual GigSky mobile data allowance. |
Insurance limits, age bands and conditions are set by the certificate of insurance, which we have not yet read into our credit card travel insurance comparison; until then this page names the coverages Scotiabank lists and quotes no figures.
What the earn math looks like
A cardholder spending $2,500 per month, split across typical categories:
| Category | Monthly spend | Rate | Monthly cash back |
|---|---|---|---|
| Groceries | $600 | 4% | $24 |
| Recurring bills | $400 | 4% | $16 |
| Gas and transit | $300 | 2% | $6 |
| All other spending | $1,200 | 1% | $12 |
| Total | $2,500 | $58 / mo |
About $696 a year in cash back from everyday spending at this mix, against a $120 fee from year two, for a net return near $576. The first year adds the 15% welcome rate (up to $300) and drops the fee. The comparison that matters is against a no-fee 2% card: at this spending the Momentum earns roughly $200 a year more than a flat 2% card before its fee, and the travel insurance is what the extra $120 buys.
Good fit if
- Groceries and recurring bills are the biggest lines in your budget and you want the highest cash back rate on both
- You want cash you can redeem any time, not points and not a once-a-year certificate
- You want a cash back card that still carries travel medical, cancellation and rental car coverage
Not sure this is the card for how you travel? Book a free conversation, or see membership plans for ongoing help.
Less useful if
- You held any Scotiabank credit card in the last two years; the welcome offer excludes you
- Your spending is spread thin across categories, where a flat-rate no-fee card is close and costs nothing
- You want lounge access or transferable points; this is a cash card