The Scotia Momentum No Fee Visa is one of the most popular credit cards in Canada, based on cards-in-force. Scotiabank is currently offering a 7.99% introductory interest rate on purchases for the first six month for new cardholders.
The main features of the Scotia Momentum No Fee Visa: earns 1% cash-back on purchases at gas stations, grocery stores, drug store and recurring payments. Recurring includes payments automatically billed to the card on a regular basis i.e. telecommunications, insurance, membership, subscriptions, etc.
The card also earns 0.5% on all other eligible purchases.
Other card features include a 25% discount off base rate for AVIS and Budget locations in Canada and the U.S.
Supplementary cards can be added to the account without an additional fee.
The Scotia Momentum No Fee Visa also offers mobile payment options including Visa PayWave, Visa Checkout, Apple Pay and Scotiabank’s mobile banking app.
To quality for the Scotia Momentum No Fee Visa you must be a Canadian citizen or a Permanent Resident and your annual gross income must be least $12,000.
The preferred, or on-going fixed interest rate for purchases, is 19.99% per annum (APR). For cash advances the fixed APR is 22.99%. The punitive interest rate is a fixed 24.99% for purchases and a fixed 27.99% for cash advances.
The interest-free grace period is 21 days for new purchases paid-in-full and 25 days for accounts carrying balances forward. The foreign conversion rate is 2.50% with no cap.
Cash advance fees vary by the source and location of the cash advance made. The over-limit fees is $29.00.
The Scotia Momentum No Fee Visa is rated with 5 Stars for overall value including pricing, rewards, availability, acceptance, service and feedback.