The Scotiabank Momentum Visa Platinum sits between Scotiabank’s no-fee Momentum card and the premium Visa Infinite in the Momentum cash back lineup. At $49/year with no income requirement, it’s designed for Canadians who want accelerated cash back on groceries, gas, and bills but don’t yet qualify—or want to pay for—the $120 Visa Infinite tier.
Quick Verdict
Best for: Canadians who want solid cash back on everyday spending without the $60,000 income requirement of the Visa Infinite, and who are willing to pay a modest $49 annual fee.
Not ideal for: Those who qualify for the Momentum Visa Infinite and would benefit from its higher earn rates and better insurance, or those seeking a completely no-fee option.
Key Card Details
| Feature | Details |
|---|---|
| Annual Fee | $49 CAD |
| Supplementary Cards | $0 |
| Network | Visa |
| Purchase Interest Rate | 19.99% |
| Cash Advance Rate | 22.99% |
| Income Requirement | None specified |
| Credit Score Recommended | Good |
Welcome Bonus
Scotiabank periodically offers welcome bonuses for the Momentum lineup. Check Scotiabank’s website for any current promotional offers on the Platinum card.
Earn Rates
| Spending Category | Cash Back Rate |
|---|---|
| Groceries | Accelerated (verify with Scotiabank) |
| Gas | Accelerated (verify with Scotiabank) |
| Recurring bill payments | Accelerated (verify with Scotiabank) |
| All other purchases | Base rate |
Note: Scotiabank periodically updates earn rates across the Momentum product line. Confirm current rates at scotiabank.com before applying.
Cash back is calculated monthly and credited to your account once per year in November.
Benefits and Perks
- Purchase security — eligible new purchases covered against theft or damage for 90 days
- Extended warranty — doubles the manufacturer’s warranty on eligible items
- Visa payWave — contactless tap-to-pay
- Scotia Online & Mobile Banking — full digital account management
Fees and Rates
| Fee / Rate | Amount |
|---|---|
| Annual Fee | $49 CAD |
| Supplementary Cards | $0 |
| Purchase Interest | 19.99% |
| Cash Advance | 22.99% |
| Foreign Transaction Fee | 2.5% |
| Returned Payment | $48 |
Who Is This Card Best For?
The Scotiabank Momentum Visa Platinum is best for:
- Mid-range spenders who want more than the no-fee Momentum card but don’t yet meet Visa Infinite income thresholds
- Grocery and gas households who spend consistently in those categories
- Recurring bill payers who run subscriptions and utilities through their credit card
Alternatives
| Card | Annual Fee | Income Req | Best For |
|---|---|---|---|
| Scotiabank Momentum No-Fee Visa | $0 | None | Truly no-cost cash back |
| Scotiabank Momentum Visa Infinite | $120 | $60K | Premium grocery/gas cash back |
| Tangerine Money-Back Credit Card | $0 | None | Flexible 2% categories |
Bottom Line
The Scotiabank Momentum Visa Platinum is a reasonable mid-ground card for Canadians who want elevated cash back on everyday spending without paying a premium annual fee or meeting a high income requirement. If your spending is primarily groceries, gas, and recurring bills, the $49 fee should be easy to offset.
Disclaimer: Card terms and earn rates are subject to change. Verify all current details at scotiabank.com before applying.