This is Scotiabank's no-fee Momentum with a student application path, and the numbers match the regular card: $0 a year, 1% cash back on groceries, food delivery, drugstores, gas and EV charging, transit and rideshare, and recurring bills (up to $15,000 a year combined), and 0.5% on everything else. The welcome offer, 5% on the first $2,000 for 3 months, is the part that stands out for a student.
I'd point most students to this card ahead of the $49 Momentum for students, because at student spending levels the fee rarely pays for itself. The trade-offs are a low 0.5% base, no insurance of any kind and a 2.5% FX fee. It is also the card Scotiabank features in its student banking bundle, which can add 30,000 Scene+ points if you open the chequing and savings accounts too.
Welcome offer
The student No-Fee is offering 5% cash back on all purchases for the first 3 months, on up to $2,000 in purchases, which is up to $100. It also comes with a 0.99% introductory rate on balance transfers for 9 months (2% fee per transfer, minimum $5, then 22.99%). Both were verified on the Scotiabank page on October 13, 2026, for accounts opened between July 2 and November 1, 2026, and match the regular No-Fee card's offer.
The 5% is your regular rate plus a bonus rate. The regular part is redeemable any time from $25, while the bonus part becomes available about 5 months after the account opens. The 'About the offer' box on Scotiabank's page still shows older dates; the legal terms give July 2 to November 1, 2026. Anyone who held or switched to a Scotiabank personal credit card in the past 2 years is excluded.
Getting the full $100 takes $2,000 in 3 months, about $667 a month. On a tighter student budget, put textbooks, groceries and recurring bills on the card early; every dollar in the window earns 5% even if you fall short of $2,000.
Fees & eligibility
The annual fee is $0, and additional cards are also free. Scotiabank prints no minimum income for the student card; its suitability note says the card might not be right if you have a steady income of more than $12,000 a year, since you may qualify for other cards. The minimum credit limit is $500, and no maximum is published.
Canadian citizens and permanent residents apply online. International students apply in person by appointment, with a study permit (IMM 1442) valid for at least another six months and enrolment in a post-secondary program that starts within six months, or at least 30 days left if it has already started. You also need to be the age of majority in your province (18 or 19, depending on where you live).
Purchases carry 20.99% and cash advances 22.99%, including balance transfers. Scotiabank's fee schedule lists a 2.5% foreign currency conversion fee.
Earning rewards
Earning is the same as the regular Momentum No-Fee. 1% cash back applies to groceries, food delivery and food subscriptions, drugstores, gas and EV charging, transit, taxis and rideshare, and recurring bill payments such as phone plans, insurance, gym memberships and streaming. Everything else earns 0.5%.
All the 1% categories share one $15,000 annual spend limit, counted from your account-opening statement period, then drop to 0.5%. That is $150 a year at the higher rate, more room than most students will use.
Redeeming rewards
Once your balance reaches $25, you can redeem cash back any time in the Scotia app or online banking, as a statement credit or a deposit to an eligible Scotiabank account. There is no limit on how much you redeem, and cash back does not expire while the account is open.
The welcome bonus portion is the exception: it shows on your statements but becomes redeemable about 5 months after the account opens. If you close the card, you have 90 days to redeem what is left by phone, and supplementary cardholders cannot redeem.
Perks & benefits
The everyday perks are modest. Link the card and your Scene+ account to a Shell Go+ account for up to 6 cents per litre in value at Shell, and pay with it for up to 25% off base rates at participating Avis and Budget locations in Canada and the US. Scotia SelectPay installment plans are available on purchases of $100 or more.
The bigger student extra is the Scene+ Student Banking Bundle, where Scotiabank features this card. Open it with a Preferred Package for Students and Youth and a Money Master Savings Account between July 2 and November 1, 2026, complete two qualifying chequing activities within 60 days, and Scotiabank adds 30,000 bonus Scene+ points within 6 months. Anyone who held a Scotiabank credit card or chequing account in the past 2 years is excluded.
Insurance
The student No-Fee has no embedded insurance, the same as the regular card. The product page lists only optional, paid Scotia Credit Card Protection, underwritten by Chubb Life, which can cover your balance or payments after events such as job loss or illness.
There is no purchase security or extended warranty either, so a laptop or phone for school is better paid for with a card that includes them. The $49 Momentum for students adds 90-day purchase security and an extra year of warranty.
My take
I'd make this the default Scotiabank card for a student who wants cash back: no fee, no minimum income printed, and up to $100 back in the first 3 months; I'd skip it only if you want purchase protection or Scene+ points instead of cash.
The ongoing earn is low at 1% and 0.5%, and I won't pretend otherwise. What makes it work for a student is that it costs nothing to hold, the 1% covers the categories students actually spend in, and the 5% offer pays real money early.
If you're opening a Scotiabank student chequing account anyway, the bundle's 30,000 Scene+ points ($300 by Scotiabank's own figure) are worth more than most students will earn from the card in its first year. Scotiabank doesn't say what happens to the card after graduation, so I'd plan to revisit it once your income passes $12,000 a year.
The good
- No annual fee and no minimum income printed
- 5% on the first $2,000 for 3 months (up to $100)
- Featured card in the 30,000-point Scene+ Student Banking Bundle
The catch
- 0.5% base rate is low
- No insurance of any kind
- 2.5% foreign transaction fee