This is the Momentum I'd look at if the No-Fee version's 1% feels thin but the Visa Infinite's $120 fee feels like too much. For $49 a year it doubles the No-Fee's rates: 2% in the same long list of everyday categories, and 1% on everything else instead of 0.5%.
What it doesn't do is soften the first year. There is no cash back welcome bonus and no fee waiver, only a 0.99% balance transfer rate, and the insurance stops at purchase security and extended warranty. From what I can tell, it beats the No-Fee version once your groceries, gas, transit and bills reach about $410 a month.
Welcome offer
Scotiabank's current offer on this card is a 0.99% introductory interest rate on balance transfers for the first 9 months, not a cash back bonus. Each transfer carries a 2% fee (minimum $5), and whatever is left after 9 months moves to the 22.99% cash advance rate. The offer applies to accounts opened between July 2, 2026 and January 3, 2027, verified on the Scotiabank page on October 13, 2026.
The rate also covers other cash advances and cash-like transactions made during the promotional period. Miss two minimum payments in a row and you lose the 0.99%, with the balance moving to the standard 27.99% cash advance rate. Anyone who has held, or switched to, a Scotiabank personal credit card in the past 2 years is not eligible, and the $49 annual fee is not waived.
Only transfer what you can clear in 9 months: on a $5,000 transfer the 2% fee is $100 up front, so divide the balance by 9 and pay at least that each month. Scotiabank applies payments above the minimum proportionally across balances at different rates (outside Quebec), so keep new purchases on a different card while the transfer is being paid down.
Fees & eligibility
The card costs $49 a year, with no first-year waiver, and each additional card for a co-borrower or supplementary cardholder is $15. The minimum credit limit is $500, and the product page does not print a minimum income.
Purchases carry a 20.99% interest rate, and cash advances, balance transfers and cash-like transactions 22.99%; miss two minimum payments in a row and those rise to 25.99% and 27.99%. Scotiabank charges a 2.5% foreign currency conversion fee on this card. As with any cash back card, the rewards only come out ahead if you pay the balance in full every month.
Earning rewards
The card earns 2% cash back across a long list of everyday categories: grocery stores, food delivery and food subscription services, drugstores and pharmacies, gas stations and EV charging, transit, taxis and rideshare, and recurring bill payments such as utilities, phone plans, insurance, gym memberships and streaming. Everything else earns 1%.
All of the 2% categories share one $25,000 annual spend limit, counted from the statement period in which the account was opened, which caps the 2% at $500 a year. Once you reach it, every purchase earns 1% until the limit resets 12 months later.
Redeeming rewards
Cash back is worth $1 for $1 and can be redeemed any time once your balance reaches $25, through the Scotia app or online banking. You can take it as a statement credit or deposit it into an eligible Scotiabank account, with no limit on the amount.
Cash back does not expire while the account is open and in good standing. If the account closes, you have 90 days to redeem by phone. Only the primary cardholder or a co-borrower can redeem; supplementary cardholders cannot.
Perks & benefits
The perks are modest. Link the card and your Scene+ account to a Shell Go+ account and you can get up to 7 cents per litre in value at Shell: a 3-cent instant discount, the card's 2% cash back and Scene+ points, with the top figure assuming premium fuel. You also save up to 25% off base rates at participating Avis and Budget locations in Canada and the U.S., and Scotia SelectPay turns purchases of $100 or more into installment plans with no plan fee.
There is no lounge access, no travel credit and no foreign transaction fee waiver.
Insurance
The card includes purchase security and extended warranty, and nothing else. New items charged in full to the card are covered against loss, theft, damage or fire for 90 days, and the manufacturer's warranty is doubled by up to 1 extra year. Both are capped at $10,000 per claim and share a $60,000 lifetime limit, and the coverage pays only after any other insurance you have.
There is no travel medical, trip cancellation, flight delay, baggage or rental car coverage. If you rent cars or travel often, a card that includes those, or a separate policy, is the way to get them. The coverage is underwritten by First North American Insurance Company, a Manulife subsidiary.
My take
I'd get this card if your everyday categories run past about $410 a month and you want one simple 2% rate without paying for a Visa Infinite; I'd skip it if you want a welcome bonus or any travel coverage.
The math is simple. Against the No-Fee version, the extra point in the 2% categories covers the $49 fee once you put about $4,900 a year there, and the 1% base rate helps on top of that. Groceries, gas, transit and recurring bills get most households to that number without trying.
Where I'd hesitate is the first year. There is nothing to offset the fee unless you actually need the 0.99% balance transfer, and the insurance is purchase protection only. If your groceries and bills add up to a few thousand dollars a month, I'd also weigh the Momentum Visa Infinite, which pays 4% on groceries and recurring bills for $120.
The good
- 2% across six everyday categories, up to $25,000 a year
- 1% on everything else, double the No-Fee's 0.5%
- Purchase security and extended warranty included
The catch
- No cash back welcome bonus or first-year fee waiver
- No travel or rental car insurance
- 2.5% foreign transaction fee