Scotia Momentum® Visa* Card for students Review

Updated October 15, 20266 min read

The Momentum Visa for students is the regular $49 Momentum with a student application path, and every number matches: 2% cash back on groceries, food delivery, drugstores, gas and EV charging, transit and rideshare, and recurring bills, up to $25,000 a year combined, then 1% on everything else. It also carries the same certificate, with purchase security and extended warranty.

I'd be careful recommending it as a first card. At student spending levels the $49 fee eats a big share of the 2%, there is no cash back welcome bonus, and the $0 Momentum No-Fee for students pays half the rate with a 5% welcome offer. From what I can tell, it only pays off for a student who already runs a lot of groceries, transit and bills through one card.

The bonus

Welcome offer

There is no cash back welcome bonus on this card. The current offer, the same one the regular Momentum Visa carries, is a 0.99% introductory rate on balance transfers for the first 9 months, verified on the Scotiabank page on October 13, 2026, for accounts opened between July 2, 2026 and January 3, 2027. Each transfer costs 2% (minimum $5), and whatever is left after 9 months moves to the 22.99% cash advance rate.

Miss two minimum payments in a row and the promotional rate ends, with the unpaid balance moving to the standard 25.99% on purchases and 27.99% on cash advances. Anyone who held or switched to a Scotiabank personal credit card in the past 2 years is excluded, and the $49 annual fee is not waived.

Insider tip

A balance transfer offer is rarely useful to a student without existing card debt. If you want a welcome bonus, the student Momentum No-Fee pays 5% on the first $2,000 in purchases for 3 months (up to $100) on accounts opened by November 1, 2026, with no annual fee.

What it costs

Fees & eligibility

The annual fee is $49, with no first-year waiver, and each additional card is $15. 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.

Annual fee$49

Supplementary card$15

Points per dollar

Earning rewards

Earning is the same as the regular Momentum Visa. 2% 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 1%.

All the 2% categories share one $25,000 annual spend limit, counted from your account-opening statement period, which caps the 2% at $500 a year. Against the $0 student No-Fee card (1% and 0.5%), the extra 1% only covers the $49 fee once you put about $4,900 a year (roughly $410 a month) into the 2% categories.

Groceries & food deliveryGrocery stores, plus eligible food delivery and food subscription services2%

DrugstoresDrug stores and pharmacies2%

Gas & EV chargingGas stations, fuel dispensers and EV charging2%

Transit & rideshareBuses, trains, taxis and rideshare2%

Recurring billsBills and subscriptions billed automatically to the card2%

Everything elseAll other purchases, and 2% categories after $25,0001%

Categories follow the merchant's classification in the Visa network. Recurring bills must be billed automatically by the merchant to the card, and from October 22, 2026, rent and tax payments no longer count as recurring bills. Cash advances, balance transfers, fees, interest and insurance premiums earn nothing.

Getting value out

Redeeming rewards

Cash back is simple: once your balance reaches $25, you can redeem it 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.

If you close the card, you have 90 days to redeem what is left by phone. Supplementary cardholders cannot redeem, and the account must be in good standing.

Statement creditApply cash back to your card balance any time from $25.

Deposit to a Scotiabank accountSend cash back to an eligible Scotiabank chequing or savings account.

After closing90 days to redeem any remaining balance by phone.

Beyond the points

Perks & benefits

The perks are modest. Link the card and your Scene+ account to a Shell Go+ account for up to 7 cents per litre in value at Shell (a 3 cent instant discount, 2% cash back and Scene+ points), 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 card is also one of five eligible for the Scene+ Student Banking Bundle: 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. Anyone who held a Scotiabank credit card or chequing account in the past 2 years is excluded.

Scene+ Student Banking Bundle30,000 bonus Scene+ points when you also open a student chequing and a savings account by November 1, 2026 and meet the chequing conditions.

Shell fuel savingsUp to 7 cents per litre in value with a linked Shell Go+ account and Scene+ membership.

Avis and Budget discountsUp to 25% off base rates at participating locations in Canada and the US.

Scotia SelectPayInstallment plans on purchases of $100 or more, with no installment plan fee.

Coverage included

Insurance

Insurance is limited to two purchase coverages, from the same certificate as the regular Momentum Visa. Purchase security covers most new items charged to the card against loss, theft or damage for 90 days, up to $10,000 per claim, and extended warranty doubles the manufacturer's warranty by up to 1 extra year. Both share a $60,000 lifetime limit.

That is useful for a laptop or phone bought for school. There is no travel medical, trip cancellation, baggage or rental car coverage, so travel needs another card or a separate policy.

Purchase security90 days against loss, theft or damage, up to $10,000 per claim.

Extended warrantyDoubles the manufacturer's warranty by up to 1 extra year; warranties of 5 years or more must be registered within the first year.

Lifetime limit$60,000 shared between purchase security and extended warranty.

Travel and rental carNone. No travel medical, trip, baggage or rental car coverage.

Opinion

My take

JasonRated 5.2 / 10

I'd only get the Momentum Visa for students if you already put about $410 a month or more on groceries, transit and bills; most students are better off starting on the $0 Momentum No-Fee for students.

The 2% categories are well chosen for student life: groceries, food delivery, transit, rideshare, phone and streaming bills. The problem is scale. The $49 fee needs about $4,900 a year in those categories just to match the no-fee card, before counting the No-Fee's 5% welcome offer, and this card has no cash back bonus of its own.

What it does add is purchase security and extended warranty, which the No-Fee lacks, and that matters if you're buying a laptop. Scotiabank doesn't say what happens after graduation, so I'd see this as a card to grow into rather than start with.

The good

2% on groceries, delivery, drugstores, gas, transit and recurring bills
Purchase security and extended warranty included
Redeem cash back any time from $25

The catch

$49 annual fee with no first-year waiver
No cash back welcome bonus, only a balance transfer rate
No travel insurance and a 2.5% FX fee

— Jason

Questions

Frequently asked

Who can apply for the Momentum Visa for students?

Students who have reached the age of majority in their province: 18 in Alberta, Manitoba, Ontario, PEI, Quebec and Saskatchewan, 19 elsewhere. Canadian citizens and permanent residents apply online, and international students book an in-person appointment.

What do international students need to apply?

A study permit (IMM 1442) valid for at least another six months, and enrolment in a post-secondary program that starts within six months. If the program has already started, at least 30 days must remain.

Is there an income requirement?

Scotiabank prints no minimum income. 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 Scotiabank cards. The minimum credit limit is $500.

How is it different from the regular Momentum Visa?

On the numbers, it is not. The $49 fee, $15 additional cards, 20.99% and 22.99% rates, 2% and 1% earn rates, $25,000 limit, balance transfer offer and insurance certificate are the same. The differences are the student application path and the $12,000 income guidance.

Is the annual fee waived for students?

No. The $49 fee applies from the first year, and each additional card is $15. The student Momentum No-Fee has no annual fee.

What happens to the card after graduation?

Scotiabank's student card pages do not say. The fee, rates and earn rates already match the regular Momentum Visa, so confirm with Scotiabank before assuming anything changes.

Does the card include travel insurance?

No. It includes purchase security for 90 days and extended warranty of up to 1 extra year, with a $60,000 lifetime limit, but no travel or rental car coverage.