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Friday, January 12, 2018

Scotia Momentum® Mastercard®* Credit Card - the latest cash back card from Scotiabank

Just before the Christmas break Scotia brought out another card to add to their ever expanding portfolio of rewards credit cards, the Scotia Momentum® Mastercard®* Credit Card. There wasn't too much fan fare with the launch and rightfully so as the card is a mediocre cash back card. Outside of being a Mastercard which means that Scotiabank now offers all three major card brands, the card is essentially a duplicate of their Scotia Momentum No Fee Visa Card.  The card has a base earn of 0.5% on spending which is boosted to 1% on eligible gas station, grocery store and  drug store purchases and recurring bill payments. It really doesn't have any insurances or benefits included as well. With many other no fee cards they offer a minimum 1% on all spending and even have some travel insurances included so you can see why this card is mediocre in our minds.

The sign up bonus for this card is an 7.99% introductory interest rate on purchases for the first 6 months so it could appeal to those who need to extend their credit and not pay off the card every month for the first half a year.

I really don't see many people grabbing this other than filling the need of having a Mastercard and not wanting to have financial products outside of Scotiabank, which is old school thinking, but many people still want the clarity of only dealing with one financial institution. For those who still abide by that well the good news is Scotia has very strong products from the other two brands so you could have the Scotia Gold American Express Card, the Scotia Momentum Visa Infinite or More Rewards Visa Card in addition to this Mastercard and only use the Mastercard at Costco while putting all other purchases on the other cards. I mean we do preach over and over that you should have an American Express, Mastercard and Visa card in your wallet so an all Scotia line up is an option.

Here are the details

Scotia Momentum® Mastercard®* Credit Card
•7.99% introductory interest rate on purchases for the first 6 months*
• Cash back on everyday spending with no annual fee
• 1% cash back on eligible gas station, grocery store and  drug store purchases and recurring bill payments
•  0.5% cash back on all other eligible everyday purchases
• Rates, fees and other information are effective as of February 1, 2018.  Subject to change.

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