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Email this10:14 am
December 12, 2008
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Wow, Scotia's been introducing some pretty interesting products lately (Also https://www.highinterestsavings.ca/forum/general-financial-discussion/new-scotia-moneyback-account-1-cash-back-first-ever-cashback-checking-account/
Scotia Momentum VISA Infinite Includes
– A full 4% on gas station and grocery store purchases (on 1st $25,000 purchases annually)
– A full 2% on drug store purchases and recurring bills (on 1st $25,000 purchases annually)
– A full 1% cash back on all other purchases (and on purchases above $25,000 in the 2 categories above)
– Plus many exclusive VISA Infinite benefits and privileges. Visit scotiainfinite.com.
– Rental Car Collision Insurance
– Purchase Security and Extended Warranty Protection
Visa Infinite benefits/privileges Include
– VISA Infinite Complimentary Concierge Service
– VISA Infinite Luxury Hotel Collection
– VISA Infinite Dining Series
– Special Unique offers and experiences
Annual Fee: $99 ($30 for each additional card)
—
To break even on the annual fee, one should spend at least $675/month ($758/month with the additional card).
Depending on your annual spending, this could very well beat MBNA's Smart Cash Card.
djino
11:39 am
Interesting. Basically, it beats the MBNA Smart Cash card by 1% in the grocery, gas, drug store, and recurring bill payment categories. Thus, you'd have to spend $10000 in these categories each year just to break even (well, to come out $1 ahead), which seems like quite a bit. The MBNA card is still better in my opinion.
3:08 pm
That annual fee is a big turn off for me.. But its good to have options!!
7:52 pm
The annual fee is a turnoff, however 4% cashback, that is awesome. Even with the fee, this is better than the MBNA Smart Cash Card. Really, I spend about 250 bucks a week in gas and groceries alone and rising each month. Thats $520 a year in cashback and with the annual fee of $129 (wife has a card) that's still $391; if I have the MBNA smart cash card I would only get at most $274 per year. So being ahead by $117, and this does not count all my bill payments at 2% cashback, where I have about $5000 worth of bills that can be debited from my visa automatically. That is another $100. This card is great, however I'm sure stores are not liking this though.
11:07 pm
On my Capital One card I get 1% on my first 15k, then 2% on everything above.
This is for any purchase anywhere anytime, no limits.
It costs $99/yr and free second card (wife)
Benefits are good too.
I spend about $45k-60k/yr on my CC (travel, electronics, dining, entertainment, gas, and groceries)
If I work out where I spend what, the CapOne card gives me more money back.
Everyone's spending habits are different though, so maybe for someone who buys a lot of grogeries and not as much on other stuff, this would be a great card.
I use a couple other cards for unique benefit situations, but not if they also have an annual fee.
12:40 pm
It should be noted that when they speak of $30 for an additional card, this only means if you have a supplementary card - not if you are joint on a card.
If you and your spouse both apply for the card, it is just the $99/year fee. It would just be considered a joint credit card.
The card was launched in conjuntion with Scotia's new moneyback bank account. An account that gives you 1% cashback on everything that you spend. It is their premier account now and gives TD and RBC a good run for their money. Unlimited debit transactions and two non-Scotia ABM withdrawls per month. The fee is $14.95/month which is better than most other banks (for unlimited)(notice I didn't say credit union) and you would actually get money back from using your debit card if you spend more than $1500 in a month! A good option for people that don't qualify for credit or rabid spenders.
Please write your comments in the forum.