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Scotiabank Momentum Visa: 1 to 2% cash back
March 20, 2009
2:29 am
Peter
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Forum Posts: 1090
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May 15, 2007
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http://www.globeinvestor.com/s.....tory/Email

My thoughts:

  • cleverly written news release; Scotiabank is good at that
  • beware that it has a $39 annual fee, not mentioned in the news release
  • 2% cash back on grocery, gas, and some other purchases (1% on non-eligible purchases) make it worthwhile versus the more common 1% cash back cards if you spend over $3900 in those 2%-eligible purposes
  • seems to have no minimum spending tiering -- it's either 1% or 2% on everything
  • I wonder what the annual income requirement is
  • for myself, the annual fee and the fact that I already have a 1% cash back card make it not worth the hassle; might be interesting for some, especially if you never carry a balance
July 4, 2009
12:35 am
yeah
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i work for scotia, the min income is 2000$

October 4, 2009
12:41 pm
James
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It seems like a ripoff to me. You'd have to spend at least $3900.00 per year (based on the 1% return) just to break even and recoup the annual fee on the card.

October 5, 2009
12:02 pm
djino
Ottawa (Gatineau, Qc Area)
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December 12, 2008
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It seems like a ripoff to me. You'd have to spend at least $3900.00 per year (based on the 1% return) just to break even and recoup the annual fee on the card.

Agreed, stick to MBNA's Smart Cash Card.

djino

March 26, 2010
4:55 am
msl25
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yeah posted:

i work for scotia, the min income is 2000$

that's why when i applied to this credit card,
the guy wrote $2120 as my monthly salary
when i deliberately told him, i am not earning that much.
(read my lips... im earning minimum wage) hahaha!

he just said, "forget it!!!! ill just put 2120"
and continued processing my application...

LOL again.

March 28, 2010
11:14 pm
Nunavut D
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It seems like a ripoff to me. You'd have to spend at least $3900.00 per year (based on the 1% return) just to break even and recoup the annual fee on the card. Agreed, stick to MBNA's Smart Cash Card. djino

I have to disagree. I live way up in Nunavut and food here is very expensive ($14 for 4 litres of milk) and since October 2009, I have already accrued over $150 in card earnings. Balances always paid in full. All groceries recurring payments etc are charged to this card. Previously had their Moneyback visa and always got back a minimum of $200 - $300 per year. This card works for me.

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