How to maximize the Scotia Momentum^® VISA Infinite* card’s 10% cash back rate

All you have to do is spend $2,000 on this card during the first 3 months to maximize this promotion!

But let’s look at how exactly this 10% cash back welcome bonus works and why it’s exciting.

Scotia Momentum^® Visa Infinite* Cardholders usually earn their cash back annually, on the November statement. So a person who signs up in January 2023 will receive their annual cash back in November 2023.

But regarding the 10% bonus, there will be two installments.

The 10% cashback applies to the first $2,000 in purchases charged to your card in the first 3 months.

This cash back rate is split like this:

• The normal cash back rate (1% / 2% / 4% depending on the spending categories)
• The welcome bonus cash back rate (9% / 8% / 6% depending on the spending categories)

And the cash back will be credited to your credit card account in 2 installments!

• The regular cash back is paid, as usual, on your November credit card statement
• The bonus cash back is paid within 7 months of the end of the offer

During the first 3 months, it’s in your best interest to use your Scotia Momentum^® Visa Infinite* Card in 1% categories (i.e. excluding grocery stores, gas stations or local transportation).

Explanations in a table for purchases of $2,000 according to trade category:

Members of the milesopedia facebook group had a very relevant remark!

By purchasing $2,000 worth of Shop cards on Costco.ca(which takes VISA cards, unlike warehouses) with the Scotia Momentum^® Visa Infinite* Card, you get the most out of this sign-up bonus!

It’s as if your first $2,000 spent at Costco earned you $200, or a 10% rebate!

For those who want to use this card year-round – and not just take advantage of the 10% sign-up bonus – this is a great card because of its earning rates:

• 4% in grocery stores and recurring payments
• 2% in gas and local transportation

Since it’s a VISA card, you’ll have no trouble using it at your favorite stores, and can take advantage of rates as good as those offered by the Scotiabank Gold American Express^® Card or the American Express Cobalt^® Card.

Are you a tenant? In our opinion, the best use of the 4% discount is for rent payments, one of the most important expenses in a budget. Thanks to Chexy, it’s now possible to earn rewards on your rent! This Canadian company lets you pay your rent by credit card, and then Chexy takes care of the monthly Interac transfer to your landlords.

This way you :

• Pay a 1.75% fee to Chexy,
• earn 4% cash back with the Scotia Momentum^® Visa Infinite* Card, since Chexy falls into the recurring payment category,
• which represents a net cash back of 2.25% on your rent.

Without calculating the increased cash back with the welcome offer, this represents a $405 annual discount on a monthly rent of $1,500! Here’s how to do it with Chexy:

December – January are the best months to subscribe to The Scotia Momentum^® Visa Infinite* Card:

• you get a great welcome bonus
• you will benefit from a first year annual fee waiver
• you can use your card throughout the year to earn your annual cash back next November

Then you’re free to keep that credit card in your wallet for another year, or opt for another cash-back credit card!